券商精點 | 華鑫證券:貴州茅台業績超預期 維持“買入”評級
格隆匯4月17日丨華鑫證券發研報指,貴州茅台(600519.SH)一季度開門紅,業績強韌性。該行稱,公司持續發揮龍頭引領作用,以資源整合、數字融合、文化相合、品牌聚合、管服結合的“五合營銷法”體現營銷新動能,同時今年基本建設投資預計71.09億元,全年營收同增15%左右目標達成可期。渠道增量方面,i茅台營收 118.83億元,佔直銷渠道24%,以“4+5”產品結構為投放體系,成功導入多款非標新品。2023年i茅台有望繼續發力,預計一季度收入超80億元。產品佈局方面,2023年茅台1935百億目標有望達成,預計一季度收入近30億元。預計 2023-2025年EPS為 58.26/67.65/77.75 元,當前股價對應PE分別為29/25/22倍,維持“買入”評級。該股現報1735.43元,總市值21800億美元。

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