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研報掘金丨中泰證券:瀘州老窖回款亮眼,聚焦“雙品牌、三品系、大單品”戰略
格隆匯7月3日丨中泰證券2日研報指出,瀘州老窖(000568.SZ)總經理林鋒在分享對行業判斷時指出,中國經濟十年一週期,疊加近年疫情留下的後遺症,中產階層的消費信心受到挫傷,當下是白酒的週期低點。結合自上而下的努力及有望的政策支持,明年白酒消費或有望表現更為優秀。目前公司在供應鏈管理、運營效率、管理、文化建設、營銷團隊等方面均處行業前列,在此基礎上,公司下半年或轉守為攻,從產品佈局、團隊建設方面更進一步,努力做到20%左右的穩健增長,進一步提升市場份額。公司回款亮眼,五碼關聯為管理賦能;管理團隊優秀,持續成長可期。公司聚焦“雙品牌、三品系、大單品”戰略,隨着宏觀經濟實現穩中向好,全年來看,認為公司國窖產品將實現穩定增長,其他腰部產品將實現量價起升,當前股價對應2023-2025年PE分別為25、20、17倍。維持“買入”評級。
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