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研報掘金丨信達證券:山西汾酒Q2利潤彈性突出,積極看好發展勢能,維持“買入”評級
格隆匯 07-25 14:16
格隆匯7月25日丨信達證券24日研報指出,山西汾酒(600809.SH)增長穩健,利潤彈性突出。二季度,公司實現營業總收入63.29億元,同比+31.8%,歸母淨利潤19.56億元,同比+50.2%,歸母淨利潤率同比+3.79pct 至30.91%。上半年公司的上升發展勢頭並未受到管理層變動影響,銷售架構穩定,玻汾的基石作用不變,預計省內老白汾、巴拿馬的需求進一步增加,產品結構持續升級,青花20全國化穩步推進,開瓶動銷表現在次高端中突出,仍在高速發展期。此外,預計今年費用端有所收縮,長江以南市場從高費用驅動轉變為深度消費者培育,帶來利潤彈性的釋放。展望下半年,認為公司制定的20%的增長目標完成難度不大(上半年已超額完成),消費者已形成品牌認知,過去紮實的渠道動作正發揮效用,積極看好汾酒的發展勢能。該行預計公司2023-2025年攤薄每股收益分別為8.53元、10.73元、13.19元,維持對公司的“買入”評級。
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