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研報掘金丨浙商證券:迎駕貢酒Q2業績彈性可期,維持買入評級
格隆匯8月3日丨浙商證券2日研報指出,結構穩步上行,迎駕貢酒(603198.SH)Q2業績彈性可期。公司產品結構持續升級,洞藏系列完成中高端價位帶佈局,順應次高端市場擴容趨勢,主流產品充分受益省內大眾消費表現優異。公司全年目標營收66億元(+20%),其中白酒目標營收/淨利潤62.89/20.84億元(+21%/+22%),認為在洞藏持續發力下全年目標可達度較高,預計公司23Q2整體營收/淨利潤增速為 28%/30%,業績彈性可期。看好迎駕貢酒利潤超預期釋放邏輯:在洞藏系列持續放量 +省內持續深耕+省外區域拓展加速+ C端營銷力度加大帶動動銷的背景下,預計2023-2025年公司收入增速分別為22.17%、18.87%、18.65%;歸母淨利潤增速分別為24.25%、22.19%、20.58%;對應23年PE 26X,維持買入評級。
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