研報掘金丨中泰證券:迎駕貢酒全年業績確定性較強,維持“買入”評級
中泰證券20日研報指出,產品結構提升帶動毛利水平高增,迎駕貢酒(603198.SH)上半年現金流表現亮眼。公司上半年實現銷售收現33.28億元,同比提升28.74%,上半年末合同負債5.05億元,整體現金流表現亮眼,合同負債維持在高位水平。整體來看我們該行公司在去年低基數的情況下銷售費用率不增反降,公司規模優勢凸顯;展望全年來看,認為公司將穩紮穩打持續推進各項費用投放,看好公司在規模效應的帶動下費用率將持續下行。公司上半年動銷表現較好,下半年預計在中秋國慶旺季帶動下持續高增,全年業績確定性較強,看好年初制定的全年66億營收目標以及洞藏系列30億目標超額完成。當前股價對應未來三年估值為25倍、20倍、16倍。維持“買入”評級。重點推薦。
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