研報掘金丨華泰證券:維持五糧液“買入”評級,目標價201.71元
華泰證券研報指出,春節期間五糧液(000858.SZ)核心產品普五動銷表現亮眼,春節過後動銷回歸至正常水平,公司控制貨挺價動作堅決(強化營銷工作、嚴格管控經銷商),目前整體庫存良好,多地經銷商反饋八代普五批價穩步回升。24年以來,公司主動優化經營節奏,持續聚焦品牌價值提升,多措並舉、挺價動作堅決,修復渠道信心。中長期視角下,公司戰略規劃清晰、定力強勁,未來預計仍將以普五挺價和品牌建設為主,產品矩陣有望持續完善,經典五糧液塑造價值感,系列酒提供補充。考慮到公司品牌力較強,給予公司24年23x PE,目標價201.71元,維持“買入”。
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