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研報掘金丨財通證券:維持貴州茅台 “買入”評級,新帥掌舵有望引領未來發展更加穩健

財通證券研報指出,5月29日貴州茅台(600519.SH)召開年度股東大會,此次股東大會是茅台集團新任董事長張德芹於4月末任職後面向資本市場首秀,認為新帥掌舵有望引領茅台未來發展更加穩健。維持 “買入”評級。會上通過2024年財務預算方案,目標整體穩健:1)總營收同比增長15%左右;2)營業成本同比增長15%左右;3)期間費用同比增長13%左右;4)基本建設預計投資61.79億元,包括茅台酒十四五技改工程、3 萬噸茅台醬香系列酒技改工程等重點項目。該行預計2024年目標有望從容兑現:1)量的方面,直銷、非標產品仍有靈活增量空間,系列酒勢能有望延續;2)價的方面:普飛提價護航業績穩增,穩定高比例直銷支持噸價向好;3)費用方面,期間費用增速規劃慢於總營收,總體費率穩中向下,盈利性有望持續提升。

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