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研報掘金丨方正證券:貴州茅台策略明確穩市有方 批價有望企穩回升

方正證券研報指出,飛天茅台散瓶/整箱批價略有下跌,近期貴州茅台(600519.SH)實施了一系列政策調整,顯示公司穩定市場價格的決心和保護品牌價值的信心。宣佈取消12瓶裝飛天茅台(通稱“大箱”)的投放,並結束了開箱政策,即不允許經銷商拆箱單瓶銷售。此外,公司還暫停了15 年陳年茅台和精品茅台的發貨。認為這些措施為茅台公司穩定市場和批價的信號。展望中秋國慶,白酒動銷有望回暖,而作為高端白酒龍頭企業,旺季需求有望增長,需求將隨着行業回暖而率先修復。該行看好公司通過市場政策調控和產品結構優化,穩定市場預期和價格、提振商家信心,持續增強競爭力,目前估值具有安全邊際。維持強烈推薦評級。

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