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研報掘金丨中信建投:五糧液盈利能力穩定而突出,維持“買入”評級
中信建投證券研報指,覆盤了五糧液(000858.SZ)“二次創業”以來產品、渠道、組織等全方位改革,公司競爭壁壘得以進一步鞏固。以產品視角剖析,八代普五高動銷率低庫存,是千元價位表現最好的產品,“五大基礎”支撐市場價穩健上行,夯實公司核心增長驅動;1618、低度五糧液、五糧春、尖莊等支線產品,以動銷為導向, 優化掃碼獎勵、宴席支持,開瓶率持續提升,有望成為公司業績增長的“左膀右臂”。此外,公司盈利能力穩定而突出,長期重視股東回報,有望延續高分紅率,當前股息回報可觀。維持“買入”評級。
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