研報掘金丨海通證券:山西汾酒Q2增長勢能延續,維持“優於大市”評級
海通證券研報指出,山西汾酒(600809.SH)Q2增長勢能延續,結構擾動或影響盈利。24H1公司中高價酒(每升130元以上產品)/其他酒類收入分別同比+17.4%/+27.4%至164.27/62.33億元,其中Q2單季中高價酒/其他酒類分別同比+1.5%/+58.3%至45.67/27.96億元。公司費用管控良好,盈利能力持續提升。此外,研發、財務費用率同比基本持平。參考可比公司估值,給予公司2024年20-25倍PE,對應合理價值區間為211.15-263.94元,維持“優於大市”評級。
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