研報掘金丨國信證券:貴州茅台實施註銷式回購提振市場信心,維持“優於大市”評級
國信證券研報指出,貴州茅台(600519.SH)擬以30億元-60億元回購股份,用於註銷並減少註冊資本。公司重視股東回報,加強市值管理,中報後發佈3年分紅回報規劃,75%分紅率假設下對應股息率超過4%,本次回購進一步提振市場信心,彰顯公司發展動能。管理層履新以來,公司在組織、渠道、產品層面積極改革,上半年報表兑現穩健增長,全年15%的收入增長目標達成確定性較強。維持此前盈利預測,預計公司2024-2025年營收1739.26/1961.24億元,同比+15.5%/+12.8%;預計歸母淨利潤852.97/969.03億元,同比+14.0%/+13.7%,當前股價對應24-25年估值18.6/16.4X,維持“優於大市”評級。
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