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研報掘金丨開源證券:貴州茅台業績符合預期,維持“買入”評級
格隆匯 10-30 15:23

開源證券研報指出,貴州茅台(600519.SH)整體經營穩健,業績符合預期,全年目標有望完成,維持“買入”評級。前三季度歸母淨利608.3億元,同比+15.0%;Q3歸母淨利191.3 億元同比+13.2%。三季度旺季公司茅台酒出貨進度環比提速,並沒有特別控制出貨量,結合批價表現來看中秋節前有所下降,節後市場貨物持續消化後,價格才企穩回升。三季度直銷提速主要是經銷商更多向直營店提貨非標產品造成,但目前直營渠道發展仍面臨一定壓力。

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