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研報掘金丨海通證券:維持五糧液“優於大市”評級 高分紅比例回饋股東

海通證券研報指出,五糧液(000858.SZ)Q3營業收入承壓,高分紅比例回饋股東。弱需求環境下公司收入承壓,24Q3同比+1.4%至172.68 億元。24H2公司聚焦“抓動銷、穩價格、提費效、轉作風”,積極促進消費者開瓶動銷、宴席、品鑑活動等。此外公司發佈24-26年股東回報規劃公吿,規劃24-26年每年現金分紅比例不低於70%,且現金分紅總額不低於200億元(含税),其中現金分紅總額下限對應股息率約3.5%(24/10/30),分紅比例提升進一步強化股東回報。參考可比公司估值,給予公司2024年20-25xPE,對應合理價值區間為169.16-211.45元,維持“優於大市”評級。

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