研報掘金丨華創證券:維持瀘州老窖“強推”評級,Q3經營承壓,主動減輕渠道回款壓力
華創證券研報指出,瀘州老窖(000568.SZ)Q3經營承壓,主動減輕渠道回款壓力。單三季度看,在外部需求進一步衝擊下,國窖系列持平微增,且高度國窖批價保持穩定,其他系列均有所下滑。展望春節及來年,預計公司目標或理性務實下調,春節及上半年以消化庫存、維持價盤為主,若下半年行業需求好轉,公司管理及渠道端市場化機制優勢仍具,庫存出清後或可加速起跑。當前公司股價對應25年14倍PE,處近年估值低位,具備一定吸引力。當下理性降速紓壓,來年潛在反轉彈性標的,維持“強推”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.