研報掘金丨方正證券:維持百潤股份“推薦”評級 “崍州”“百利得”雙品牌發佈
方正證券研報指出,百潤股份(002568.SZ)“崍州”與“百利得”雙品牌發佈,國威新品有望繼續點亮市場。銷售渠道方面將先從文化體驗中心售賣,11月24日起逐步於上海崍州吧、廣州崍州吧、崍州烈酒文化體驗中心線下銷售,線上渠道仍在開拓中。本次發佈產品為21 年桶裝沉澱三年後的首發新品,此後崍州蒸餾廠仍將繼續研發中國特色威士忌產品,“崍州”及“百利得”品牌對應的流通產品預計將於25Q1陸續發佈,產品線望進一步完善。公司預調酒主業平穩發展,24H1處於預期見底的調整階段,隨國威新品發佈補充成長動能,經營向上改善空間仍存。預計公司24-25年實現營業收入32.16/35.29元,同比-1.5%/+9.7%,預計 24-25 年實現歸母淨利潤 7.36/8.71億元,同比-9.0%/+18.3%,維持“推薦”評級。
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