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研報掘金丨東方證券:維持貴州茅台“買入”評級,目標價1721.90元
格隆匯 12-27 14:45
東方證券研報指出,茅台集團黨委副書記、總經理王莉提出,2024年貴州茅台(600519.SH)預計將順利完成年初既定目標,營收、利潤保持兩位數增長。展望2025年,產品端,飛天53度500ml茅台酒投放量將同比略增,珍品茅台酒投放量將減少,飛天53度1000ml茅台酒投放量將增加,進一步強化普茅大單品作為橄欖型產品矩陣“金字塔”底座的地位。渠道端,“自營體系”將加強統籌平衡協調左右,“社會經銷體系” 將充分發揮觸達廣、觸達精準、轉化有效的優勢,意味着自營、經銷體系並重,經銷商的重要性得到進一步肯定。預計25年茅台酒銷量同比略增。採用FCFF估值法,預測目標價為1721.90元,維持買入評級。
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