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研報掘金丨方正證券:古井貢酒仍有估值提升空間,維持“推薦”評級
格隆匯 02-18 15:31

方正證券研報指出,古井貢酒(000596.SH)是亳州傳統名酒,為中國八大名酒之一。公司作為徽酒龍頭,短期將持續享受省內白酒市場擴容與結構升級的紅利,隨公司費用投放逐漸優化,產品結構升級持續,規模效應與品牌勢能日益釋放,未來毛利率和淨利率有望持續提升。長期看,穩定佈局的產品線及區域渠道的強掌控力共同塑造更強的抗週期性及攻守雙向能力,同時省外擴張有序加速全國化,費用率持續優化,利潤有望進一步釋放。選取同樣聚焦於次高端及以上、省內為基同時發力省外拓展的半基地市場型白酒公司作可比公司,當前盈利預測下我們預計古井貢酒對應25-26 年PE 為13/11X,仍有估值提升空間,維持“推薦”評級。

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