研報掘金丨東吳證券:維持今世緣“買入”評級,認爲全年收入增速兌現已有較高能見
東吳證券研報指出,2025年春節旺季,今世緣(603369.SH)動銷延續良好增勢,省內雅系、開系、V系表現均好於同類競品。其中,受益春節宴席接單量提升,渠道反饋四開動銷同比保持穩健增長,V系開年抓搶進度實現增速修復;在國緣品牌拉力及渠道擴張推力共振下,淡雅繼續兌現快速增長,腰部價位份額持續闊步爭先。節後公司敏銳調控,率先對四開、對開執行停貨控量,以便及時鞏固渠道價盤、穩定渠道利潤,市場節奏把握從容。考慮公司春節動銷在高基數基礎上實現穩健增長,渠道庫存保持良性,認爲全年收入增速兌現已有較高能見度。2025年力爭省外收入增速>省內收入增速>行業整體增速。維持“買入”評級。
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