研报掘金丨中金:维持迎驾贡酒“跑赢行业”评级,目标价72元
中金公司研报指出,洞藏放量驱动迎驾增长逻辑延续,预计1Q25迎驾贡酒(603198.SH)收入有望在高基数下保持平稳有增。综合看,认为今年公司继续以费效提升为导向,高效地进行费用投放,今年利润率有望继续稳步同比提升。战略维度,公司今年将继续扎实做好省内深耕,看好公司长期发展空间及增长潜力。考虑到公司追求渠道更加良性健康的状态及消费环境疲软的影响,下调2024/25年盈利预测-2.2%/-4.6%至26.2/29.1亿元,同时引入2026年盈利预测32.3亿元,同时考虑到白酒板块整体商业模式壁垒较高同时估值偏低,维持目标价72元,维持“跑赢行业”评级。
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