研報掘金丨中金:維持迎駕貢酒“跑贏行業”評級,目標價72元
中金公司研報指出,洞藏放量驅動迎駕增長邏輯延續,預計1Q25迎駕貢酒(603198.SH)收入有望在高基數下保持平穩有增。綜合看,認爲今年公司繼續以費效提升爲導向,高效地進行費用投放,今年利潤率有望繼續穩步同比提升。戰略維度,公司今年將繼續紮實做好省內深耕,看好公司長期發展空間及增長潛力。考慮到公司追求渠道更加良性健康的狀態及消費環境疲軟的影響,下調2024/25年盈利預測-2.2%/-4.6%至26.2/29.1億元,同時引入2026年盈利預測32.3億元,同時考慮到白酒板塊整體商業模式壁壘較高同時估值偏低,維持目標價72元,維持“跑贏行業”評級。
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