研報掘金丨國泰君安:維持古井貢酒“增持”評級,目標價217.97元
國泰君安研報指出,古井貢酒(000596.SZ)份額邏輯演繹充分,省內市佔率擡升,腰部價位份額強化;展望後續,公司渠道推力優勢強化,省內份額擡升對業績形成支撐。維持“增持”評級及目標價217.97元。產品層面,公司依靠強勢渠道推力實現腰部價位份額擡升,古井8年、16年仍呈現相對高增,成熟市場實現份額、結構雙提振,省外魯、豫等核心市場渠道配合意願仍積極。認爲古井核心優勢在於渠道端,公司銷售端組織效率高,經銷商配合意願強,核心市場規模優勢將持續釋放,公司後續業績確定性來自於省內成熟市場的市佔率提升。
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