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研報掘金丨華創證券:維持瀘州老窖“強推”評級,目標價206元
格隆匯 03-27 15:51
華創證券研報指出,瀘州老窖(000568.SZ)自去年四季度起持續清理社會庫存,目前價盤長期保持堅挺、渠道庫存有所去化、銷售質量和市場秩序得到有效提升,基本面最困難的時點基本過去。本輪週期中公司管理層戰略務實靈活,數字化運用日臻成熟,降速緩解完庫存壓力後,若需求好轉有望恢復彈性,且公司股息率4%以上已具備較高吸引力,為長線價值投資者提供充分安全墊。綜上,維持24-26年EPS預測為9.16/9.54/10.77元,維持目標價206元,維持“強推”評級。
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