研報掘金丨東吳證券:山西汾酒產品矩陣優勢持續發揮,維持“買入”評級
東吳證券研報指出,山西汾酒(600809.SH)產品矩陣優勢持續發揮,各區域市場有的放矢、各有側重:山西着重結構升級,提升青花25/26佔比;環山西老白汾提速,做好匯量增長;華東、華南保持青20增速引領,同時做好腰部/基座產品的下沉導入。需求承壓背景下公司注重保證價盤及渠道利潤穩定,微調2024~26年歸母淨利預測為121/135/156 億元(前值121/134/155億元),對應PE為22/20/17倍,維持“買入”評級。
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