研報掘金丨東方證券:維持貴州茅台“買入”評級,目標價1853.36元
東方證券研報指出,貴州茅台(600519.SH)24年歸母淨利潤862.28億元,同比+15.38%;Q4歸母淨利潤254.01億元(同比+16.2%)。分紅總額346.7億元(分紅率40.2%),加上期中分紅共647億,分紅率達75%。目標穩健,看好中長期發展。公司提出2025年營收增長9%目標,目標理性,有利於中長期建康發展。當前消費環境疲軟,公司產品端通過茅台酒+系列酒雙輪驅動,渠道端批發+直銷協同共進,疊加強大品牌力,支撐業績穩中有增。當前宏觀經濟利好政策頻出,有望推動消費向好,公司有望受益。維持採用FCFF估值法,預測目標價為1853.36元,維持“買入”評級。
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