研報掘金丨中銀證券:貴州茅臺穩健前行,維持“買入”評級
中銀證券研報指出,2024年貴州茅臺(600519.SH)營收及歸母淨利增速均實現較快增長,受益提價及產品結構調整,茅臺酒噸價提升。2024年公司圓滿收官, 2025年公司規劃收入目標增速爲9%,穩健前行,維持“買入”評級。從具體策略執行來看,茅臺酒方面,公司將通過調整茅臺酒產品市場投放量及產品結構,穩定普飛批價。此外,將增加差異化產品開發,配適終端及渠道多元化需求,通過調整產品規格,挖掘不同渠道及客戶羣體增量需求。系列酒方面,2025年公司規劃以茅臺1935 爲主體,漢醬、茅臺王子酒爲“兩翼”的“一體兩翼”品牌發展戰略。根據酒業家及同花順新聞,2025年春節茅臺1935動銷表現優異,飛天批價穩定在2200元左右。在有效的市場營銷策略下,認爲公司有望順利完成經營目標。
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