研報掘金丨中郵證券:維持貴州茅台“買入”評級,25年目標錨定高個位數
中郵證券研報指出,貴州茅台(600519.SH)Q4收入利潤符合預期,2024年順利收官。展望2025年,高端酒方面公斤裝飛天出廠價同比有所提升,同時我們預計公司將加大多規格飛天的投放量;系列酒方面預計公司將加大費用投入力度以保證增量並穩住價格。公司此前擬回購30-60億元,目前已完成約16億元,考慮25年的分紅和剩餘的回購金額,對應當前公司股價股息率約為3.63% 。預計未來三年EPS 分別為74.95/82.76/91.61,對應當前股價PE 分別為21/19/17 倍,維持“買入”評級。
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