研報掘金丨東北證券:維持貴州茅台“買入”評級,系列酒增速亮眼
東北證券研報指出,2024年貴州茅台(600519.SH)實現營收1,741.44億元,同增15.66%;歸母淨利潤862.28億元,同增15.38%;2025Q1歸母淨利潤268.47億元,同增11.56%;扣非淨利潤268.50億元,同增11.64%。2024年公司酒類實現營收1,706.12億元,同增15.89%。分產品看,2024年公司茅台酒/其他系列酒分別實現營收1,459.28/246.84億元,同增15.28%/19.65%,系列酒的快速增長表明公司在中高端市場的佈局逐漸見效,未來有望成為新的增長點。公司通過“T”型多元化產品矩陣,滿足了不同消費羣體的需求,提供了更多高端、個性化的產品選擇。積極推動從“賣酒”向“賣生活方式”的轉變,通過增強品牌的文化內涵和情感連接,提升了消費者的體驗感和忠誠度。維持盈利預測,預計2025-2027年EPS為75.41、83.09、91.85元,維持“買入”評級。
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