研報掘金丨長江證券:維持五糧液“買入”評級,整體增長表現較爲穩健
長江證券研報指出,五糧液(000858.SZ)24年歸母淨利潤318.53億元(+5.44%),整體增長表現較爲穩健。2024年銷量161984噸(同比+1.81%),其中五糧液41390噸(同比+7.06%)。2024 年公司將27 個營銷大區整合爲北部、南部、東部三大片區,建立“總部-區域中心-終端”的垂直管控體系,提升市場應市能力。從渠道來看,公司各渠道保持穩健增長,下半年直銷開始發力。公司2025年計劃營收增速與宏觀經濟指標保持一致,同時2024年分紅率整體保持平穩。公司盈利能力保持基本穩定,銷售費用率有所拖累。預計公司2025/2026年EPS爲8.59/9.01元,對應PE爲15/14倍,維持“買入”評級。
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