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研報掘金丨長江證券:洋河股份延續去庫存節奏,維持“買入”評級

長江證券研報指出,洋河股份(002304.SZ)24年歸母淨利潤66.73億元(同比-33.37%),25Q1歸母淨利潤36.37億元(同比-39.93%)。從量價表現來看,公司銷量有所承壓,均價持續提升。公司主動控制節奏,協助去化庫存。公司近年來內部變革延續,年初至今公司內部產品策略、渠道策略進一步清晰,人事趨於穩定。現階段公司聚焦去庫存,實現渠道關係優化、加強消費者教育等,加大費用投放協助經銷商庫存去化,目前庫存環比已經有所下降。預計公司在階段性調整完成後有望重新恢復增長,維持“買入”評級。

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