研報掘金丨國聯民生:維持貴州茅臺“買入”評級,份額有望持續提升
國聯民生證券研報指出,貴州茅臺(600519.SH)2025Q1實現營業總收入514.43億元,同比+10.67%,實現歸母淨利潤268.47億元,同比+11.56%。收入利潤略好於預期,回款快於收入。考慮到Q4回款較慢,2024Q4+2025Q1(收入+Δ合同負債)同比+12.76%,綜合來看回款仍然亮眼。2025Q1分產品看,茅臺酒/系列酒分別收入435.57/70.22億元,分別同比增長9.70%/18.30%。考慮公司品牌壁壘深厚,多措並舉穩定量價預期,份額有望持續提升,維持“買入”評級。
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