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研報掘金丨天風證券:維持五糧液“買入”評級,25Q1改革舉措逐步落地

天風證券研報指出,24年五糧液(000858.SZ)營業收入/歸母淨利潤分別891.75/318.53億元(同比+7.09%/+5.44%),24年現金分紅比例70%(同比+10pct)。2025Q1結構保持平穩,渠道改革舉措逐步落地一、元春期間公司控貨挺價導致銷量下滑&庫存降至較低水平,預計元春後恢復發貨一定程度上助推Q1業績。公司25年以來對營銷體系進行大刀闊斧改革,後續效用值得期待。維持“買入”評級。

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