研報掘金丨國聯民生證券:洋河股份分紅具備保障,維持“買入”評級
國聯民生證券研報指出,洋河股份(002304.SZ)2024年/2024Q4/2025Q1分別實現歸母淨利潤66.73/-19.05/36.37億元,分別同比-33.37%/增虧17.18億元/-39.93%。收入利潤短期承壓。分產品看,2024年中高檔白酒/普通白酒分別實現收入243.17/39.31億元,分別同比下滑14.79%/0.49%。分區域看,2024年省內/省外分別收入130.32/158.44億元,分別同比下滑11.20%/14.13%,省內/省外經銷商分別增加39/38家至2999/5867家。參考公司分紅規劃,2025年分紅總額70億(含税)對應股息率6.75%,考慮到公司分紅具備保障,維持“買入”評級。
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