研報掘金丨國泰海通:維持今世緣“增持”評級,目標價57.07元
國泰海通證券研報指出,今世緣(603369.SH)一季度表現穩健,優勢擴大。公司2025Q1 收入同增9.17%,表現穩健,其中特A+及特A類產品收入分別同增6.6%、17.4%,推測其中雅系及V 系增速仍相對領先;從區域看,公司2025Q1省內依舊穩健,南京、淮安收入分別同增5.2%、9.0%,優勢繼續擴大。公司2025Q1淨利潤同比增加7.27%,表現穩健。看好今世緣份額邏輯。公司整體延續份額邏輯,考慮到蘇南市場及大衆價位帶仍有增量空間,公司後續競爭優勢有望強化,份額擡升有望延續。參考貴州茅臺等公司,按2025年每股收益,給予2025年20倍動態PE,維持目標價57.07元,維持“增持”評級。
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