研報掘金丨首創證券:五糧液配置價值較為顯著,維持“買入”評級
首創證券研報指出,五糧液(000858.SZ)24年歸母淨利潤318.53億元,同比+5.44%;25Q1歸母淨利潤148.60億元,同比+5.80%。五糧液產品穩健增長,系列酒結構升級持續。盈利能力保持良好。24 年公司毛利率77.05%,同比+1.26pct,毛利率同比提升預計主要由於系列酒產品結構升級較為顯著。公司產品佈局持續優化,營銷變革加快推進。公司面對行業調整形勢,堅持穩中求進的發展基調,營收和淨利實現了高質量穩健增長。同時,公司重視股東回報,24年度擬派發現金分紅123億元,疊加24年中期分紅100億元,24年度累計分紅總額為223億元,分紅比例為70%,對應當前股價測算公司股息率為4.4%,配置價值較為顯著。維持“買入”評級。
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