研報掘金丨海通國際:維持瀘州老窖“優於大市”評級,目標價205元
海通國際研報指出,三大因素利好中國股市,白酒配置環比提升。25年瀘州老窖(000568.SH)定調經營目標爲全年營收穩中求進,24 年國窖1573 品牌穩居200億陣營,瀘州老窖品牌突破100億規模,爲千億目標奠定基礎。24年公司分紅率爲65%,股息率爲4.7%,連續四年分紅率超60%。公司亦推出分紅回報規劃,承諾24-26年分紅率分別爲65%/70%/75%,強化股東回報確定性及增長性。考慮行業增速仍處於調整期,預計2025-2027年公司收入爲320/341/365億元,歸母淨利潤分別爲136/145/154億元。參考可比公司估值水平,給予公司2025年22xPE,給予目標價205元,維持“優於大市”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.