研報掘金丨長江證券:維持貴州茅臺“買入”評級,i 茅臺重回正增長
長江證券研報指出,貴州茅臺(600519.SH)2025Q1歸母淨利潤268.47億元(同比+11.56%);營業總收入+△合同負債爲506.39億元(同比+20.91%)。直銷佔比繼續提升,i 茅臺重回正增長。2025年以來批價雖小幅回落但幅度較小,表明公司對批價仍有較強的掌控力。認爲公司控價能力較強,在批價穩定背景下,茅臺的長期增長確定性仍然較強,疊加公司三年分紅規劃,當前已經逐步具備股息率價值。預計2025/2026年EPS爲75.90/82.61元,對應最新PE爲21/19倍,維持“買入”評級。
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