研報掘金丨中金:貴州茅臺業績維持高速增長,維持“跑贏行業”評級
中金公司研報指出,2016年以來,貴州茅臺(600519.SH)業績維持高速增長。儘管近期白酒消費動能趨緩,行業處於築底階段,認爲公司仍將憑藉強品牌力及戰略穿越週期,投資邏輯由高速成長邏輯轉變爲中低增速&穩定分紅的優質資產邏輯。產品方面,公司主要增長動能由飛天茅臺切換至多價位帶及多產品。渠道方面,公司直銷比例穩步提升,實現經銷和直銷均衡發展。針對市場變化,公司堅定實施戰略轉型,提出“三個轉型”與“四個聚焦”;公司深化國際化戰略,目標2035 年成爲國際化企業。現價對應2025/26年21/20x P/E,目標價有27%的上行空間,維持“跑贏行業”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.