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研報掘金丨首創證券:維持酒鬼酒“增持”評級,持續梳理優化產品矩陣
首創證券研報指出,酒鬼酒(000799.SZ)24年歸母淨利潤0.12億元,同比-97.72%;25Q1歸母淨利潤0.32億元,同比-56.78%。行業及公司內部均處於調整期,短期業績仍表現承壓。產品方面,公司持續梳理優化產品矩陣,聚焦“2+2+2”戰略單品(包括內參、紅壇兩個戰略單品,妙品、透明裝兩個重點單品,內品、湘泉兩個基礎單品),形成高中低全價位段的產品體系,其中內參當前以穩價爲主,內參甲辰版逐步實現對內參系列的整體支撐,對低效益、非核心產品則進行SKU削減收縮。市場方面,公司持續推進營銷模式改革,C端動銷以消費者掃碼紅包及宴席活動爲抓手,加大費用投放力度,目前社會庫存去化已取得一定效果。維持“增持”評級。
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