研報掘金丨海通國際:維持迎駕貢酒“優於大市”評級,目標價66元
海通國際研報指出,白酒行業分化加劇,全國及區域性頭部酒企韌性凸顯。迎駕貢酒(603198.SH)為中國生態白酒領軍者,省內大眾價格帶核心地位。公司為少數民營機制上市的白酒企業,15年登陸上交所,同年推出生態洞藏系列,帶動公司總營收由15年的29.3億元提升至24年的73.4億元。逆週期下盈利能力仍具韌性,25Q1公司經營性淨現金流/銷售回款分別同比-20.0%/-5.3%,現金流表現同比承壓。參考可比公司估值水平,給予公司2025年20xPE,給予目標價66元,維持“優於大市”評級。
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