研報掘金丨華創證券:維持水井坊“強推”評級,目標價64元
華創證券研報指出,水井坊管理層着眼品牌長期發展,戰略清晰、追求穩健發展,期待後續執行落地成效。公司庫存/渠道利潤等渠道指標處同業較優水平,調整期做好培育,後續需求好轉有望率先實現增長。公司產品策略聚焦 “第一坊” 高端品牌上市與水井坊產品矩陣搭建,重點推進臻釀八號,下半年計劃推出井臺系列產品,主要選擇團購商、核心門店進行佈局。此外公司將在部分區域推出38 度以下低度白酒進行產品創新,同時結合端午、春節等IP 進行場景化營銷,強化“喝美酒慶美事”的品牌定位。結合公司經營情況,維持25-27 年EPS預測值爲2.80/2.97/3.40 元,維持目標價64元,維持“強推”評級。
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