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研報掘金丨東吳證券:瀘州老窖股息率突出,維持“買入”評級
格隆匯 06-30 13:23

東吳證券研報指出,瀘州老窖理性應對轉型陣痛,積極作為搶佔機遇。伴隨經濟結構重心轉向資金和技術密集型產業,公司必將主動融入高科技企業生態,並積極應對市場調整,實施一系列市場組合拳。公司對行業週期具有前瞻預判,已提前做數字營銷、終端下沉等應對,庫存及價盤管控保持穩健,本輪穿越週期能力顯著強於2013~14年。考慮25Q2行業需求顯著承壓,下調2025~27年歸母淨利潤預測為124、129、141億元(前值138、149、165億元),同比-8%、+4%、+10%,當前市值對應PE為13、13、12x,股息率突出,維持“買入”評級。

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