研報掘金丨中郵證券:維持承德露露“買入”評級 25年成本改善+新品催化
中郵證券研報指出,承德露露需求基本盤穩定,25年成本改善+新品催化。杏仁露市場規模穩定,公司龍頭地位顯著。杏仁露屬於植物蛋白飲料的細分賽道,該細分賽道已經進入成熟期,行業需求相對穩定。公司是國內最大的杏仁露生產廠家,市佔率達到90%,龍頭地位顯著,具有多年生產植物蛋白飲料的經驗和歷史。新品養生水系列有望貢獻增量。25年公司推出新品養生水系列,共有四款口味,分別是桂圓姜棗、陳皮烏梅、枸杞桑葚、枇杷秋梨。新品定位既符合行業健康化發展趨勢,同時也順應了傳統文化興起的潮流。養生水行業仍處在發展初期,公司有望分享行業高速增長的紅利。同時公司出臺股權激勵,股價訴求理順,有釋放業績動力。維持“買入”評級。
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