研報掘金丨羣益證券(香港):維持貴州茅台“區間操作”建議,轉變思路,提升服務質量
羣益證券(香港)研報指出,貴州茅台銷售公司完成上半年經營任務,轉變思路,提升服務質量。25Q1公司營收同比增10.7%,淨利潤同比增11.6%,預計Q2需求穩定,結合消息看,預計上半年收入有望維持平穩增長。此外,市場工作會上強調要主動求變,從“渠道為王”向“消費者為王”轉變,提高服務質量,把握髮展機遇,以更高標準滿足消費者對高品質商品的需求,預計下半年將維持當前轉型力度,鞏固長期發展基石。多因素共同作用下,6月下旬起飛天茅台批價回升企穩,據今日酒價,原箱飛天茅台行情價從低點1830元/瓶回升至1940元/瓶左右。考慮行業需求恢復需要時日,略下調盈利預測,維持“區間操作”的投資建議。
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