研報掘金丨國信證券:瀘州老窖分紅指引積極,維持“優於大市”評級
國信證券研報指出,2023H2-2025H1瀘州老窖股價跑輸白酒板塊21%,預測PE 下跌45%,主因內外部週期疊加,公司收入及業績增速邊際放緩考慮到短期行業需求壓力,公司仍以去庫存、促動銷為主,下修此前盈利預測。考慮到公司早於行業主動調整,多價位產品佈局,以數字化工具培育消費者,看好經營久期;同時分紅指引積極,預測2025年股息率5.4%,支撐估值;給予合理估值152.4-166.4元,中值對應現價40%上行空間,維持“優於大市”評級。
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