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研報掘金丨長江證券:維持貴州茅台“買入”評級,改革持續推進,長期價值依然凸顯
格隆匯 09-15 15:55

長江證券研報指出,貴州茅台2025H1歸母淨利潤454.03 億元(同比+8.89%),2025Q2營業歸母淨利潤185.55 億元(同比+5.25%)。分渠道看,2025Q2直銷佔比繼續提升。2025H1i 茅台貢獻酒類不含税收入107.6億元,同比+4.98%,後續6月底亦有公斤裝普飛新增上線i茅台、預計將在三季度繼續增厚i茅台收入。茅台改革持續推進,長期價值依然凸顯。短期受政策因素影響,二季度收入利潤有所放緩,但茅台的長期增長確定性仍然較強,且公司積極推進營銷改革,加速從商品時代向商品與服務並重轉變。疊加公司三年分紅規劃,當前已經逐步具備股息率價值。預計2025/2026年EPS 為74.34/78.74 元,對應最新PE 為20/19 倍,維持“買入”評級。

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