上市365天,珍酒李渡(6979.HK)被超百份研報看好
4月27日,珍酒李渡迎來上市一週年。
一年前,珍酒李渡打破行業長達7年的上市沉寂,以港股白酒第一股、中國醬香白酒第二股身份登陸港股市場。

珍酒李渡港交所上市現場
儘管初期面臨宏觀經濟承壓、港股食飲板塊情緒疲軟、無白酒參照標的等諸多挑戰,但珍酒李渡的稀缺性和投資價值,在國內外眾多知名券商機構挖掘下,逐漸被更多人所熟知,開啟了一段時間與價值的佳話。
據不完全統計,珍酒李渡上市以來,高盛、中金公司、中信證券、國泰君安、海通國際、華創證券、招商證券等30餘家國內外知名券商機構,在公司上市、業績發佈、動銷季等關鍵節點,圍繞公司發展趨勢、動銷情況、產品結構、渠道管理等發佈研報超百份,給予珍酒李渡“增持”“買入”“強烈推薦”等正面評級。特別是國泰君安、海通國際、華創證券、招商證券等更是多次看好,強化了市場對珍酒李渡高成長性的信心。
上市初期,券商研報深度剖析珍酒李渡增長邏輯,強調其多品牌、多品類策略,高效的管理執行力以及在醬酒品質化、品牌化趨勢中的優勢地位。中信證券研報認為,珍酒李渡品牌故事清晰、銷售網絡密集、產能儲備提升,為其在回暖的白酒市場中佔據了先機,尤其是在醬酒細分市場,有着巨大增長潛力。
2023年中期業績和年度業績發佈後,券商機構研報稱,珍酒李渡業績超市場預期,且產品結構顯着優化、毛利顯着改善、利潤增長亮眼,對長遠發展表示樂觀。海通證券預測,珍酒李渡2024-2026年營收分別為84.7億元、100.8億元、118.0億元,經調整淨利潤分別為18.4億元、22.6億元、27.8億元。
此外,券商機構研報還重點關注珍酒李渡中秋、國慶、春節等動銷情況,強調其在核心市場的優異表現,以及產品結構升級和產能提升對盈利能力的正面影響。中金公司研報稱,珍酒開門紅動銷季回款預計達全年目標的30%以上,且公司產品結構升級和基酒產能提升,將帶動毛利率穩步提升,預計2024年經調整淨利潤有望實現25%增長。

珍酒李渡5月7日股價截圖
珍酒李渡上市首年的市場表現,也不負資本市場所望。2023年,珍酒李渡成交額132.8億港元,在港股流動性趨緊背景下尤為引人注目。同時,上市一年來,珍酒李渡已迅速崛起為中國第三大民營酒企及第九大白酒上市公司,驗證了資本市場對珍酒李渡“價值創造”的認可。
可以説,珍酒李渡上市一週年的成長故事,不僅是白酒行業的一次成功案例,更是一次關於時間價值與品牌潛力相輔相成的生動詮釋。
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