研報掘金丨海通證券:維持洋河股份“優於大市”評級,合理價值為116.97-146.22元
海通證券研報指出,23年洋河股份(002304.SZ)白酒收入同比+10.4%(量-14.9%,價+29.8%);其中中高檔酒收入同比+8.8%,普通酒收入同比+20.7%,認為或受益於雙溝品牌快速增長。公司現金流表現良好,23Q4+24Q1銷售回款/經營性淨現金流分別同比+13.0%/+10.5%。24年公司將圍繞“深耕大本營、深度全國化”目標,推動渠道下沉與精細化運作,藉助營銷數字化工具發力針對性銷售策略。參考可比公司估值,給予公司2024年16-20倍P/E,對應合理價值區間為116.97-146.22元,維持“優於大市”評級。
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