金吾财讯 | 华泰证券研报指，白酒行业营收降速释放压力，高端显韧性，细分板块分化显着。25年下半年行业或进入良性修复期，该行认为名优酒企表现仍将快于行业，行业估值有望稳步回归。该行指，从24年和25Q1表现综合看，行业整体呈现出1）酒企营收主动降速纾压、2）竞争加剧分化延续、3）龙头主动纾困，治理更加市场化和精细化的特点。展望25年，预计上半年行业仍以压力纾困为主，随政策托底、外部需求稳步复苏，板块基本面也将逐步优化，消费复苏期待更强支撑，下半年行业将进入良性修复阶段。同时，当前白酒板块估值处于历史低位（截至2025.4.30，板块PE-TTM位于近10年13%分位数），估值性价比凸显。长期看，集中度提升、龙头治理更趋精细化、企业对分红回报或更加重视，该行预计名优酒企仍将享受超越行业的成长速度。
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