Tiger Brokers

【研报掘金丨天风证券：维持五粮液“买入”评级，25Q1改革举措逐步落地】天风证券研报指出，24年五粮液(000858.SZ)营业收入/归母净利润分别891.75/318.53亿元（同比+7.09%/+5.44%），24年现金分红比例70%（同比+10pct）。2025Q1结构保持平稳，渠道改革举措逐步落地一、元春期间公司控货挺价导致销量下滑&库存降至较低水平，预计元春后恢复发货一定程度上助推Q1业绩。公司25年以来对营销体系进行大刀阔斧改革，后续效用值得期待。维持“买入”评级。

金融界
May 09
天风证券研报指出，24年五粮液(000858.SZ)营业收入/归母净利润分别891.75/318.53亿元（同比+7.09%/+5.44%），24年现金分红比例70%（同比+10pct）。2025Q1结构保持平稳，渠道改革举措逐步落地一、元春期间公司控货挺价导致销量下滑&库存降至较低水平，预计元春后恢复发货一定程度上助推Q1业绩。公司25年以来对营销体系进行大刀阔斧改革，后续效用值得期待。维持“买入”评级。

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