中信证券:白酒行业逐步筑底,啤酒行业静待催化

第一财经
29 May

中信证券表示,今年以来白酒行业需求持续承压,但动销、批价、报表业绩等降幅均有一定程度收窄,我们预计行业已进入逐步筑底阶段,在头部酒企主动降速调整后,若未来需求逐步企稳回升,行业有望迎来向上拐点。再考虑到当前头部白酒公司通过提高分红率、回购、增持等不断提升股东回报,增厚投资安全边际。我们延续对头部名酒企业的配置建议。啤酒板块往后看,基数的持续走低叠加旺季催化有望为啤酒企业带来可观的业绩增长,看好渠道...

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