东兴证券研报指出，龙头业绩稳健，贵州茅台全年目标完成可期。公司上半年归母净利润454.03亿元，同比增长8.89%；其中25Q2归母净利润185.55亿元，同比增长5.25%。在整体白酒消费大环境疲弱的情况下，公司取得这样的成绩实属不易。上半年茅台酒通过增加非标茅台的投放量，整体实现了稳定的增长。系列酒受1935出货放缓的影响，Q2有所回落。从区域上来看，Q2海外市场实现营业收入28.9亿元，同比增长27.6%，国际化战略下茅台海外市场持续高增。本轮白酒周期高端酒受到很大的冲击，但是公司作为白酒行业的龙头企业，在努力的维持渠道库存的良性，维持批价的稳定，显示出龙头企业穿越周期的定力和能力。公司在今年年初定调全年目标收入增速9%左右，从上半年业绩表现来看，公司在努力完成收入计划，全年完成任务目标可期。看好龙头酒企不断在高端酒市场集中度提升的趋势和能力，预测2025年公司实现销售收入同比增长9%，归母净利润同比增长7.89%，对应EPS74.06元，当前股价对应估值为19.17倍。根据公司历史估值和长期业绩稳定的特点，给予目标估值25倍，给予“强烈推荐”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.