信达证券研报指出，舍得酒业2025年上半年归母净利润4.43亿元，同比减少24.98%；Q2归母净利润0.97亿元，同比增长139.48%，较过去四个季度收入连续下滑20%以上的经营情况有了明显好转，突出表现在普通酒收入二季度同比增长62.26%，主要为沱牌T68销售同比增幅较大。在品味舍得面临次高端竞争加剧的困境时，公司产品矩阵优势凸显，低价位带产品（舍之道、T68）弥补业绩缺口，高端价位藏品十年的打造也在持续收效。在行业调整期，公司聚焦核心市场深耕布局，稳定核心大单品价盘，改善渠道库存问题，同时积极开拓新增长点，表现出经营发展韧性。该行预计公司2025-2027年摊薄每股收益分别为1.63元、1.93元、2.38元，维持对公司的“买入”评级。
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