兴业证券沈昊:三季度白酒板块有望迎估值修复行情

格隆汇
Aug 11
兴业证券食品饮料首席分析师沈昊表示,当前白酒板块底部已基本确认,安全边际充足,边际改善方向明确。尽管库存去化仍需时间,但行业最差的阶段已经过去。沈昊指出,从三个方面看,当前板块处于价值底部:一是酒企当前股价所对应真实业绩的估值水平,多数已处于历史偏低水位;二是现金流和净资产具备安全垫;三是大部分酒企股息率的中长期配置吸引力提升。“今年中秋旺季将是检验基本面的关键窗口,若能平稳度过,白酒板块拐点有望逐步兑现。”沈昊进一步指出。行情方面,沈昊判断,预计下半年的三季度起,伴随 CPI、PPI 等宏观数据持续改善,消费信心回暖,行业边际修复信号明确,板块有望迎来第二阶段的估值修复行情。

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