20230306_华创证券_白酒行业证券研究报告：白酒节后调研反馈及思考春意渐浓花开未满_15页.pdf
2009 1210 2023 03 06 300-500 30%-40%2 22 100-300/-300-500 24-25 24 600-1000 10 50%23 35-40 Q2 20%+950 905-910/1952 2 2 Q2 23 Q2/Q1:S0360520070001 S0360521050001 S0360522090005 021-20572598 S0360518040001%()20 0.00()46,575.52 4.88()46,530.80 6.39%1M 6M 12M 0.9%7.6%7.2%1.2%4.9%16.5%20230213-20230219 2023-02-20 20230206-20230212 2023-02-12 20230130-20230205 2023-02-06-20%-7%6%20%22/03 22/05 22/07 22/10 22/12 23/032022-03-072023-03-03 300 2009 1210.4.5.5.5.7.9 Q2.10.10 ZXCXzQtOpMqRoQtQsPrOqR6M8QbRoMnNnPoNfQrRoNjMqQrOaQrRxPuOmPyRvPnRvM 2009 1210 3 1.4 2 2%.5 3.5 4.6 5.7 6 22 10%.8 7 23.8 8.9 9.11 10.11 11.11 12 SW PE-band.11 13 SW PB-band.11 2009 1210 4 300-500/30%-40%2 5-10 1 节 后 核 心 反 馈 30%+0.5/2980/2750/10-20/30-40 3 1 0.5 45%-50%1 950 20%30%+10 950 30%+1-1.5 905-910 880 900/1952 30%-35%1-1.5/20/800/350/510 20/20 10 1 20/40%-50%2 M6+/M3/600/415/280/115 5pcts M6+5-10 M6+40%1-2 V3/545/410/260 5%-10%/V 45%+1.5 20/16/8/5 540/320/220/115 5/8 40%+1-1.5 20/16/9/6 400/285/185/105 6 110 16/20 20%+2 350 5 2 20%-30%3/790-800/300 B 790-800 20%2 八/310/455-470/510 2 2 3-6 6/10 100/215 10 2009 1210 5/23 23 3%1200 23 200 100 1935 6+2 2%3 21 23 15%+1935 22 23 15%23 20%+21 23 20%+21 20%+6+/22 23 25%+23 20%+200 23 30%16/20 23 23 30%23 20%+23 120-150 CRIC 23 09 15-16 19 4,616 5,184 3,755 14.9%11.8%16.5%29.1%29.8%34.6%0%5%10%15%20%25%30%35%40%010002000300040005000600070008000900010000 2021 2 2022 2 2023 2 2009 1210 6/300-500 600-1000 4 22 100-300/-300-500 2009 1210 7 24-25 24 300 600-1000 5 22-24-25 11-3-4 24-25,+,/,35-40%10%-20%20%+30%Q1 3+2 2 20-50 5-10 300-500 600-1000/,50%10 50%30%-70%2009 1210 8 6 22 10%Wind 10 23 22 23 10%-20%20%-30%23 35-40 7 23 23 YoY 23 YoY PE 22 年 23 年 22,838 16.5%17.4%36 31 39 35-40 12.6%-28.7%7,987 12.3%15.3%30 26 32 30-33 16.4%-28.1%3,746 21.7%20.6%36 30 34 30-35-0.7%-15.9%3,362 25.4%31.6%43 32 53 35-40 8.3%-23.7%2,597 10.3%22.0%28 23 26 25-30 10.7%-32.8%796 20.3%30.0%32 25 28 28-30 14.3%-22.4%1,454 25.1%31.6%48 36 43 40-40 10.0%-10.0%418 17.0%14.9%24 21 19 20-25-4.4%-19.6%664 22.6%30.1%43 33 32 30-35-10.1%-4.9%399 21.3%23.0%33 27 34 25-30-6.0%-12.8%Wind 2023 3 3 23 200 100 1935 6+/23 i 2009 1210 9 15%+Q1 Q2 300-500 Q2 8 1 45%-50%20%+1 930 950 21 26 30%3 35-40%1-1.5 25%30%5 905-910 2009 1210 10 1952/20/40/2 10 79%23 11.5 25 30 2 1-6 7 Q1 9 20%BC 2 200 3 1 Q2 Q2 23 Q2/Q1 2009 1210 11 9 10 11)EPS/P/E 2021 2022E 2023E 2024E 2021 2022E 2023E 2024E 22,838 1,818.0 41.76 50.18 58.92 68.41 44 36 31 27 7,987 205.8 6.02 6.85 7.74 8.83 34 30 27 23 3,746 254.5 5.41 6.89 8.45 10.11 47 37 30 25 3,362 275.6 4.36 6.48 8.72 11.16 63 43 32 25 2,597 172.3 4.98 6.23 6.89 7.62 35 28 25 23 1,454 275.2 4.35 5.79 7.56 9.73 63 48 36 28 796 63.5 1.62 1.96 2.35 2.81 39 32 27 23 664 199.3 3.75 4.51 5.51 7.24 53 44 36 28 399 81.7 2.46 2.49 3.56 4.33 33 33 23 19 418 69.7 2.88 2.89 3.27 3.74 24 24 21 19 Wind 2023 3 3 12 SW PE-band 13 SW PB-band Wind Wind 0500100015002000250030003500400045002016/3 2017/3 2018/3 2019/3 2020/3 2021/3 2022/3 2023/3 01002003004005006007008009002020/7 2020/11 2021/3 2021/7 2021/11 2022/3 2022/7 2022/11 2023/3 1988 15 20 M6+/52 20 020,00040,00060,00080,000100,000120,000 50.9X 43.1X35.3X 27.5X 19.7X010,00020,00030,00040,00050,00060,00070,00080,00090,000100,000 13.1X 11.0X9.0X 6.9X 4.8X 2009 1210 12 6 2020 2021 2018 2019 4 2020 2020 2020 2020 2021 2022 2022 14 2013 2021 2009 1210 13 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82871425 0755-83024576 0755-82756804 0755-82756803 0755-82871425 021-20572536 021-20572551 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572560 021-20572509 021-20572548 021-20572573 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 14(300)6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%600519 3.97%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告
