Zheshang Securities gives Kweichow Moutai a buy rating: in line with expectations in 2021, high growth in 2022 is expected – yqqlm

　　Zheshang SecuritiesPosted on March 31stResearch reportsay, giveKweichow Moutai(600519.SH, latest price: 1780.01 yuan) Buy rating. The reasons for the rating mainly include: 1) The effect of channel reform is remarkable, and the proportion of direct sales channels has reached 23%; 2) Advance receipts have increased significantly month-on-month, and the sales expense ratio has remained stable; 3) 2022Q1performanceIn line with expectations, the target will be accelerated to 15% in 2022, optimisticKweichow MoutaiThe follow-up will be accelerated; 4) The “i Moutai” e-commerce platform will be launched as scheduled, and it is expected to further promote the marketing reform; 5) In the short term: the series of Moutai wines are driven by two wheels, and the series of measures for the new leader to take office will be implemented; 6) In the medium and long term: Maitai Entering the 14th Five-Year Plan, take the road of Maotai and the “five-line” development path. Risk warning: 1. The macro economy is down; 2. The impact of the epidemic exceeds expectations.

AI comments:Kweichow Moutai41 copies in the past monthbrokerageThe research report pays attention to 31 companies, buys 1 company, and strongly recommends 1 company. The average target price is 2336.46 yuan, which is 556.45 yuan higher than the latest price of 1780.01 yuan, and the average target price increases by 31.26%.

(Article source: Daily Economic News)

Article source: Daily Economic News

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Original title: Zheshang Securities gives Kweichow Moutai a buy rating: in line with expectations in 2021, high growth in 2022 can be expected