中信建投证券表示，随着中秋国庆市场预期进一步调整，酒企股价继续回落，但长期看龙头酒企运营能力仍持续提升，仍有提份额空间，且消费升级在腰部价格带仍然明显。部分企业的股息率已经达到4%甚至更高，配置价值凸显，静待市场回暖。Chenjiu Li Du (06979) rebounded by more than 6%, previously the stock price fell by more than 20% within the month. As of the time of publication, it rose by 5.78%, to HKD 6.04, with a turnover of HKD 54.1995 million.
According to the Futu Finance APP, Chenjiu Li Du (06979) rebounded by more than 6%, previously the stock price fell by more than 20% within the month. As of the time of publication, it rose by 5.78%, to HKD 6.04, with a turnover of HKD 54.1995 million.
On the news front, affected by the weak atmosphere of Mid-Autumn Festival consumption, the sales of baijiu declined compared to the same period last year. Huachuang Securities believes that although external demand is weak, leading brands in various price ranges have relatively stable prices. Combined with feedback from channels, Maotai in the super high-end segment has continued to control inventory in July and August, and the price of Feitian has slightly fallen to 2500 yuan per box, while the price of individual bottles remains stable at 2350-2400 yuan. This Mid-Autumn Festival and National Day have a relatively long interval of two weeks, providing a certain window for increased frequency of homecoming and banquet scenarios. It is expected that the terminal will replenish to a certain extent before National Day, channels will make additional payments near the end of the fiscal year or add some payment to ensure full-year profits, and inventory will be digested to a certain extent.
CSC Securities stated that as market expectations for Mid-Autumn Festival and National Day continue to adjust, the stock prices of liquor companies continue to fall. However, in the long term, the operating capabilities of leading liquor companies continue to improve, and there is still room for market share expansion, especially in the mid-range price segment where consumption upgrade is still evident. The dividend yield of some companies has reached 4% or even higher, highlighting their value for allocation, and waiting for the market to recover. Huaxin Securities believes that overall, the key to the sector's growth in 2024 still lies in the recovery of consumer confidence and the economic recovery, with a long-term focus on the recovery of consumer spending power and the restoration of business scenarios.