该行指出，由于年初以来行业景气度偏弱，加之业绩增速的回落，白酒估值持续回落，即使9月反弹整体估值水平仍然较低。随着经济刺激政策的逐步加码，10月pmi已重回扩张区间，经济预期有望提振，商务及宴席需求在经过前期的调整后有望修复，当前烟酒终端已经处于库存低位，需求修复将能快速传导至酒企，龙头白酒价值有待重估。zjld (06979) is now down more than 4%, as of the time of publication, it has dropped by 4.43%, closing at 7.77 Hong Kong dollars, with a turnover of 0.118 billion Hong Kong dollars.
According to the WiseFinance app, zjld (06979) is now down more than 4%, as of the time of publication, it has dropped by 4.43%, closing at 7.77 Hong Kong dollars, with a turnover of 0.118 billion Hong Kong dollars.
China Securities Co.,Ltd. pointed out that the continuous weak recovery of baijiu consumer demand has led the industry into a new round of adjustment. In the third quarter, baijiu companies experienced a significant decline in performance growth, and differentiation further intensified. Overall, high-end leaders show strong resilience and can maintain growth, while second-tier liquor companies or regional leaders with only strong brands and strong sales performance well.
The bank pointed out that due to the industry's weak sentiment since the beginning of the year, coupled with the decline in performance growth, baijiu valuations have been continuously declining, even though there was a rebound in September, the overall valuation levels are still relatively low. With the gradual increase in economic stimulus policies, the October PMI has returned to the expansion range. Economic expectations are expected to improve, and business and banquet demand are expected to recover after an earlier adjustment. Currently, tobacco and alcohol distribution terminals are at low inventory levels, and demand recovery can quickly transmit to liquor companies, where the value of leading baijiu companies awaits reassessment.
