Research Reports Spotlight | Haitong Securities: Maintaining wuliangye yibin's 'Outperform the Market' rating, high dividend payout ratio to reward shareholders.

Gelonghui Finance · Oct 31 03:35

haitong sec research reports point out that in Q3, the revenue of Wuliangye Yibin (000858.SZ) was under pressure, with a high dividend payout ratio to reward shareholders. Under a weak demand environment, the company's revenue was under pressure, up 1.4% year-on-year in Q3 24 to 17.268 billion yuan. In the second half of 24, the company focused on 'increasing sales, stabilizing prices, improving efficiency, and changing its style', actively promoting consumer bottle opening sales, banquets, tasting events, etc. In addition, the company announced its shareholder return plan for 24-26, planning to have a cash dividend payout ratio of no less than 70% each year from 24 to 26, with a total cash dividend payout not less than 20 billion yuan (including tax), where the lower limit of the total cash dividend corresponds to a dividend yield of about 3.5% (24/10/30), and the increase in the dividend payout ratio further strengthens shareholder returns. Referring to comparable company valuations, the company is given a 20-25xPE ratio for 2024, corresponding to a reasonable value range of 169.16-211.45 yuan, and maintains an 'outperform the market' rating.

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研报掘金丨海通证券：维持五粮液“优于大市”评级 高分红比例回馈股东

Research Reports Spotlight | Haitong Securities: Maintaining wuliangye yibin's 'Outperform the Market' rating, high dividend payout ratio to reward shareholders.

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研报掘金丨海通证券：维持五粮液“优于大市”评级高分红比例回馈股东