金吾财讯 | 国泰君安发研报指，Q3及国庆白酒大盘动销平淡，珍酒李渡(06979)注重结构和盈利，主动放慢渠道进度。其中主品牌珍酒通过升级、扩产等实现优能优品的战略导向，珍十五再度获得专业赛事认可并将推出升级后的四代珍十五，品质和知名度的提升有助于推动消费场景和客群不断扩张；珍三十独立事业部运营后将以流通渠道开发为目标，推进速度受次高端价位带白酒运行情况影响；高档酒定位独特、渠道竞争相对较小，预计仍保持较快增长。第二品牌李渡当前仍处于省内拓价位带、省外做市场阶段，预计延续此前趋势、增速快于集团整体。考虑24H2起白酒进入产业调整期，中高档及以上价位带面临压力，下调公司2024-26年经调整EPS至0.49元（前值0.59元）、0.52元（0.73元）、0.55元（0.89元），当前股价对应2024年12XPE。维持增持评级。
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