金吾财讯 | 珍酒李渡(06979)股价反弹，一度升2.68%，最高触及7.28港元，截至发稿，仍涨2.12%，报7.24港元，成交额1907.34万港元。中金发报指出，公司2024年实现营业总收入70.67亿元，同比+0.5%；归母净利润13.24亿元，同比-43.1%；经调整后净利润16.76亿元，同比+3.3%，符合该行预期。由于经济环境影响高价位产品需求，该行下调珍酒李渡2025年经调整净利润5%至17.3亿元，引入2026年经调整净利润预测19.4亿元，维持目标价8.8港币和维持跑赢行业评级，现价对应2025/26年经调整净利润13x/12x市盈率，有18.4%上行空间。
另外，该行预计2025年公司收入有望实现同比持平，产品结构保持平稳，同时继续推进费效提升，利润增速有望略高于收入。其中，该行预计珍酒有望实现正增长，公司表示高档酒事业部将加大运营力度，珍酒事业部推出珍10产品，定位200-300元宴席市场;珍三十事业部继续聚焦大单品精细化运作。该行预计李渡延续省内及省外扩张势能，有望保持高于公司整体的较快增速。
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