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洋河股份(002304)
研报日期：2018-09-16 洋河股份(002304) More resilient growth during macro slow down Yanghe is the largest brand in premium liquor (Rmb300-600/bottle) in China.Near term, we expect its growth to be more resilient than other liquor brands,helped by its “value for money” nature, flat channels and rapid marketresponse. Yanghe exhibited its resilience in the last downcycle in 2013-14.Long term, we expect it to consolidate the premium liquor sector throughincreased penetration and improved product mix. Risk/reward is attractive at15x 2019E P/E with a 22% earnings CAGR over FY18-20E. Initiate Buy. Premium
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zhanyanpo：
英语没过6级还炒不了股