研报掘金丨开源证券：维持五粮液“买入”评级，期待后续批价企稳

Core Viewpoint - The report from Kaiyuan Securities indicates that Wuliangye is facing a near-limit supply-demand contradiction, prompting the company to adjust its pace while maintaining a "Buy" rating [1] Group 1: Company Performance - The core product, the eighth generation of Wuliangye, saw its initial batch price drop from 930 yuan at the beginning of the year to around 800 yuan in December, with a particularly rapid decline in the third quarter [1] - The decline in prices has negatively impacted distributor profitability, raising concerns about the sustainability of the company's future development [1] Group 2: Market Dynamics - The third quarter financial report indicates that the company's performance is entering a clearing phase, with risks gradually being released [1] - The supply-demand contradiction and the conflict between volume and price are expected to gradually ease, with anticipation for the company's shipments to align with actual market demand, leading to price stabilization [1] - Consumer demand remains weak, which is a critical factor influencing the market outlook [1]