中信證券目標價1150元

在貴州茅臺集團直銷方案落地后，中信證券在8月13日的發布的研報顯示：“預計公司2019-2020年營收增速分別為15.90%、15.09%，歸屬于母公司的凈利潤增速分別為20.6%、17.4%，對應的每股盈余分別為33.80元、39.69元，維持買入評級，目標價 1150元。”

研報提到，茅臺未來將重新統籌因違規被收回的茅臺酒經營權，將其投放到自營、團購等符合本公司營銷戰略布局的渠道和方式，考慮到前期茅臺收回取消經銷商配額及批條酒合計約6000噸，則預計未來公司自營、商超、電商及團購渠道投放量約4300噸左右。

中信證券認為，集團營銷公司方案落地，解決了市場對公司治理透明度的擔憂、同時可能提高市場的中長期提價預期，公司估值的壓制因素均得到緩解，估值水平有望提升。參考海外烈酒龍頭，預計茅臺估值有望提升至30倍以上水平。公司自營比例提升將有利于進一步提高茅臺盈利水平。茅臺年初以來供需不平衡導致批價快速上漲，渠道利潤高達140%左右，未來存在再次提價的可能

KLOCKNER MOELLER NZM2/3-XU-110-130 USPP NZM23XU110130

KLOCKNER MOELLER EBE299.1 USPP EBE2991

KLOCKNER MOELLER ETR4-70-A USPP ETR470A

KLOCKNER MOELLER EASY412-AC-RC NSFP EASY412ACRC

KLOCKNER MOELLER NZM7-60-NA USPP NZM760NA

KLOCKNER MOELLER N64-100-VDE NSFP N64100VDE

KLOCKNER MOELLER CL-PKZ2 USPP CLPKZ2

Klockner Moeller (Z4-100-CNA) 70-100 Amp Overload Relay, New Surplus

KLOCKNER MOELLER PKZM0-0.25/SE00-11 USPP PKZM0025SE0011

KLOCKNER MOELLER DIL-00A-M-G-10-C-24DC NSPP DIL00AMG10C24DC

Klockner Moeller Breaker NZM9-250, 250 Amp #29908

KLOCKNER MOELLER P3-100/EA/SVB USPP P3100EASVB

KLOCKNER MOELLER EBE-220 USPP EBE220

KLOCKNER MOELLER PKZ2-ZM-4 NSFP PKZ2ZM4

KLOCKNER MOELLER DIL-2-22 NSPP DIL222

KLOCKNER MOELLER EBE-242A NSPP EBE242A

KLOCKNER MOELLER DIL1M/11S/Z1 NSFP DIL1M11SZ1

KLOCKNER MOELLER DIL1AM-110V50HZ-120V60HZ NSFP DIL1AM110V50HZ12

KLOCKNER MOELLER RE-PKZ2 NSFP REPKZ2

KLOCKNER MOELLER XIOC-TERM32 NSFP XIOCTERM32

KLOCKNER MOELLER ZB4-2B3-KB1 NSFP ZB42B3KB1

KLOCKNER MOELLER S-201 NSFP S201

KLOCKNER MOELLER EBE-255 USPP EBE255

KLOCKNER MOELLER P36314SVB-NA USPP P36314SVBNA

KLOCKNER MOELLER EBE-235 USPP EBE235

KLOCKNER MOELLER DIL1M-230V-50/60HZ USPP DIL1M230V5060HZ

KLOCKNER MOELLER DIL2AM 110/120V *NEW IN A BOX*


Klockner-MoellerZM6a-15-NA Circuit Breaker

KLOCKNER-MOELLER ZM11-250 KLOCKNER-MOELLER CIRCUIT BREAKER

Klockner Moeller DIL 6-22-NA motor starter contactor


KLOCKNER MOELLER DILM65 (RDC24) *NEW IN THE BOX*


KLOCKNER-MOELLER PKZM 3-U

KLOCKNER MOELLER NZMH4-6,6-32-oBi-CNA **

37041 MARKLIN HO Small Steamer Klockner Werke CL 80 DB mfx digital - NEW

NEW KLOCKNER MOELLER FVNR NON-COMBINATION STARTER DIL00M IMPERVITRAN B05008928


KLOCKNER-MOELLER NZM 6-63 ZM6-40 MOTOR STARTER BREAKER NZM663ZM640 CHARMILLES 

KLOCKNER-MOELLER NZM 6-63 ZM6-40 MOTOR STARTER BREAKER NZM663ZM640 CHARMILLES B

KLOCKNER MOELLER ZM6-40-CNA OVERLOAD 25-40A

KLOCKNER MOELLER ZM9-160 OVERLOAD 100-160A

KLOCKNER MOELLER CL6-63CNA CURRENT LIMITER * QUANTITY

KLOCKNER-MOELLER EBE-221.1 PROCESSOR 4K GOOD TAKEOUT

KLOCKNER MOELLER DIL00AM/11/Z00 NSFP DIL00AM11Z00

Klockner Moeller Contactor DIL6M, 3 Phase, 200 Amp Open #31731

Klockner Moeller PS4 PLC Extention Module EM4-111-DR1 EM4111DR1

Klockner Moeller PLC PS4-111-DR1 PS4111DR1

LOT OF KLOCKNER MOELLER MINIATURE CIRCUIT BREAKERS FAZ

KLOCKNER MOELLER EMT6 THERMISTOR PROTECTION NEW IN BOX


Klockner Moeller PS4-111-DR1 PS4111DSR1 

Klockner Moeller Instantaneous Trip Circuit Breaker NZM9-250 250A 600VAC
Warranty, Fast Shipping Switch Included!

Honeywell Klockner Power Supply Module 620-0041 #33324

KLOCKNER MOELLER SN4-025-B17 USPP SN4025B17

KLOCKNER MOELLER PS24-2-B USPP PS242B

KLOCKNER MOELLER ZM6-63-CNA USPP ZM663CNA

KLOCKNER MOELLER SYSTEM CONTACTOT DIL3M #D480

KLOCKNER MOELLER SYSTEM CONTACTOT DIL3H #D481

KLOCKNER MOELLER DIL1-22-NA NSPP DIL122NA

KLOCKNER MOELLER DIL-1AM-G USPP DIL1AMG

KLOCKNER MOELLER DIL-1AM-G-24VDC USPP DIL1AMG24VDC

KLOCKNER MOELLER PKZMO1.6CISNA NSPP PKZMO16CISNA

KLOCKNER MOELLER DIL2AM CONTACTOR W/ NDIL2M 

KLOCKNER MOELLER DIL0AM-110V-50HZ-120V-60HZ NSFP DIL0AM110V50HZ12

KLOCKNER MOELLER DIL0M-110V/50HZ-120V/60HZ NSFP DIL0M110V50HZ120

KLOCKNER MOELLER EBE-251 USPP EBE251

Klockner Moeller Breaker/Disconnect NZM6-100 #7525SO

Klockner Moeller Breaker/Disconnect NZMH-63 #7526SO

200 Years STRING QUARTETS ACADEMICA Str Q KLOCKNER-MOELLER 4 X 2 LPs

KLOCKNER MOELLER CONTACTOR .5 1/2 HP DILM80 DIL M80 NEW

KLOCKNER MOELLER DIL-1M-110V/50HZ-120V/60HZ USPP DIL1M110V50HZ120

KLOCKNER MOELLER DIL-2-22 USPP DIL222

KLOCKNER MOELLER EBE-242A USPP EBE242A

KLOCKNER-MOELLER DIL2-22-NA *NEW IN A BOX*


Klockner Moeller 4 Kva Transformer, DTZ6.3


KLOCKNER MOELLER DIL2AM *NEW* 24V


KLOCKNER MOELLER DIL00A-M-G-10-24VDC NSFP DIL00AMG1024VDC

KLOCKNER MOELLER DIL-1M-G-24VDC USPP DIL1MG24VDC

KLOCKNER MOELLER NZM3-XDV-SG USPP NZM3XDVSG

KLOCKNER MOELLER DILM-50-230V/50/60HZ NSFP DILM50230V5060HZ

KLOCKNER MOELLER DIL2AM CONTACTOR W/ Z1-63

KLOCKNER MOELLER UTI10 NSFP UTI10

KLOCKNER MOELLER DILR40-G-24VDC NSFP DILR40G24VDC


KLOCKNER MOELLER PKZ2 NSFP PKZ2

KLOCKNER MOELLER SM2-EPR4 NSFP SM2EPR4

KLOCKNER MOELLER DIL 3M80,DIL M 820-XH1 FREE SHIPPING

RECKERMANN TRAVERSA 2015 KLOCKNER MOELLER RELAY SWITCH PART1

KLOCKNER MOELLER PS24-2 USPP PS242

KLOCKNER MOELLER P3-63/V/SVB USPP P363VSVB

KLOCKNER-MOELLER EASY412-AC-RC PROGRAMMABLE RELAY ***XLNT***

KLOCKNER MOELLER N6-63-CNA USPP N663CNA

KLOCKNER MOELLER ZM-32-PKZ2 USPP ZM32PKZ2

KLOCKNER MOELLER ZMR-4-PKZ2 NSFP ZMR4PKZ2

KLOCKNER MOELLER S-PKZ2-400-440V-50/60HZ USPP SPKZ2400440V5060

KLOCKNER MOELLER STZ1.6-480-400 USPP STZ16480400

KLOCKNER MOELLER T3-3-1509/E NSFP T331509E

KLOCKNER MOELLER EBE 221.1 (-1)


KLOCKNER MOELLER PKZ2/ZM-32 THERM MAG MOTOR PROTECT ***NIB***

KLOCKNER MOELLER PKZ2 MANUAL MOTOR STARTER *NIB*

Klockner Moeller Circuit Breaker NZM4-80 _ NZM480 _ NZM4-8O _ NHi11


Klockner-Moeller NZM9-250 With Trip ZM9-250-CNA Circuit Breaker Free Shipping


Klockner Moeller PC Circuit Board, EBE221.1 Warranty


Klockner Moeller CONTACTOR * DIL00M-10 / DIL00M10 220V 50HZ - 240V 60HZ (061216)

1 LOT OF 5 ASSEMBLED KLOCKNER MOELLER OVERLOADS (O1)


RK ELECTRONICS KLOCKNER MOELLER (ZVM-600R) ZERO SPEED SWITCH NEWinBOX !!

KLOCKNER MOELLER P3-63/EA/SVB USPP P363EASVB

Klockner Moeller DIL M1 15 With ZB150-100 Motor Starter

KLOCKNER MOELLER DILR-22-G24VDC NSFP DILR22G24VDC

KLOCKNER MOELLER PKZM3-10 NSFP PKZM310

KLOCKNER MOELLER UV-NZM-220/380/500V USPP UVNZM220380500V

KLOCKNER MOELLER DILM-40-230V/50HZ/240V/60HZ NSFP DILM40230V50HZ24

KLOCKNER MOELLER PKZM3-1.6-0.8/1.6-NA NSFP PKZM3160816NA

KLOCKNER MOELLER PKZM31NA NSFP PKZM31NA

KLOCKNER MOELLER T3-1-102/Z-UV NSFP T31102ZUV

KLOCKNER MOELLER P1-25/I2/SVB/HI11-NA NSFP P125I2SVBHI11NA

KLOCKNER MOELLER T0-4-15682/I1/SVB-SW NSFP T0415682I1SVBSW

KLOCKNER MOELLER T5B-1-8200/I/SV NSFP T5B18200ISV

KLOCKNER MOELLER DIL0AM-110V-50HZ-120V-60HZ NSPP DIL0AM110V50HZ12

KLOCKNER MOELLER PKZM0-6.3/SE00-11-110V/50HZ-120V/60HZ USPP PKZM063SE001124V