研报掘金丨国元证券：维持伊利股份“买入”评级，业绩韧性叠加高股息率，防御价值凸显

格隆汇07-31

国元证券研报指出，伊利股份业绩韧性叠加高股息率，防御价值凸显。公司作为国内乳业领军企业，依托品牌与渠道构筑深厚护城河，叠加供需格局有望持续改善，业绩具备较好的稳定性。当前公司估值处于历史偏低区间，分红比例较高且稳定持续，股息吸引力较强。此外，近期科技板块波动加大，市场风险偏好有所收敛，稳健高股息资产的防御属性凸显。综合以上考虑，我们建议关注伊利股份。预计公司2026/2027/2028年归母净利...

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