31 March 2026 | 1:46AM HKT Equity Research China Consumer Staples: Spirits/F&B expert calls: sequential on-trade recovery with Moutai leading recovery; remain cautious on other spirits On Mar 30, we hosted an expert call with a large spirits and F&B distributor located in Central China. Key highlights: 1) Spirits recent updates and 2026 outlook: the expert saw c.15%+ decline post LNY and sequential narrowing in decline magnitude in Mar without a significant drop in mass consumption/banquets post LNY peak se ...

30 March 2026 | 11:31PM HKT Equity Research Kweichow Moutai (600519.SS) Unexpected ex-factory and suggested retail price hike of Feitian effective immediately; Buy 600519.SS 12m Price Target: Rmb1,592.00 Price: Rmb1,420.00 Upside: 12.1% | GS Forecast __________________________________ | | | | | | --- | --- | --- | --- | --- | | | 12/24 | 12/25E | 12/26E | 12/27E | | Revenue (Rmb mn) New | 174,144.1 171,827.1 | | 173,219.5 | 185,398.9 | | Revenue (Rmb mn) Old | 174,144.1 171,827.1 | | 170,063.6 | 181,956.9 | ...

数据来源：聚源 -20% -10% 0% 10% 20% 30% 2025-03 2025-07 2025-11 2026-03 贵州茅台 沪深300 投资评级：买入（维持） | 日期 | 2026/3/31 | | --- | --- | | 当前股价(元) | 1,450.00 | | 一年最高最低(元) | 1,645.00/1,322.0 | | | 1 | | 总市值(亿元) | 18,157.92 | | 流通市值(亿元) | 18,157.92 | | 总股本(亿股) | 12.52 | | 流通股本(亿股) | 12.52 | | 近 3 个月换手率(%) | 22.35 | 股价走势图 食品饮料/白酒Ⅱ 贵州茅台（600519.SH） 提振行业信心，增强业绩保障 2026 年 4 月 01 日 《三季度收入放缓，蓄力健康长远— 公司信息更新报告》-2025.11.3 《收入业绩略超预期，彰显龙头韧性 —公司信息更新报告》-2025.5.5 《2024 年营收利润高增，2025 年定调 合 理 积 极 — 公 司 信 息 更 新 报 告 》 -2025.4.7 张宇光（分析师） 逄晓娟（分析师 ...

Core Insights - The domestic fundamental and liquidity environment is expected to support the A-share market, with short-term influences from the Middle East situation and control over the Taiwan Strait [2][4] - The A-share market may face a decisive period in April, with potential recovery in earnings as the financial reporting window opens [2][4] - Investment opportunities in the new energy sector are highlighted, particularly in solar and wind power, which are less affected by geopolitical conflicts and fossil fuel prices [2][4] Real Estate Sector: Poly Real Estate Group - Poly Real Estate Group's sales ranking improved to 12th in January 2026, with a sales amount of 3.7 billion yuan, despite a year-on-year decline of 22.9% [8] - The company achieved a sales area of 150,000 square meters in January 2026, down 6.8% year-on-year, with an average sales price of 24,800 yuan per square meter, a decrease of 16.5% [8] - The company has a strong backing from its parent company, Poly Group, which holds 48.09% of its shares, providing stability and growth potential [11] Transportation Sector: COSCO Shipping Specialized Carriers - COSCO Shipping Specialized Carriers reported a revenue of 16.611 billion yuan in the first three quarters of 2025, a year-on-year increase of 37.92% [13] - The company’s net profit reached 1.329 billion yuan, up 10.54% year-on-year, with a significant increase in cash flow from operating activities [13] - The expansion of the fleet and increased shipping business revenue are key drivers of growth, despite rising operational costs [13][14] Transportation Sector: Jitu Express - Jitu Express achieved a total revenue of 5.499 billion USD in the first half of 2025, a year-on-year increase of 13.1%, with significant growth in the Southeast Asian market [15][16] - The company’s Southeast Asian market revenue grew by 29.6%, reaching 1.970 billion USD, with an adjusted EBITDA of 313 million USD [15][16] - The company is focusing on cost optimization and pricing strategies to enhance market share in a competitive environment [17] Chemical Sector: Satellite Chemical - Satellite Chemical reported a gross margin of 22.31% in 2025, with a net margin of 11.52%, despite a slight decline in both metrics [18] - The company’s asset-liability ratio decreased to 51.74%, indicating improved financial stability [18] - The company plans to distribute a cash dividend of 1.678 billion yuan, reflecting a commitment to shareholder returns [18] Chemical Sector: Yake Technology - Yake Technology's revenue grew significantly due to increased sales in LNG and electronic materials, although net profit growth lagged behind revenue growth due to foreign exchange losses [21][22] - The company is focusing on developing advanced semiconductor materials and has established a dual R&D department in China and South Korea [22] - The company’s gross margin was 31.82%, with a net margin of 13.29%, indicating stable profitability despite rising R&D costs [21] New Energy Sector: CATL - CATL reported a revenue of 423.702 billion yuan in 2025, a year-on-year increase of 17.04%, with a net profit growth of 42.28% [25] - The company maintained its leading position in the global battery market, achieving a market share of 39.2% in 2025 [25][26] - CATL's energy storage battery sales grew by 29.13%, with ongoing expansion of production capacity to meet market demand [26] Pharmaceutical Sector: Tasly Pharmaceutical - Tasly Pharmaceutical's revenue was 8.236 billion yuan in 2025, a slight decline of 3.08%, with core products showing stable sales [27][28] - The company is focusing on innovation and has a robust pipeline of new drug projects, with significant R&D investment [29] - The integration with China Resources has strengthened the company's market position and operational efficiency [27] Food and Beverage Sector: Kweichow Moutai - Kweichow Moutai's revenue for Q3 2025 was 39.06 billion yuan, with a slight year-on-year increase of 0.6%, indicating a strategic adjustment in growth [33] - The company is focusing on maintaining quality and long-term value, with plans for internationalization and brand enhancement [32][33] - The company announced a cash dividend of 23.957 yuan per share, reflecting its commitment to shareholder returns [33] Staffing Sector: Core International - Core International expects a steady increase in revenue and net profit in 2025, driven by technological advancements and operational efficiency [35] - The company is leveraging its data and technology capabilities to enhance its service offerings and market presence [35] - The integration of various business lines is expected to drive growth and improve profitability [35] Electronics Sector: Haixing Co., Ltd. - Haixing Co., Ltd. is positioned to benefit from the growing demand for AI server capacitors, with a projected market size increase in the coming years [37][38] - The company is enhancing its production capabilities to meet the rising demand for high-end aluminum electrolytic capacitors [38] - The company holds a leading market share in the aluminum foil sector, with ongoing improvements in technology and production processes [37]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3]. Core Insights - The company is undergoing significant market-oriented reforms, transitioning its sales model to a more market-driven approach, which includes a combination of self-sale, distribution, consignment, and agency sales. This shift is expected to enhance price control and marketing strategies, marking a substantial change in its business model [3]. - The company is projected to achieve revenue growth from 2025 to 2027, with expected revenues of 185.97 billion, 194.54 billion, and 204.20 billion yuan, representing year-on-year growth rates of 6.8%, 4.6%, and 5.0% respectively. The net profit attributable to shareholders is forecasted to be 92.69 billion, 96.78 billion, and 101.77 billion yuan, with growth rates of 7.5%, 4.4%, and 5.1% [3][4]. - The company maintains a strong position in the high-end liquor market, leveraging its brand strength and social attributes. It is expected to outperform its peers in terms of revenue and profitability [3]. Financial Data and Profit Forecast - The total revenue for 2023 is reported at 150.56 billion yuan, with a projected growth rate of 18.0%. For 2024, revenue is expected to reach 174.14 billion yuan, growing at 15.7%. The growth rates for 2025, 2026, and 2027 are forecasted at 6.8%, 4.6%, and 5.0% respectively [4]. - The net profit for 2023 is estimated at 74.73 billion yuan, with a year-on-year growth of 19.2%. The net profit for 2024 is projected to be 86.23 billion yuan, with a growth rate of 15.4%. The expected net profits for 2025, 2026, and 2027 are 92.69 billion, 96.78 billion, and 101.77 billion yuan, with growth rates of 7.5%, 4.4%, and 5.1% respectively [4]. - The company’s gross margin is expected to remain stable, with projections of 92.3% for 2025, 92.4% for 2026, and 92.5% for 2027 [4]. Market and Industry Analysis - The report highlights that the Chinese liquor industry is experiencing a decline in production, with a projected decrease of 12.1% in 2025. Despite this, the company is expected to maintain its leadership in the high-end segment, primarily through its flagship product, Moutai liquor [3]. - The company is actively managing its inventory and pricing strategies to adapt to market conditions, which is expected to enhance its competitive edge during the industry's adjustment period [3]. Key Assumptions - Revenue growth for Moutai liquor is anticipated to be 9.0%, 5.5%, and 6.0% for the years 2025, 2026, and 2027 respectively. The series liquor segment is expected to face challenges, with a projected revenue decline of 4% in 2025, but a recovery is anticipated in subsequent years [3]. - The company is implementing a new pricing strategy that aims to reflect the time value of its products, thereby enhancing perceived value and providing clear pricing references for consumers [3]. Catalysts - Potential catalysts for growth include a recovery in consumer demand and an acceleration in sales activity, particularly if policies aimed at boosting consumption take effect [3]. - The report notes that if distributors enter a replenishment cycle due to reduced inventory levels, revenue growth could rebound significantly [3].

——贵州茅台（600519.SH）首次覆盖报告 投资要点： 食品饮料 | 报告原因： | | --- | | | | 证券研究报告 公司研究 / 首次覆盖 2026 年 04 月 01 日 推进市场化改革，龙头持续变革转型 | 收盘价（元） | 1,450.00 | | --- | --- | | 一年内最高/最低（元） | 1,634.99/1322.01 | | 市净率 | 7.1 | | 股息率（分红/股价） | 3.56 | | 流通 A 股市值（百万元） | 1,815,792 | | 上证指数/深证成指 | 3,892/13,478 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据： | 09 | 月 | | | 30 | | | 日 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | | | | | | | 204.6 | | 资产负债率% | | | | | 12.81 | | | | | | | | 总股本/流通 A | ...

Investment Rating - The investment rating for the essential consumer goods sector in China is "Outperform" for multiple companies including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - In March 2026, eight essential consumer goods sectors showed mixed performance, with four sectors experiencing growth and four facing declines. The sectors with positive growth included frozen foods, condiments, food services, and soft drinks, while mid-to-high-end baijiu, mass-market baijiu, dairy products, and beer saw negative growth. The overall performance is attributed to the fading of the Spring Festival consumption boost and a weakening recovery in the food service sector [20]. Summary by Sector Baijiu (Mid-to-Premium and Above) - In March, the mid-to-high-end and premium baijiu sector generated revenue of 29.5 billion yuan, a year-on-year decrease of 14.5%. Cumulative revenue for January–March reached 120.5 billion yuan, down 14.3% year-on-year. The sector is facing pressure on both volume and price due to slower-than-expected recovery in business consumption scenarios [21]. Baijiu (Mass-Market and Below) - The mass-market and lower-tier baijiu sector generated revenue of 20.2 billion yuan in March, down 1.0% year-on-year. Cumulative revenue from January to March was 60.5 billion yuan, down 1.5% year-on-year. Demand remains robust, supported by daily personal consumption and family gatherings [22]. Beer - The beer industry generated revenue of 14.0 billion yuan in March, down 1.4% year-on-year. Cumulative revenue for January–March was 46.2 billion yuan, down 1.5% year-on-year. Terminal demand was weak, but the sector is entering a peak season stockpiling cycle as temperatures rise [22]. Condiments - The condiments industry generated revenue of 35.5 billion yuan in March, a 3.0% year-on-year increase. Cumulative revenue for January–March reached 123.9 billion yuan, a 4.0% year-on-year increase. The growth rate slowed due to waning peak season effects and increased discounts [23]. Dairy Products - The dairy industry generated revenue of 33.9 billion yuan in March, down 0.9% year-on-year. Cumulative revenue for January–March reached 118.9 billion yuan, down 1.9% year-on-year. The liquid milk market is in a period of adjustment, with household consumption remaining robust [24]. Frozen Foods - The frozen food sector generated revenue of 10.3 billion yuan in March, up 6.3% year-on-year. Cumulative revenue for January–March reached 39.3 billion yuan, up 7.9% year-on-year. Demand for dining out has improved, significantly boosting the sector [25]. Soft Drinks - The soft drink industry generated revenue of 48 billion yuan in March, up 3.2% year-on-year. Cumulative revenue for January–March reached 194 billion yuan, up 1.9% year-on-year. Discounts in the soft drink market have widened, reflecting intensified competition [27]. Catering - The food service industry generated revenue of 13.8 billion yuan in March, up 3.8% year-on-year. Cumulative revenue for January–March reached 44 billion yuan, up 3.6% year-on-year. The sector has benefited from the recovery of consumption scenarios and policy support [28].

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of RMB 1,824.00 [1][11] Core Insights - The report emphasizes that 2026 is a critical year for the company as it transitions to "market-oriented governance." The market has concerns about the stability of the company's flagship product pricing and long-term growth potential, overlooking the governance benefits from the new management's marketing reforms. In the short term, the price of the flagship product has reached a "L-shaped" bottom, with limited downside risk. In the medium to long term, there is growth potential in both volume and price, and the company's growth path is becoming clearer. The current valuation has dropped to historical lows, and the dividend yield is attractive in a low-interest-rate environment, suggesting a favorable entry point for long-term investment [6][16][19]. Summary by Sections Short-term Perspective - The flagship product's price has significantly decreased, entering a "L-shaped" bottom due to a rapid decline in demand and ongoing supply pressures. The current price level is supported by traditional consumer demand, and the price is now within the purchasing power release range for consumers, indicating limited further downside risk. The upcoming festive season is expected to show strong sales performance, providing support for price stabilization [7][17][24]. Medium-term Perspective - The company is initiating a market-oriented transformation in 2026, focusing on three core elements: product structure, pricing, and channel strategy. The product strategy aims to optimize the pyramid structure, while the channel strategy emphasizes a blend of online and offline sales. The pricing strategy will shift from a dual-track system to a market-responsive approach, enhancing governance capabilities and improving operational quality in the long run [8][18][39]. Long-term Outlook - The company has demonstrated resilience through various market cycles over the past thirty years. Despite current industry adjustments, it possesses superior counter-cyclical measures. Future growth is expected to be driven by volume and price increases, with a compound annual growth rate (CAGR) of approximately 4% for both volume and price. The company is projected to maintain mid-to-high single-digit revenue growth in the medium to long term [9][19][20]. Differentiation from Market Views - The report contrasts with prevailing market concerns regarding the flagship product's price decline, the effectiveness of reforms, and long-term growth potential. It argues that the financial premium has been largely eliminated, and the price is now more stable. The management's proactive approach to market governance is expected to reduce operational risks and activate latent demand. The company retains the flexibility to expand its distribution rights, which will support its growth trajectory [10][21][22].

Group 1 - Patagonia has introduced a "Earth Usage Fee" policy on its Tmall flagship store, requiring consumers to prepay a logistics packaging fee of 15 yuan for the first item and 5 yuan for each additional item, aimed at reducing the environmental impact of online shopping [2] - The fee is non-refundable if the item is returned, and the deducted amount will be donated to environmental projects, with the policy set to be trialed for one month starting April 1 [2] - The customer service clarified that this fee is akin to not offering free shipping, and if the item is not returned, the shipping fee can be refunded [2] Group 2 - Florida's Palm Beach International Airport has been renamed "Donald Trump International Airport" following a bill signed by Governor Ron DeSantis, with the name change reflecting Trump's influence in the state [3][5] - The airport's proximity to Trump's Mar-a-Lago estate has been noted, and the name change has faced opposition from Democratic lawmakers [5] - This renaming is part of a broader trend of Trump's name appearing on various national symbols, including a recent decision by the U.S. Treasury to print his signature on dollar bills [5] Group 3 - Apple confirmed that its "Lockdown Mode," introduced in 2022, has not been breached by any commercial spyware, highlighting its effectiveness in protecting users from targeted attacks [4] - The mode significantly restricts device functionality to minimize attack surfaces, including blocking most types of message attachments and disabling complex web technologies [4] - Apple has issued warnings to users in over 15 countries regarding potential targeted attacks since the feature's launch [4] Group 4 - Delta Airlines announced a significant increase in domestic fuel surcharges, with fees for flights under 800 kilometers rising from 10 yuan to 60 yuan, and those over 800 kilometers increasing from 20 yuan to 120 yuan, although this notice was later retracted [9] - The Shanghai district has implemented a "housing acquisition and replacement" model to alleviate rental pressure for new citizens and young people, marking a significant step in optimizing housing resource allocation [9] Group 5 - Oracle is undergoing a substantial layoff, affecting thousands of employees, as part of a restructuring effort [10] - The company currently employs approximately 162,000 staff members, indicating a significant impact on its workforce [10] Group 6 - OpenAI has completed a funding round raising $122 billion, achieving a valuation of $852 billion, which is the largest funding round to date for the company [22] - The funds will be allocated towards investments in chips, data centers, and talent acquisition [22] Group 7 - "Ming Ming is Busy" reported a revenue of 66.17 billion yuan for 2025, marking a 68.20% increase year-on-year, with a profit of 2.329 billion yuan, up 180.9% [18] - Miniso announced a total revenue of 21.44 billion yuan for 2025, reflecting a 26.2% year-on-year growth, with a gross profit margin of 45.0% [19] - Lenovo Holdings reported a net profit of 9.799 billion yuan for 2025, representing a 28% increase [20]

Macro Insights - The Middle East conflict has raised global inflation expectations, with March PMI indicators for the US, Europe, and Japan showing weakness due to energy supply shocks and high oil prices impacting the real economy [2][3] - The US stock indices fell throughout the month, while oil prices surged significantly, leading to increased volatility in equity and commodity markets [2] - Domestic manufacturing capacity adjustments are nearing completion, and raw material prices have risen sharply due to oil supply shocks, potentially squeezing profits for mid- and downstream enterprises [3] Company-Specific Insights - Guizhou Moutai (600519 CH) is undergoing a critical year of market-oriented governance transformation, with short-term price stability for its flagship product and long-term growth potential [7] - China Duty Free Group (601888 CH) reported a revenue of 53.694 billion yuan, down 4.92% year-on-year, but showed signs of recovery in Q4 with a revenue increase of 2.81% [8] - RuiPu Bio (300119 CH) achieved a revenue of 3.398 billion yuan in 2025, reflecting a 10.7% year-on-year growth, with a focus on the development of its microbial protein project [10] - MingNing (1768 HK) reported a revenue increase of 68.2% to 66.17 billion yuan, driven by higher store openings and improved profitability [11] - Torch Electronics (603678 CH) achieved a revenue of 4.121 billion yuan, up 47.09% year-on-year, with a focus on diversifying its business to enhance competitiveness [13] - China Overseas Development (688 HK) reported a revenue of 168.1 billion yuan, down 9% year-on-year, but maintains a strong competitive advantage in the industry [14] - Poly Property (6049 HK) achieved a revenue of 17.13 billion yuan, up 5% year-on-year, with expectations for continued stable growth in 2026 [24] - Times Electric (688187 CH) reported a revenue of 28.703 billion yuan, up 15.23% year-on-year, with strong performance in its non-rail business segments [25]