Investment Rating - The investment rating for the company is "Buy" [3][12]. Core Views - The company is expected to achieve an operating revenue of approximately 173.8 billion yuan in 2024, representing a year-on-year growth of about 15.44%, and a net profit attributable to shareholders of approximately 85.7 billion yuan, with a year-on-year increase of about 14.67% [1][2]. - The company has successfully completed its operational targets for the year, demonstrating its strong market position even in a challenging environment [1]. - The product structure has been refined into three main series: aged, flying, and low-alcohol, with over 60 new products developed [1][2]. Financial Data and Valuation - The projected operating revenue for 2024 is 173.95 billion yuan, with a growth rate of 16% [2][8]. - The net profit for 2024 is estimated at 84.92 billion yuan, with a growth rate of 14% [2][8]. - Earnings per share (EPS) for 2024 is projected to be 67.60 yuan, with a price-to-earnings (P/E) ratio of 22.0 [2][8]. - The company’s market capitalization is approximately 1.87 trillion yuan [3].

证券研究报告·公司点评报告·白酒Ⅱ 贵州茅台（600519） 全年目标稳健兑现，多产品均衡发力 2025 年 01 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 127554 | 150560 | 173800 | 188609 | 205272 | | 同比（ % ） | 16.53 | 18.04 | 15.44 | 8.52 | 8.83 | | 归母净利润（百万元） | 62717 | 74734 | 85700 | 91561 | 99313 | | 同比（ % ） | 19.55 | 19.16 | 14.67 | 6.84 | 8.47 | | EPS- 最新摊薄（元 / 股） | 49.93 | 59.49 | 68.22 | ...

公 司 报 告 公 司 事 项 点 评 | --- | --- | |------------------------|--------------------------------------| | 行业 | 食品饮料 | | 公司网址 | www.moutaichina.com | | 大股东 / 持股 | 中国贵州茅台酒厂 ( 集团 ) 有限责任公 | | | 司 /54.07% | | 实际控制人 | 贵州省人民政府国有资产监督管理委 | | | 员会 | | 总股本 ( 百万股 ) | 1,256 | | 流通 A 股 ( 百万股 ) | 1,256 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 18,692 | | 流通 A 股市值 ( 亿元 ) | 18,692 | | 每股净资产 ( 元 ) | 189.23 | | 资产负债率 (%) | 13.6 | 行情走势图 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容 相关研究报告 【平安证券】贵州茅台（600519.SH）*季报点评*业 绩稳定增长 ...

证 2025 年 01 月 03 日 告 基本数据 2025-01-02 当前股价（元） 1488 总市值（亿元） 18692 总股本（百万股） 1256 流通股本（百万股） 1256 52 周价格范围（元） 1261-1770 日均成交额（百万元） 5294.21 公 司 研 究 圆满收官，彰显韧性 —贵州茅台（600519.SH）公司事件点评报告 2025 年 1 月 2 日，贵州茅台发布 2024 年度生产经营情况公 告。 投资要点 ▌全年业绩圆满收官，Q4 茅台酒表现较优 全年收入目标圆满完成，稳健经营韧性强。2024 年公司预计 实现总营收/归母净利润分别约 1738/857 亿元，分别同增约 15.44%/14.67%，归母净利率 49.31%（同减 0.33pcts）。产 量增速合理控制，系列酒全年放量较快。1）酒类营收约 1704 亿元（同增约 15.75%），其中茅台酒/系列酒营收分别 约 1458/246 亿元，分别同增约 15.18%/19.24%，茅台酒占比 -0.42pcts。2）生产茅台酒/系列酒基酒分别约 5.63/4.81 万 吨，分别同比-1.58%/+12.02%。Q4 系 ...

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证券代码：600519 证券简称：贵州茅台 公告编号：临 2025-001 贵州茅台酒股份有限公司 关于首次回购公司股份暨回购进展的公告 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管 指引第 7 号——回购股份》等相关规定，现将首次回购股份情况公告如 下： 2025 年 1 月 2 日，公司通过集中竞价交易方式首次回购股份 200,900 股，已回购股份占公司总股本的比例为 0.0160%，购买的最高价为 1,507.41 元/股、最低价为 1,480.02 元/股，已支付的总金额为 299,919,221.00 元（不含交易费用）。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/9/21 | | --- | --- | | 回购方案实施期限 | 公司股东大会审议通过回购方案之日起 12 个月内 | | 预计回购金额 | 人民币 30 亿元（含）～人民币 60 亿元（含） | | 回购用途 | √减少注册资本 □用于员工持股计划或股 ...

Core Viewpoint - Guizhou Moutai (600519) announced its preliminary estimates for 2024, projecting significant growth in both revenue and net profit, driven by increased production of its flagship Moutai liquor and series liquor products [1] Financial Performance - The company expects to produce approximately 56,300 tons of Moutai liquor base and about 48,100 tons of series liquor base in 2024 [1] - Estimated total operating revenue is around 173.8 billion yuan, with Moutai liquor revenue expected to be approximately 145.8 billion yuan and series liquor revenue around 24.6 billion yuan, reflecting a year-on-year growth of about 15.44% [1] - The projected net profit attributable to shareholders is approximately 85.7 billion yuan, representing a year-on-year increase of about 14.67% [1]

Investment Rating - The report maintains a "Buy" rating for the company [11] Core Views - The company is expected to achieve its annual targets for 2024, with revenue and profit maintaining double-digit growth [11] - The company is focusing on three transformations: customer group transformation, scenario transformation, and service transformation to adapt supply and demand [11] - The company plans to adjust the product launch volume of key products to enhance channel efficiency and meet diverse consumer needs [11] Financial Forecasts - Main revenue (in million) for 2023 is projected at 150,560, with growth rates of 18.0% in 2023, 15.9% in 2024, 7.1% in 2025, and 8.1% in 2026 [2] - Net profit attributable to shareholders (in million) for 2023 is expected to be 74,734, with growth rates of 19.2% in 2023, 14.8% in 2024, 7.5% in 2025, and 8.6% in 2026 [2] - Diluted earnings per share (in yuan) for 2023 is projected at 59.49, increasing to 68.28 in 2024, 73.38 in 2025, and 79.71 in 2026 [2] - Return on equity (ROE) is expected to be 33.4% in 2023, increasing to 36.4% in 2024, 37.2% in 2025, and 38.3% in 2026 [2]

Group 1 - Russian President Putin expressed condolences regarding a tragic incident involving an Azerbaijani passenger plane attempting to land in Grozny during Ukrainian drone attacks [2][11] - The State Council's Tariff Commission announced a tariff adjustment plan for 2025, implementing temporary import tariff rates lower than the most-favored-nation rates for 935 items to enhance domestic and international market synergy [2] - The plan includes reducing import tariffs on specific items to support technological innovation, improve people's livelihoods, and promote green development [2] Group 2 - The People's Bank of China emphasized the implementation of a moderately loose monetary policy to maintain ample liquidity, aligning the growth of social financing and money supply with economic growth and price level expectations [13] - The China Securities Regulatory Commission released transitional arrangements for the new Company Law, requiring companies to establish an audit committee within the board of directors by January 1, 2026 [14] - The Shanghai and Shenzhen Stock Exchanges announced fee exemptions for certain 2025 annual fees for listed companies [15] Group 3 - A record high of 1,440 A-share companies announced share repurchase plans this year, with a total repurchase amount of approximately 235.16 billion yuan [4] - Guizhou Moutai plans to repurchase shares worth between 3 billion and 6 billion yuan, with a maximum repurchase price of 1,771.90 yuan per share [17] - BYD's board approved the management to develop a market value management system to enhance investment value [23] Group 4 - Honor completed its shareholding reform and will soon initiate the IPO process to further its strategic development [18] - China Nuclear Technology plans to acquire a 71.965% stake in China Nuclear West Instrument, with the transaction expected to constitute a major asset restructuring [19] - A total of 256 A-share companies announced share repurchase loans, amounting to approximately 54.06 billion yuan [16] Group 5 - Analysts suggest a "barbell strategy" for industry allocation, focusing on core assets in AI, humanoid robots, and low-altitude economy, as well as high-dividend sectors supported by low interest rates [10][21] - The market is expected to remain active in early January, with potential policy expectations rising after the Spring Festival [8][9] - The upcoming month is anticipated to see a shift in market sentiment, with a focus on financial real estate and cyclical sectors [26]

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai (600519.SH) [13] Core Views - Guizhou Moutai is expected to navigate through the challenges of 2025, which is a year of overlapping cycles in macroeconomics, the liquor industry, and the company's own adjustments. The company aims to optimize its product line and enhance market competitiveness [15][17] - The company reported a revenue of 120.78 billion yuan for the first three quarters of 2024, a year-on-year increase of 16.95%, and is on track to meet its annual growth target of 15% [15] - Moutai plans to increase its market work expenses and adjust product structures slightly, while also developing new products to enhance consumer engagement and market presence [16][18] Summary by Sections Market Performance - Guizhou Moutai's stock has shown a relative performance against the CSI 300 index, with a significant focus on maintaining market share and consumer satisfaction [2][14] Financial Data and Forecasts - The projected revenue for 2024 is 173.24 billion yuan, with a year-on-year growth rate of 15.1%. The net profit is expected to reach 86.82 billion yuan, reflecting a growth rate of 16.2% [18][25] - Key financial metrics include a gross margin of 91.9% for 2024 and a return on equity of 36.6% [7][25] Product and Market Strategy - Moutai is focusing on three main transformations: customer base, market scenarios, and service offerings, targeting the "new business" demographic and enhancing product adaptability in various social settings [3][6] - The company plans to launch new products, including cultural and limited editions, to cater to diverse consumer preferences and expand its market reach [3][17] Channel Optimization - Moutai aims to enhance its distribution channels, ensuring coverage in every consumer-accessible area, and will strengthen both self-operated and social distribution systems [16][17]