Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Views - The company is expected to achieve double-digit growth in revenue and profit for 2024 despite facing multiple pressures from macroeconomic transformation, industry cycle downturn, and weak demand for its products [1]. - The company plans to enhance its market position through structural adjustments and a focus on consumer-centric strategies, including product innovation and channel collaboration [1]. - The financial forecasts predict revenues of 174.39 billion, 192.92 billion, and 209.24 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 87.39 billion, 96.80 billion, and 105.19 billion yuan [1]. Summary by Sections Company Overview - The company is adapting to market challenges by adjusting product offerings and enhancing channel strategies, ensuring market stability [1]. Product Strategy - New product launches are planned, including the release of zodiac-themed and cultural products, while adjusting the product mix to optimize sales across different channels [1]. Channel Strategy - The company has established a "self-operated + distribution" model, enhancing operational efficiency through a diversified distribution network [1]. Financial Projections - Revenue and profit growth rates are projected at 15.8%, 10.6%, and 8.5% for the next three years, with corresponding net profit growth rates of 16.9%, 10.8%, and 8.7% [1][6]. - The current price-to-earnings (PE) ratios are forecasted to be 22, 20, and 18 for the next three years [1][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 1721.90 CNY per share [27][31]. Core Insights - The company is expected to increase the supply of its 1000ml Moutai liquor, reinforcing its position as a key product in its portfolio. The sales volume for Moutai liquor is projected to see a slight increase in 2025 [24]. - The company aims for a sales growth rate of no less than 15% for its Moutai sauce-flavored liquor in 2025, with a significant increase in marketing expenses to strengthen brand recognition [24]. - The company is likely to benefit from macroeconomic policies aimed at boosting domestic demand, with a current valuation at a low point and a generous dividend yield of 3.3%, providing a strong margin of safety for investors [24]. Financial Projections - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 67.48 CNY, 73.25 CNY, and 81.50 CNY respectively, reflecting a slight downward adjustment from previous estimates [25][31]. - The company's revenue for 2024 is projected at 170,836 million CNY, with a year-on-year growth rate of 15.7% [26]. - The company's operating profit for 2024 is expected to be 116,708 million CNY, with a growth rate of 12.5% [26]. Valuation Metrics - The company's weighted average cost of capital (WACC) is calculated to be 10.00% [31]. - The estimated enterprise value is 2,106,192 million CNY, with an equity value of 2,163,046 million CNY [2].

Company Strategy - The company plans to adjust the supply of Feitian 53° 500ml, Zhenpin, and Feitian 53° 1000ml Maotai in 2025 to strengthen the base position of the core product in the olive-shaped product matrix and enhance consumer reach efficiency [1][2] - New products, including the Yisi Snake Year Zodiac Wine and Shengle Feitian Maotai, will be officially launched on January 5, 2025 [1][2] - The company aims to target the catering channel and international market, leveraging cultural resources such as scenic spots, world cultural and natural heritage sites, and museums to develop cultural and creative products and new "Into the Series" products [2] - The company will focus on expanding the product line of Maotai 1935 and initiate the business of sealed altar wine, while Maotai Prince Wine will target the mass consumption range of 200 to 500 yuan, aiming to cultivate it into another heavyweight billion-yuan product within two years [3] - The company will strengthen channel construction, optimize the product matrix, enhance brand promotion, improve policy services, and expand the overseas market [4] - The company will provide more market resource support to Maotai sauce-flavored liquor in 2025, such as expanding the sales team, deepening channels, and increasing the proportion of supermarket displays [4] - The company will focus on the "supply-demand adaptation" strategy, leveraging its self-operated system (including self-operated companies, iMaotai, and major clients) and social channels (including distributors, supermarkets, department stores, tobacco, catering, and e-commerce) to achieve channel complementarity [7] - The company is committed to building six systems for internationalization: brand promotion, legal, product, channel, price, and policy systems, aiming to achieve comprehensive internationalization by 2035 [7] - The company has established a "T"-shaped overseas product matrix, with 53° and 43° as the pillars, horizontally exporting high-value-added products and Maotai Prince Wine series products with influence in overseas markets [7] Financial Performance - The company implemented its first "interim dividend" in early November, distributing cash dividends of 23.882 yuan per share (including tax), totaling 30.001 billion yuan (including tax) [6][9] - The company plans to repurchase shares worth between 3 billion and 6 billion yuan using its own funds and cancel the repurchased shares to reduce registered capital [6][9] - Maotai sauce-flavored liquor achieved revenue of 19.393 billion yuan in the first three quarters of 2022, a year-on-year increase of 24.36%, exceeding the overall revenue growth rate of 16.77% [13] Product Development - The company launched the "Winter·Qiongfei Dance" product from the Maotai Winter Series cultural products on December 4, marking the completion of all 24 products in the Maotai Spring/Summer/Autumn/Winter Series cultural wine [11] - Users can participate in related activities on the Xunfeng platform starting from December 5 to obtain the digital-physical fusion product of "Winter·Qiongfei Dance" [11] Market and Industry Insights - The company emphasizes quality and brand, actively addressing short-term supply-demand adaptation issues and increasing consumer reach through ten channels (four self-operated systems and six social distribution systems) [12] - The company plans to introduce innovative products and deeply explore incremental demand to effectively respond to growth challenges, with a more stable business target expected for the next year [12] - The company's internationalization strategy has upgraded from "product export" to "brand globalization," which is expected to gradually contribute to performance growth [12]

Core Viewpoint - The discussion around stock split for Kweichow Moutai has been initiated, with suggestions to allow more retail investors to participate and share in the company's benefits [1]. Group 1: Stock Split Discussion - An investor suggested that Kweichow Moutai could consider a stock split, similar to practices of successful global companies, to enhance retail investor participation [1]. - There are mixed opinions among shareholders regarding the stock split, with some in favor and others against [2]. Group 2: Company Perspective - The board of directors emphasizes the need to consider the company's sustainable development and long-term shareholder interests when making decisions about stock splits [3]. - Chairman Zhang Deqin stated that the company takes market value management seriously and has conducted thorough analysis and evaluation of various market value management tools [1][4].

贵州茅台（600519.SH）也开始炒债了，并且还要招聘债券交易员。 近日，贵州茅台官网披露一则贵州茅台集团财务有限公司2024年引进专业人才公告，贵州茅台集团财务 有限公司计划引进专业人才2人，其中之一是债券交易员。 图源：贵州茅台官网 岗位要求显示，应聘者需具备5年及以上固定收益业务工作经历，同时还需要持有银行间市场交易员资 格证。 工作内容方面上，据该岗位描述，应聘者除需要负责银行间、交易所各类债券投资、债券价格监测等日 常交易工作外，还需要负责制订人民币债券的配置策略、组合管理债券与利率衍生产品交易与管理，组 织人民币利率债做市交易，同时负责开展债券投资相关的策略研究等共计5项主要内容。 一位公募基金的债券交易员向界面新闻记者证实，上述岗位内容基本上与金融机构的债券交易员职责范 围一致，同时，该岗位的对于应聘者的从业年限要求并不高。 "像贵州茅台这种体量的上市集团公司，账面会有非常多的流动资金。财务公司对集团部分长期闲置资 金进行证券投资都属于常规操作。特别是在今年降息背景下，债券市场持续走牛，上市公司加强债券投 资也可能提高公司整体投资收益水平。"有市场人士向界面新闻记者分析。 界面新闻记者查阅贵州 ...

证券代码：600519 证券简称：贵州茅台 公告编号：临 2024-038 贵州茅台酒股份有限公司 2024 年中期 权益分派实施公告 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： 每股分配比例 A 股每股现金红利 23.882 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/12/19 | － | 2024/12/20 | 2024/12/20 | 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经贵州茅台酒股份有限公司（以下简称"公司"） 2024 年 11 月 27 日召开的 2024 年第一次临时股东大会审议通过。 二、分配方案 （一）发放年度：2024 年中期 （二）分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有 1 限责任公司上海分公司（以下简称"中国结算上海分公司"）登记在册的 公司全体股东。 （ ...

证券简称：贵州茅台 证券代码：600519 编号：临 2024－037 本次业绩说明会通过网络文字互动方式召开，公司将针对 2024 年第三 季度生产经营情况等方面与投资者进行在线交流，并在信息披露允许的范 围内对投资者普遍关注的问题进行解答。 ●投资者可于 2024 年 12 月 16 日（星期一）前将相关问题发送至公司 邮箱（mtdm@moutaichina.com） 贵州茅台酒股份有限公司（以下简称"公司"）已披露了《2024 年第三 季度报告》。为使广大投资者更加全面深入地了解公司的生产经营情况，公 司将于 2024 年 12 月 17 日（星期二）15:00－16:00 召开 2024 年第三季度业 绩说明会，具体情况如下： 一、说明会类型 二、说明会召开的时间、地点 本次业绩说明会将于 2024 年 12 月 17 日（星期二）15:00－16:00 在上 贵州茅台酒股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 1 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： 联系电话：0851- ...

Investment Rating - The investment rating for Guizhou Moutai is "Outperform the Market" (maintained) [2][10]. Core Views - The company emphasizes quality and brand, demonstrating a strong crisis awareness and proactively addressing short-term supply-demand adaptation issues. It aims to enhance consumer reach through ten channels, including four self-operated systems and six social distribution systems. The company is expected to achieve stable operational goals next year by innovating products and tapping into incremental demand [4][5]. - The internationalization strategy has shifted from "product export" to "brand going global," which is anticipated to gradually contribute to performance growth. The company is reinforcing consumer cultivation in the domestic market while developing high-value products to meet overseas consumer needs [6][10]. - The company has a robust crisis awareness, adapting to structural changes in the consumption industry and consumer behavior. It is focusing on expanding its customer base and enhancing product value while maintaining quality and market independence [7][9]. Financial Projections - Revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 1739 billion, 1916 billion, 2067 billion, with year-on-year growth of +15.5%, +10.2%, +7.9% respectively - Net profit attributable to the parent company: 852 billion, 940 billion, 1023 billion, with year-on-year growth of +14.0%, +10.4%, +8.8% respectively - The current stock price corresponds to a PE ratio of 22.5 and 20.4 for 2024 and 2025 respectively [4][10][11].

证券研究报告·公司点评报告·白酒Ⅱ 贵州茅台（600519） 股东回报持续完善，适配供需运筹决胜 2024 年 11 月 28 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 | 173269 | 187597 | 203550 | | 同比（ % ） | 16.53 | 18.04 | 15.08 | 8.27 | 8.50 | | 归母净利润（百万元） | 62717 | 74734 | 85991 | 92936 | 100828 | | 同比（ % ） | 19.55 | 19.16 | 15.06 | 8.08 | 8.49 | | EPS- 最新摊薄（元 / 股） | 49.93 | 59.49 | 68.45 ...

Investment Rating - The report maintains a "Buy" rating for Kweichow Moutai (600519 SH) [1] Core Views - Kweichow Moutai has implemented its first "interim dividend" in early November, distributing RMB 23 882 per share (tax included) and a total cash dividend of RMB 30 001 billion (tax included) Additionally, the company plans to repurchase RMB 3-6 billion worth of shares for cancellation [3] - The company is focusing on diversifying its sales channels and internationalizing its operations It has established a "T-shaped" overseas product matrix, with 53-degree and 43-degree products as the core, and plans to develop new products for overseas markets to meet local demand [4] - The company is expected to achieve EPS of RMB 68 28, RMB 73 38, and RMB 79 71 for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 22x, 21x, and 19x [5] Financial Performance - The company's operating income is projected to grow from RMB 150 56 billion in 2023 to RMB 202 079 billion in 2026, with a CAGR of 7 1%-18 0% [6] - Net profit attributable to shareholders is expected to increase from RMB 74 734 billion in 2023 to RMB 100 126 billion in 2026, with a CAGR of 7 5%-19 2% [6] - ROE is forecasted to rise from 33 4% in 2023 to 38 3% in 2026 [6] Channel and Internationalization Strategy - The company is leveraging a diversified channel strategy, including self-operated systems (self-operated companies, i Moutai, and major clients) and social channels (distributors, supermarkets, department stores, restaurants, tobacco, and e-commerce) [4] - For internationalization, the company is building six systems: brand promotion, regulatory compliance, product, channel, pricing, and policy systems, aiming for full internationalization by 2035 [4] Market Performance - The stock price of Kweichow Moutai has shown significant volatility, with a 52-week range of RMB 1,261 to RMB 1,791 5 [1] - The company's market capitalization stands at RMB 1,908 2 billion, with a daily average trading volume of RMB 5,248 98 million [1]