“钞能力”依旧十足！贵州茅台营收4年翻一倍，净利润一年一台阶

Core Viewpoint - Guizhou Moutai's Q3 financial report showcases record-breaking revenue and net profit, indicating strong growth and operational efficiency. Financial Performance - The company achieved a revenue of 120.776 billion yuan and a net profit of 60.828 billion yuan in Q3, marking the highest figures in its history [1] - Revenue has doubled every four years, with the current Q3 revenue nearly double that of 2020, which was also double that of 2016 [1] - The net profit has consistently increased, reaching over 600 billion yuan for the first time in Q3 2023, compared to over 300 billion in 2021 and over 400 billion in 2022 [1] - Gross profit for the first three quarters exceeded 100 billion yuan, reaching 110.5 billion yuan, showing an accelerating growth trend [1][2] Operational Efficiency - The weighted return on equity (ROE) reached 26.09%, the highest in ten years, reflecting improved profitability [2] - Inventory turnover rate remained stable at 0.22 times, while current asset turnover reached a new high of 0.53 times since 2014 [2] - Operating cash flow maintained a healthy ratio of 107.38% to revenue, with net cash inflow of 44.421 billion yuan for the year [2] Asset Quality - The asset-liability ratio dropped to a historic low of 13.63%, lower than the previous record [3] - Liquid assets constitute 83.14% of total assets, with cash holdings of 60 billion yuan and receivables of 122.7 billion yuan [3] - Interest-bearing debt ratio is at a historical low of 4.45%, remaining below 10% for six consecutive years [3] Market Sentiment - Following the Q3 report, nearly 50 brokerage firms provided positive assessments, emphasizing the company's resilience and ability to meet annual targets [4] - Analysts noted the company's strong brand and risk management capabilities, with several firms adjusting target prices upward, with some predicting a return to over 2000 yuan per share [4][5] - Institutional holdings reached a six-quarter high, with significant increases in shares held by funds and foreign investors [5]