贵州茅台(600519)：主业增长韧性足 改革创新不断深化

Core Insights - The company reported a revenue of 89.39 billion yuan for the first half of 2025, representing a year-on-year increase of 9.1%, and a net profit attributable to shareholders of 45.40 billion yuan, up 8.89% year-on-year [1] - The main brand continues to demonstrate its leading position in the high-end liquor market despite industry pressures, with revenue from Moutai liquor and series liquor reaching 75.59 billion yuan and 13.76 billion yuan respectively in H1 2025 [1][2] - The company is optimizing its channel structure and advancing its internationalization strategy, with direct sales and wholesale agency revenues increasing significantly [2] Revenue and Profitability - In Q2 2025, the company achieved a revenue of 38.79 billion yuan, a year-on-year increase of 7.28%, and a net profit of 18.56 billion yuan, up 5.25% year-on-year [1] - The revenue from Moutai liquor in H1 2025 was 75.59 billion yuan, up 10.24% year-on-year, while series liquor revenue was 13.76 billion yuan, up 4.68% year-on-year [1] - The gross margin for H1 2025 was 91.30%, with a slight decrease of 0.46 percentage points year-on-year, while the net margin was 50.79%, down 0.10 percentage points year-on-year [3] Cost Structure and Efficiency - The company’s sales expenses increased by 24.56% year-on-year to 3.26 billion yuan, primarily due to higher advertising and marketing costs, while R&D expenses decreased by 20.03% to 74 million yuan [3] - The total operating expense ratio for H1 2025 was 7.32%, an increase of 0.42 percentage points year-on-year, with sales expense ratio at 3.65% [3] Future Outlook - The company aims to achieve a revenue growth target of around 9% for the full year, leveraging its commitment to innovation and digital transformation [4] - Revenue projections for 2025 to 2027 are estimated at 189.93 billion yuan, 207.77 billion yuan, and 228.43 billion yuan respectively, with corresponding net profits of 91.82 billion yuan, 101.06 billion yuan, and 111.42 billion yuan [4]