研报掘金丨中邮证券：贵州茅台经营韧性突显，维持“买入”评级

Core Viewpoint - The report from Zhongyou Securities indicates that Kweichow Moutai's H1 2025 revenue and profit met expectations, showcasing strong operational resilience [1] Financial Performance - In Q2 2025, revenue from Moutai liquor and series liquor was 32.032 billion and 6.740 billion yuan respectively, representing year-on-year growth of 10.99% and a decline of 6.53% [1] - The decline in series liquor revenue is attributed to a high base from the same period last year [1] Market Strategy - The company is actively conducting market research across provinces to strengthen measures and boost market confidence amid a dual impact of macroeconomic cycles and industry adjustments [1] - Overall development trends for the company remain positive despite challenges [1] Future Outlook - The company aims for a revenue growth target of approximately 9% for 2025, which is expected to be achieved smoothly [1] - With a projected dividend payout ratio of 75% for 2025, the corresponding dividend yield at the current stock price is 3.91% [1] - Expected earnings per share (EPS) for 2025 are 74.95, 82.76, and 91.61 yuan, leading to a price-to-earnings (PE) ratio of 19, 17, and 16 times at the current stock price [1] - The rating for the stock is maintained as "Buy" [1]