研报掘金丨诚通证券：贵州茅台高端地位稳固，维持“强烈推荐”评级

Core Insights - Guizhou Moutai achieved revenue of 91.094 billion yuan, an increase of 9.16%, and a net profit of 45.403 billion yuan, up by 8.89%, laying a foundation for completing annual targets [1] - The high-end market position remains solid, while competition in the mid-range liquor segment intensifies [1] - The second quarter showed weak revenue performance, with increasing sales expenses [1] Industry Overview - The liquor market has shifted from incremental growth to stock competition, with a notable slowdown in revenue growth in the sauce liquor market, indicating intensified industry competition [1] - The China Alcoholic Drinks Association, along with major liquor companies, has issued a "Proposal to Prevent Involutionary Competition," encouraging leading companies to control volume and maintain pricing to ensure healthy industry operations [1] Company Strategy - Moutai's strategy for 2025, discussed at the dealer symposium at the end of 2024, focuses on being consumer-centric and emphasizes three transformations: customer group transformation, scenario transformation, and service transformation [1] - The customer group strategy targets new business demographics, while the scenario strategy encourages dealers to innovate dining consumption scenarios [2] - The service transformation aims to shift from merely selling liquor to selling a lifestyle, enhancing consumer experience [2] Financial Metrics - The current price-to-earnings (PE) ratios are 19, 18, and 17 times for the next three years, with the current PE at 20 times, maintaining a "strong buy" rating for the company [2]