研报掘金丨东兴证券：予五粮液“强烈推荐”评级，目标价148.5元

Core Viewpoint - Dongxing Securities report indicates that Wuliangye's net profit attributable to shareholders for the first half of the year reached 19.492 billion yuan, a year-on-year increase of 2.28% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 4.632 billion yuan, a year-on-year decrease of 7.58% [1] - The company maintained stable operations in a complex environment during Q2 [1] Dividend Policy - In July 2025, the company implemented a cash dividend of 12.301 billion yuan for the 2024 fiscal year, along with a mid-year dividend of 9.999 billion yuan, resulting in a cash dividend ratio of 70.01% [1] - Both the scale and ratio of dividends reached a record high since the company went public [1] Market Outlook - The company is expected to achieve a net profit attributable to shareholders of 32.012 billion yuan in 2025, representing a year-on-year growth of 0.5% [1] - The corresponding earnings per share (EPS) is projected to be 8.25 yuan [1] Valuation - The current stock price corresponds to a price-to-earnings (PE) ratio of 14.12 times [1] - Based on historical valuation levels, a target PE of 18 times is suggested, leading to a target price of 148.5 yuan [1] - The company is given a "strong buy" rating [1]