研报掘金丨招商证券：维持贵州茅台“强烈推荐”评级，市场态势有望进一步向好

Core Viewpoint - The recent communication efforts by General Manager Wang Li with dealers and investors have strengthened market confidence, indicating a positive outlook for the industry and the company [1] Group 1: Market Performance - Since August, terminal sales have shown significant month-on-month growth, suggesting an improving market situation [1] - The industry is gradually emerging from a period of underestimated demand, with the company positioned as a leader to drive industry improvement [1] Group 2: Company Strategy - The company is actively engaging with the market to build consensus and enhance confidence among investors [1] - A normalized system for market capitalization management is being established, focusing on multi-dimensional strategies to solidify investor returns [1] Group 3: Financial Projections - The company maintains its EPS forecasts for 2025-2027 at 74.13, 79.16, and 83.47 yuan respectively [1] - The company's share buyback and dividend payout ratio is close to 4%, reflecting a commitment to returning value to shareholders [1] - The company continues to hold a "strong buy" rating based on its strategic initiatives and market performance [1]