KWEICHOW MOUTAI(SH:600519) Cai Fu Zai Xian·2025-10-31 09:28Core Viewpoint - The liquor industry is experiencing a decline in both revenue and net profit, while Kweichow Moutai has reported stable performance, attracting attention and discussion [1][2]. Group 1: Financial Performance - Kweichow Moutai's total operating revenue for the first three quarters of this year reached 130.904 billion yuan, a year-on-year increase of 6.32% [2]. - The company's net profit attributable to shareholders was 64.626 billion yuan, reflecting a year-on-year growth of 6.25% [2]. - Moutai liquor, as the core product, generated revenue of 110.514 billion yuan, marking a 9.28% increase year-on-year, serving as a crucial support for stable performance [2]. Group 2: Strategic Direction - The company has shifted its growth strategy from "scale first" to "quality first," aiming for sustainable high-quality development, which may alleviate pricing volatility risks and reduce growth pressure across the industry [4]. - The strategic focus on quality is expected to promote a healthier development cycle for the liquor sector [4]. Group 3: Market Sentiment and Ratings - A total of 10 institutions have given "buy" ratings for Kweichow Moutai, with 6 institutions recommending "buy," 1 "strong push," and others providing "strongly recommended" and "increase" ratings [5][6]. - Analysts believe that Moutai's strong cash collection ability and stable sales performance position it uniquely within the industry [5]. Group 4: Investment Insights - Notable investors are increasing their holdings in Moutai, as its valuation has reached historical lows, with a current PE (TTM) of 19.85, significantly below the opportunity value [7][8]. - Historical analysis suggests that the liquor sector is currently in an adjustment cycle, which may present new growth opportunities, with Moutai expected to benefit first during the industry's recovery phase [8][9].