研报掘金丨华鑫证券：维持贵州茅台“买入”评级，品牌势能依旧坚挺

Core Viewpoint - Guizhou Moutai's product structure adjustment has impacted gross profit, while net profit margin remains stable [1] Financial Performance - In Q3 2025, gross margin increased by 0.2 percentage points to 91.28%, primarily due to the increased proportion of Moutai liquor and product structure optimization [1] - Sales and management expense ratios decreased by 1 percentage point and 0.3 percentage points to 3.06% and 4.54%, respectively, indicating stable expense ratios [1] Revenue Breakdown - Q3 2025 revenue from Moutai liquor and series liquor was 34.924 billion and 4.122 billion yuan, showing year-on-year growth of 7% and a decline of 34%, respectively [1] - The revenue share of Moutai liquor increased by 6 percentage points to 89%, driven by increased kilogram packaging, while series liquor's decline was attributed to a high base in the same period of 2024 [1] Regional Performance - In Q3 2025, domestic and international revenues were 38.045 billion and 1 billion yuan, reflecting year-on-year growth of 1% and a decline of 22%, respectively [1] - The domestic revenue share increased by 1 percentage point to 97% [1] Market Outlook - Despite a slowdown in performance under pressure from demand, the company maintains positive growth, demonstrating resilience as a market leader [1] - The new chairman emphasizes maintaining a healthy channel ecosystem, and the decline in the price of Feitian is expected to drive demand recovery, with brand strength remaining robust [1] - The investment rating is maintained at "Buy" [1]