招商证券：重申贵州茅台“强烈推荐”评级，公司估值处于历史低位

Core Viewpoint - The recent temporary shareholders' meeting of Kweichow Moutai reflects the management team's deep thinking and proactive approach towards long-term strategy despite the current industry adjustment period [1] Company Strategy - Kweichow Moutai is actively expanding new consumer groups and innovating service formats, including new attempts in e-commerce and anti-counterfeiting measures [1] Market Position - The company's valuation is currently at a historical low, yet its competitiveness in the industry is strengthening, with expectations for market share to continue increasing [1] Financial Projections - The EPS forecasts for 2025, 2026, and 2027 are projected to be 71.54, 73.49, and 76.96 yuan respectively [1] - The current stock price corresponds to a 20x PE for 2025, with a buyback and dividend cash payout ratio reaching 3.9% [1] Investment Recommendation - The report maintains a "strong buy" rating for Kweichow Moutai [1]