研报掘金丨申万宏源研究：维持贵州茅台“买入”评级，具备中长期投资价值

Core Viewpoint - Guizhou Moutai recently held an extraordinary shareholders' meeting, approving the election of directors, mid-term profit distribution, and share buyback proposals, with a focus on "sustaining high-quality development and creating sustainable value" [1] Group 1: Company Developments - The new chairman, Chen Hua, made his first appearance and engaged with investors on various concerns [1] - General Manager Wang Li and the management team provided detailed explanations on multiple investor queries [1] Group 2: Investment Outlook - The research highlights Moutai's strong brand barrier and substantial channel profits, which create a solid competitive moat [1] - Moutai's business model is noted for its long-term stable profitability, high cash flow quality, and return on equity (ROE), generating sustainable long-term returns [1] - According to Moutai's cash dividend plan for 2024-2026, the annual cash dividend will not be less than 75% of the net profit attributable to shareholders, with an implied dividend yield of 3.6% in 2025, indicating medium to long-term investment value [1] - The company is expected to achieve stable growth during the 14th Five-Year Plan period, with strong certainty in performance [1] - The rating is maintained at "Buy" [1]