中银证券：维持贵州茅台“买入”评级，聚焦渠道稳定性，稳步推进改革

Core Viewpoint - The report from Zhongyin Securities indicates that Kweichow Moutai's shareholders' meeting emphasized the importance of quality over mere metrics, committing to long-term value and steady reform amidst industry demand and price pressures [1] Group 1: Company Performance - In the context of declining industry demand and pricing pressures, the company's revenue and profit growth significantly slowed in the third quarter [1] - The price of the "Feitian" product has seen a substantial decline this year, leading to a reduction in the thickness of the channel moat [1] Group 2: Strategic Outlook - The shareholders' meeting conveyed Moutai's strategic determination and commitment to high-quality development in the medium to long term [1] - Despite the current challenging policy environment and demand side, the company is expected to take time to digest channel inventory [1] Group 3: Earnings Forecast - Based on the third-quarter performance, the company has adjusted its previous earnings forecast, projecting diluted earnings per share for 2025 to 2027 at 72.31, 75.80, and 80.93 yuan per share, respectively [1] - The current market capitalization corresponds to price-to-earnings ratios of 19.6X, 18.7X, and 17.5X for the respective years [1] - The rating of "Buy" is maintained [1]