研报掘金丨国信证券：五粮液红利资产属性突出，支撑估值，强调“优于大市”评级

Core Viewpoint - Guosen Securities report indicates that Wuliangye held its 29th 12·18 Consensus Building Conference, summarizing its operational achievements for 2025 and outlining marketing strategies for 2026 to address current industry and company challenges [1] Group 1: Company Strategies - The company is responding to industry demand pressures by implementing measures to support its distributors and end-users, including increasing incentive policies and lowering payment prices to protect channel profits and confidence [1] - For the 2026 Spring Festival, the company plans to respect market demand and strengthen its product and channel foundations [1] Group 2: Financial Outlook - The company aims to maintain its position at the 1,000 yuan price point while promoting collaborative development across all price ranges, and will continue to enhance incentives and diversify to capture additional growth [1] - Due to short-term industry demand pressures, the company has slightly adjusted its previous revenue and profit forecasts, with a cash dividend of 20 billion yuan corresponding to a 4.7% dividend yield for 2026, highlighting its dividend asset attributes that support valuation [1] - The report emphasizes an "outperforming the market" rating for the company [1]