国泰海通：维持贵州茅台“增持”评级，目标价2005.84元

Core Viewpoint - Guizhou Moutai is rapidly advancing its market-oriented transformation, demonstrating a commitment to marketing reform and service enhancement in the liquor industry [1] Group 1: Market Transformation - Guizhou Moutai has launched the "2026 Guizhou Moutai Liquor Market Operation Plan," signaling its determination to reform marketing strategies and improve services [1] - The company conveyed a "market-oriented transformation" message during the December 2025 distributor conference, emphasizing changes in product structure, channel layout, and consumer services [1] - The company’s "15th Five-Year Plan" was discussed at the November shareholders' meeting, focusing on principles of "active, scientific, and rational" approaches to create greater value [1] Group 2: Strategic Actions - Following the distributor conference, Guizhou Moutai's market-oriented transformation has been quickly implemented, with the launch of the i Moutai initiative and optimization of the pricing system [1] - The series of actions taken by Guizhou Moutai since 2026 reflects its commitment to leading the industry in transformation and seizing opportunities from channel changes [1] Group 3: Valuation and Rating - The target price for Guizhou Moutai is maintained at 2005.84 yuan, corresponding to a 2026 price-to-earnings ratio of approximately 27 times [1] - The company maintains an "overweight" rating based on comparable company valuations [1]