研报掘金丨中金：维持贵州茅台“跑赢行业”评级，目标价1860元

Group 1 - The core viewpoint of the article highlights that Kweichow Moutai is initiating a market-oriented transformation to solidify its pricing power, adapting to market changes for long-term stability [1] - Kweichow Moutai is expected to strengthen its position as the leading brand in the liquor industry, reshaping the growth logic for the next cycle [1] - The market-oriented transformation is anticipated to enhance the company's pricing adjustment capabilities, strengthen its influence, and cater to additional incremental demand [1] Group 2 - The industry perspective indicates that leading companies like Kweichow Moutai will accelerate the pressure on smaller brands and production capacities, promoting industry concentration and differentiation, and facilitating market clearing [1] - The company has maintained its profit forecast for 2025, while reducing the prices of several products and lowering the 2026 profit forecast by 2.8% to 90.47 billion yuan [1] - The profit forecast for 2027 is set at 91.59 billion yuan, with a target price of 1860 yuan, corresponding to P/E ratios of 25.7 and 25.4 for 2026 and 2027, respectively, indicating a 34.6% upside potential from the current price [1]