高盛：白酒跟踪茅台批发价格趋于稳定,股东大会关键要点

Investment Rating - The report does not explicitly state an investment rating for the spirits industry, but it highlights positive trends in pricing and growth targets for leading brands, indicating a generally favorable outlook for investment in this sector. Core Insights - The wholesale price of Original case Feitian Moutai increased by Rmb130 to Rmb2,550, while unpacked Feitian Moutai rose by Rmb150 to Rmb2,290, reflecting a recovery in pricing after previous declines [2][9]. - Common Wuliangye's wholesale price decreased by Rmb10 to Rmb955, indicating some pricing pressure in the market [2][9]. - Both Luzhou Laojiao and Wuliangye maintained their full-year growth targets for 2024, emphasizing long-term healthy growth despite industry cycles [2][6]. - Wuliangye is focusing on pricing optimization over volume for its Common Wuliangye product, aiming to maintain a resilient pricing level [2][6]. - The report notes a trend towards market consolidation, with leading brands expected to benefit from this dynamic [2][6]. Summary by Sections Wholesale Price Trends - Original case Feitian Moutai's wholesale price increased by Rmb130 from Rmb2,420 to Rmb2,550, and unpacked Feitian Moutai rose by Rmb150 from Rmb2,140 to Rmb2,290 [2][9]. - Common Wuliangye's price decreased by Rmb10 from Rmb965 to Rmb955, and remained stable at Rmb880 for Guojiao 1573 [2][9]. Company Highlights - Luzhou Laojiao's AGM indicated a focus on core products and a commitment to sustainable growth, while also addressing the volatility in Feitian Moutai's prices as a supply management issue [6][2]. - Wuliangye's management expressed confidence in achieving double-digit sales growth in 2024, supported by strong retail performance during key festivals [6][2]. Market Dynamics - The report emphasizes the importance of channel management, inventory control, and retail sell-through rates as critical factors for success in the spirits market [2][6]. - Both companies are enhancing shareholder returns, with Wuliangye planning to gradually increase its dividend payout ratio [2][6].