贵州茅台：超额完成增长目标，常规分红率大幅提升

Investment Rating - The investment rating for the company is "Buy" [10][15][23] Core Insights - The company reported strong financial performance for the first half of 2024, with total revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 834.51 billion, 416.96 billion, and 416.70 billion yuan respectively, representing year-on-year growth of 17.56%, 15.88%, and 15.92% [2][18] - The company plans to distribute cash dividends amounting to no less than 75% of the annual net profit attributable to shareholders from 2024 to 2026, increasing the regular dividend payout ratio from 51.9% to 75%, which is expected to enhance shareholder confidence [3][21] - The company achieved robust growth in both its flagship Maotai liquor and series liquor, with revenues of 685.67 billion and 131.47 billion yuan for the first half of 2024, reflecting year-on-year increases of 15.67% and 30.51% respectively [6][13] - Financial indicators showed strong performance, with cash receipts of 870.94 billion yuan in the first half of 2024, up 26.09% year-on-year, and a net cash flow from operating activities of 366.22 billion yuan, an increase of 20.52% [7][14] Summary by Sections Financial Performance - For the first half of 2024, the company reported total revenue of 834.51 billion yuan, net profit attributable to shareholders of 416.96 billion yuan, and net profit excluding non-recurring items of 416.70 billion yuan, with year-on-year growth rates of 17.56%, 15.88%, and 15.92% respectively [2][18] - The company’s cash receipts for the first half of 2024 were 870.94 billion yuan, a 26.09% increase year-on-year, with a net cash flow from operating activities of 366.22 billion yuan, up 20.52% [7][14] Dividend Policy - The company announced a cash dividend plan for 2024-2026, committing to distribute at least 75% of the annual net profit attributable to shareholders, with a dividend yield of approximately 3.6% [3][21] Revenue Growth - The revenue from Maotai liquor and series liquor for the first half of 2024 was 685.67 billion yuan and 131.47 billion yuan, respectively, with year-on-year growth of 15.67% and 30.51% [6][13] - The second quarter of 2024 saw Maotai liquor revenue of 288.60 billion yuan and series liquor revenue of 72.11 billion yuan, reflecting year-on-year increases of 12.92% and 42.52% [6][13] Profitability Forecast - The company adjusted its profit forecast based on the mid-year report, expecting revenues of 1737.96 billion, 1951.62 billion, and 2155.60 billion yuan for 2024-2026, with corresponding net profits of 870.12 billion, 984.98 billion, and 1095.26 billion yuan [15][23]