贵州茅台：公司简评报告：业绩维持稳健，分红比例显著提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a total revenue of 83.451 billion yuan for H1 2024, representing a year-on-year increase of 17.56%, and a net profit attributable to shareholders of 41.696 billion yuan, up 15.88% year-on-year [7] - The company has committed to distributing cash dividends totaling no less than 75% of the annual net profit attributable to shareholders for the years 2024-2026, with dividends to be paid in two installments [7][9] - The company’s gross profit margin for H1 2024 was 91.76%, with a net profit margin of 52.70% [9] Summary by Sections Financial Performance - In H1 2024, the revenue from Moutai liquor was 68.567 billion yuan (up 15.67% year-on-year), while the revenue from series liquor was 13.147 billion yuan (up 30.51% year-on-year) [8] - The company’s cash flow from operating activities for H1 2024 was 36.622 billion yuan, an increase of 20.52% year-on-year [9] Dividend Policy - The company plans to increase its regular dividend payout ratio from an average of 51.9% over the past five years to over 75%, enhancing the certainty of returns for investors [9] Future Earnings Projections - The projected net profits for 2024, 2025, and 2026 are 87.647 billion yuan, 101.694 billion yuan, and 116.025 billion yuan, respectively, with year-on-year growth rates of 17.28%, 16.03%, and 14.09% [10]