KWEICHOW MOUTAI(SH:600519) Tebon Securities·2024-08-18 01:30Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai [5][13] Core Views - Guizhou Moutai is expected to achieve revenue of CNY 1,745.6 billion, CNY 1,955.4 billion, and CNY 2,169.4 billion for the years 2024 to 2026, with year-on-year growth rates of 15.9%, 12.0%, and 10.9% respectively [5] - The net profit attributable to the parent company is projected to be CNY 875.8 billion, CNY 987.3 billion, and CNY 1,096.6 billion for the same period, with growth rates of 17.2%, 12.7%, and 11.1% respectively [5] - The company is focusing on enhancing product quality and market efficiency under the leadership of new executives, Xiang Ping and Zhang Xu, who bring extensive experience in production management and marketing [16] Financial Summary - Total revenue for 2023 is reported at CNY 150,560 million, with projections of CNY 174,564 million for 2024, CNY 195,544 million for 2025, and CNY 216,944 million for 2026 [8][19] - Gross profit margin is expected to remain stable at around 92.0% to 92.2% over the forecast period [8][19] - The net profit for 2023 is CNY 74,734 million, with forecasts of CNY 87,581 million, CNY 98,729 million, and CNY 109,658 million for the subsequent years [19][20] Management Changes - The company announced the appointment of Xiang Ping and Zhang Xu as candidates for vice president, indicating a strategic focus on both production and marketing [3][15] - Both executives have a strong background in their respective fields, which is expected to contribute positively to the company's growth and market positioning [16]