贵州茅台：拟变更副业经理，坚持市场产品齐头并进

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The report highlights that the company is expected to achieve revenue growth of 15.9% in 2024, 12.0% in 2025, and 10.9% in 2026, with net profit growth of 17.2%, 12.7%, and 11.1% respectively, maintaining a "Buy" rating [25] Summary by Sections Company Overview - The company has appointed Xiang Ping and Zhang Xu as vice general managers, indicating a focus on both production management and market expansion [8][16] Management Insights - Xiang Ping has extensive experience in production management and technology, which is expected to drive product innovation and optimize production processes [3] - Zhang Xu has a strong background in market management and sales, particularly in promoting the company's sauce-flavored liquor, contributing significantly to market expansion [16] Financial Performance - The company reported a revenue of 150,560 million in 2023, with projections of 174,564 million in 2024, 195,544 million in 2025, and 216,944 million in 2026 [10][12] - The net profit for 2023 is projected at 74,734 million, with expected growth to 87,581 million in 2024, 98,729 million in 2025, and 109,658 million in 2026 [10][12] Key Financial Metrics - The gross margin is expected to remain stable at around 92.0% for the next few years, with net profit margin projected to increase slightly from 52.5% in 2023 to 53.5% in 2026 [12][21] - The company's return on equity is projected to improve from 34.7% in 2023 to 38.1% in 2026, indicating strong profitability [12][21]