贵州茅台：回购增强信心，价值龙头担当

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is expected to achieve revenue of 173.41 billion, 192.44 billion, and 211.80 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.18%, 10.98%, and 10.06%, resulting in a three-year CAGR of 12.05% [11][12] - The net profit attributable to the parent company is projected to be 85.91 billion, 95.39 billion, and 105.78 billion yuan for the same years, with growth rates of 14.95%, 11.04%, and 10.89%, leading to a three-year CAGR of 12.28% [11][12] - The company maintains a strong brand barrier, and its competitive advantage is expected to further enhance in a weak recovery environment, with market share likely to continue increasing [11] Summary by Sections Share Buyback - On September 20, the company announced a share buyback plan using its own funds, with a buyback price not exceeding 1,795.78 yuan per share, amounting to 3 to 6 billion yuan, which corresponds to 1.67 to 3.34 million shares, accounting for 0.13% to 0.27% of total share capital [11] Financial Performance - The company’s revenue for 2022 was 127.55 billion yuan, with a growth rate of 16.53%, and is expected to reach 150.56 billion yuan in 2023 [12] - The EBITDA for 2024 is projected to be 123.26 billion yuan, with a corresponding P/E ratio of 18.5 [12] - The company’s asset-liability ratio stands at 18.32% [7] Market Strategy - The company is actively expanding its marketing efforts to new consumer groups and has launched various promotional activities across over 30 provinces during the Mid-Autumn Festival season [11] - The company is also advancing its production capacity expansion, with a new production line expected to commence operations in the near future [11] Shareholder Returns - The company has announced a three-year dividend plan, committing to distribute cash dividends totaling no less than 75% of the annual net profit attributable to the parent company, which is expected to enhance market confidence [11]