KWEICHOW MOUTAI(SH:600519) SINOLINK SECURITIES·2024-09-21 10:03Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has announced a share repurchase plan with a total amount between RMB 30 billion and RMB 60 billion, which will be funded by its own capital and used for capital reduction [2]. - The company has a cash dividend plan for 2024-2026, with a minimum payout ratio of 75%, leading to an estimated dividend yield of approximately 4.1% for 2024 [3]. - The company is expected to achieve stable growth in the medium to long term, supported by a solid product structure and favorable external channel spreads [3]. Financial Performance Summary - Revenue projections for 2024-2026 are RMB 173.81 billion, RMB 194.10 billion, and RMB 213.75 billion, with growth rates of 15.4%, 11.7%, and 10.1% respectively [6]. - Net profit attributable to shareholders is forecasted to be RMB 87.19 billion, RMB 97.94 billion, and RMB 108.43 billion for the same period, with growth rates of 16.7%, 12.3%, and 10.7% respectively [6]. - Earnings per share (EPS) are projected to be RMB 69.40, RMB 77.97, and RMB 86.32 for 2024, 2025, and 2026 respectively [4][6]. - The current price-to-earnings (P/E) ratio is estimated at 18.2, 16.2, and 14.6 for the years 2024, 2025, and 2026 respectively [4]. Market Sentiment - The report indicates a strong market sentiment towards the company, with a significant number of buy ratings in recent weeks [9].