贵州茅台：上市以来首次回购，提振市场信心

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company has announced its first-ever share buyback, which is expected to boost market confidence [3][4] - The company aims to achieve a revenue growth target of 15% for the year, supported by stable pricing and strong fundamentals [5] - The earnings per share (EPS) forecasts for 2024-2026 are projected at 69.85, 81.13, and 93.85 yuan respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [6] Summary by Sections Share Buyback Announcement - The company plans to repurchase shares worth between 30 billion and 60 billion yuan, using its own funds [4] - The maximum repurchase price is set at 1795.78 yuan per share, which is 130% of the average trading price over the previous 30 days [4] - The buyback is intended to enhance investor confidence and reduce registered capital [4] Financial Performance and Forecast - The company reported slightly better-than-expected performance in the first half of the year, indicating resilience as a market leader [5] - The expected revenue for 2024 is 174.54 billion yuan, with a growth rate of 15.9% [11] - The projected net profit for 2024 is 87.74 billion yuan, reflecting a growth rate of 17.4% [11] - The company maintains a strong return on equity (ROE) forecast, increasing from 33.4% in 2023 to 44.5% by 2026 [11]