KWEICHOW MOUTAI(600519) 华鑫证券·2024-09-22 01:30Investment 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's performance in the first half of the year slightly exceeded expectations, demonstrating its resilience as a market leader [5] - The company aims for a revenue growth target of 15% for the year, which is considered highly achievable [5] Summary by Sections Share Buyback Announcement - The company plans to repurchase shares through a centralized bidding process with a total amount between 3 billion and 6 billion RMB [4] - The repurchased shares will be used for cancellation and reduction of registered capital [4] - The maximum repurchase price is set at 1795.78 RMB per share, which is 130% of the average trading price over the previous 30 trading days [4] - The estimated number of shares to be repurchased ranges from 1.67 million to 3.34 million, accounting for 0.133% to 0.266% of the total share capital [4] Financial Performance and Forecast - The company’s revenue for 2024 is projected to be 174.54 billion RMB, with a growth rate of 15.9% [9] - The net profit for 2024 is expected to reach 87.74 billion RMB, reflecting a growth rate of 17.4% [9] - The earnings per share (EPS) for 2024 is forecasted at 69.85 RMB, with corresponding price-to-earnings (P/E) ratios of 18, 16, and 14 for the years 2024, 2025, and 2026 respectively [6][9] Market Position and Strategy - The company is implementing a unified strategy across its operations, which is expected to enhance its market leadership [6] - The stable pricing of its products, with bulk and individual bottle prices remaining consistent, supports the revenue growth outlook [5]