贵州茅台：回购彰显态度，重视股东回报一以贯之

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai [1] Core Views - The company announced a share repurchase plan with a total amount between 3 billion and 6 billion yuan, which is the highest level in the liquor industry to date [2] - The company has a strong commitment to shareholder returns, with a dividend payout ratio exceeding 80% in recent years, indicating a proactive approach to enhancing shareholder value [2] - The company is actively responding to price fluctuations in the market, implementing measures to stabilize prices and adjust product offerings [2] - The investment value of Guizhou Moutai is becoming more apparent, with a commitment to maintaining a dividend not less than 75% of net profit for the years 2024-2026, and a current TTM dividend yield of 3.95% [2][3] Financial Forecasts and Valuation - The company is expected to achieve total revenues of 173.22 billion yuan, 189.84 billion yuan, and 208.91 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 69.13 yuan, 75.76 yuan, and 83.58 yuan [3] - The current market capitalization corresponds to P/E ratios of 18.3x, 16.7x, and 15.1x for the years 2024, 2025, and 2026 [3] - The report highlights a stable growth outlook for the company, with a focus on maintaining operational stability and enhancing shareholder returns [2][3]