贵州茅台：实施注销式回购，提振市场信心

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [3][12]. Core Views - The company announced its first-ever cancellation-based share buyback since its listing 23 years ago, with a total buyback amount of 3-6 billion yuan, which is expected to account for no less than 0.13-0.27% of the total share capital [4][6]. - The company emphasizes shareholder returns and market value management, with a three-year cash dividend plan indicating a minimum annual dividend payout ratio of 75%, corresponding to a dividend yield of over 4% under this assumption [5][7]. - The management has actively reformed the organization, channels, and products since taking office, leading to stable growth in the first half of the year, with a strong certainty of achieving the annual revenue growth target of 15% [8]. Summary by Sections Share Buyback - The buyback will utilize the company's own funds, with a maximum repurchase price of 1795.78 yuan per share, and is expected to reduce the registered capital of the company [6]. - The estimated number of shares to be repurchased is between 1.67 million and 3.34 million shares, accounting for no less than 0.13-0.27% of the total share capital [6]. Shareholder Returns - The company has released a three-year cash dividend return plan, ensuring a minimum annual cash dividend payout ratio of 75%, with the 2024 dividend yield estimated at 4.1% [7]. - The recent share buyback is expected to slightly enhance the company's earnings per share (EPS) and further protect the interests of the group, the company, and investors [7]. Management Reforms and Growth Targets - The management's reforms focus on production and sales, with adjustments made to stabilize price fluctuations and maintain strong brand influence in the market [8]. - The company is expected to achieve its revenue growth target of 15% for the year, supported by ongoing reforms in product structure, channel optimization, and new market expansions [8].