贵州茅台：首次实施回购，可持续与市值管理共振

Investment Rating - The investment rating for Guizhou Moutai is maintained as "Buy" [5] Core Views - Guizhou Moutai announced a share repurchase plan to enhance investor confidence, with a total repurchase amount between RMB 30 billion and RMB 60 billion, aimed at capital reduction through share cancellation [2] - The company has set a cash dividend plan for 2024-2026, committing to distribute no less than 75% of the annual net profit attributable to shareholders, which translates to a projected dividend yield exceeding 4% based on the closing price on September 23 [3] - The company expects revenue growth rates of 16.09%, 10.01%, and 9.09% for 2024, 2025, and 2026 respectively, with net profit growth rates of 16.03%, 11.06%, and 10.22% for the same years [9] Summary by Sections Share Repurchase Plan - Guizhou Moutai plans to repurchase shares using its own funds, with a maximum price of RMB 1795.78 per share, and the repurchase period is set for 12 months from the approval date [2] Dividend Policy - The cash dividend policy aims to enhance shareholder value and is expected to provide a higher valuation certainty, with the dividend to be distributed in two installments each year [3] Market Performance - The company reported strong sales performance during the Mid-Autumn Festival, with stable pricing and demand, indicating a robust market position [3] Financial Forecast - Revenue and net profit forecasts for 2024 are set at RMB 174.79 billion and RMB 86.71 billion respectively, with EPS projected at RMB 69.03 [10][11]