贵州茅台：业绩稳定兑现，彰显龙头定力

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company demonstrates strong performance stability, reflecting its leadership position in the industry. The revenue for the first three quarters of 2024 reached 120.8 billion yuan, a year-on-year increase of 17%, with net profit attributable to shareholders at 60.8 billion yuan, up 15% year-on-year [3][4] - The company is actively managing its market value through increased regular dividends and share buybacks, which is expected to boost market confidence and lead to valuation recovery [4] Financial Performance Summary - For Q3 2024, the company achieved revenue of 38.8 billion yuan, a year-on-year increase of 15.3%, and a net profit of 19.1 billion yuan, up 13.2% year-on-year [3] - The revenue from Moutai liquor in Q3 2024 was 32.56 billion yuan, reflecting a year-on-year growth of 16.3%, showcasing the company's strong growth even in a challenging environment [3] - The gross profit margin for Q3 2024 was 91.2%, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin was 48.2%, down 1 percentage point year-on-year [3] - The company expects to achieve revenues of 173.2 billion yuan, 194.2 billion yuan, and 215.2 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 86.3 billion yuan, 97.6 billion yuan, and 108.9 billion yuan for the same years [4][5] Market Position and Strategy - The company is positioned as a strong leader in the liquor industry, with a stable growth trajectory and a focus on enhancing direct sales channels, which accounted for 47.1% of total sales in Q3 2024, up 2.9 percentage points year-on-year [3] - The international revenue growth was notable, with a year-on-year increase of 35.7% in Q3 2024, indicating an accelerated internationalization process [3]