贵州茅台：营收利润符合预期，静待需求改善

Investment Rating - The investment rating for the company is "Buy" and maintained [2] Core Views - The company's revenue and profit for the first three quarters of 2024 met expectations, with a year-on-year increase of 16.91% in total revenue and 15.04% in net profit attributable to shareholders [4][5] - The company continues to experience double-digit growth in high-end liquor sales despite a weak external environment, with series liquor revenue increasing by 24.36% year-on-year [4] - The company has implemented subsidy support policies for series liquor products to address current market pressures [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 1231.23 billion yuan, operating income of 1207.76 billion yuan, net profit attributable to shareholders of 608.28 billion yuan, and net profit after deducting non-recurring gains and losses of 607.79 billion yuan, all showing positive year-on-year growth [4] - In Q3 alone, the company reported total revenue of 396.71 billion yuan, with a year-on-year growth of 15.56% [4] - The gross margin for the first three quarters was 91.69%, with a net profit margin of 49.40%, both slightly lower than the previous year [4] Revenue and Profit Forecast - The company is expected to achieve revenue growth of 15.43% in 2024, with projected revenues of 1737.84 billion yuan, 1951.08 billion yuan, and 2152.58 billion yuan for 2024, 2025, and 2026 respectively [5][7] - The net profit attributable to shareholders is forecasted to be 852.63 billion yuan in 2024, with a year-on-year growth of 14.09% [5][7] - The earnings per share (EPS) for the next three years are projected to be 67.87 yuan, 76.52 yuan, and 84.95 yuan, corresponding to price-to-earnings ratios of 23, 20, and 18 times respectively [5][7]