KWEICHOW MOUTAI(SH:600519) Huaxin Securities·2024-11-10 00:10Investment Rating - The report maintains a "Buy" investment rating for the company [2][5] Core Views - The company announced a mid-term profit distribution plan, proposing a cash dividend of 30 billion yuan (including tax) based on its total share capital of 1.256 billion shares as of Q3 2024 [3] - The company has a three-year cash dividend plan, committing to distribute no less than 75% of the annual net profit to shareholders each year, with distributions occurring twice annually [4] - The company's earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 68.28 yuan, 78.89 yuan, and 90.68 yuan respectively, with corresponding price-to-earnings (PE) ratios of 24, 20, and 18 [5] Summary by Sections Financial Performance - As of Q3 2024, the company reported an undistributed profit of 192.904 billion yuan [3] - The forecasted main revenue for 2024 is 174.535 million yuan, with a growth rate of 15.9% [7] - The forecasted net profit attributable to shareholders for 2024 is 85.774 million yuan, reflecting a growth rate of 14.8% [7] Dividend Policy - The company plans to distribute a total cash dividend of 30.001 billion yuan for the mid-term profit distribution, pending approval from the shareholders' meeting [3] - The cash dividend plan for 2024-2026 ensures a minimum of 75% of the annual net profit is returned to shareholders [4] Market Position - The company is implementing a unified strategy to maintain its leadership in the sector, with ongoing innovation in its business operations [5] - Recent price increases for its products have been noted, contributing to market stability and restoring confidence among distributors [4]