KWEICHOW MOUTAI(600519) 国信证券·2024-12-01 08:10Investment Rating - The investment rating for Guizhou Moutai is "Outperform the Market" (maintained) [2][10]. Core Views - The company emphasizes quality and brand, demonstrating a strong crisis awareness and proactively addressing short-term supply-demand adaptation issues. It aims to enhance consumer reach through ten channels, including four self-operated systems and six social distribution systems. The company is expected to achieve stable operational goals next year by innovating products and tapping into incremental demand [4][5]. - The internationalization strategy has shifted from "product export" to "brand going global," which is anticipated to gradually contribute to performance growth. The company is reinforcing consumer cultivation in the domestic market while developing high-value products to meet overseas consumer needs [6][10]. - The company has a robust crisis awareness, adapting to structural changes in the consumption industry and consumer behavior. It is focusing on expanding its customer base and enhancing product value while maintaining quality and market independence [7][9]. Financial Projections - Revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 1739 billion, 1916 billion, 2067 billion, with year-on-year growth of +15.5%, +10.2%, +7.9% respectively - Net profit attributable to the parent company: 852 billion, 940 billion, 1023 billion, with year-on-year growth of +14.0%, +10.4%, +8.8% respectively - The current stock price corresponds to a PE ratio of 22.5 and 20.4 for 2024 and 2025 respectively [4][10][11].