贵州茅台：切合市场，定调务实

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 1721.90 CNY per share [27][31]. Core Insights - The company is expected to increase the supply of its 1000ml Moutai liquor, reinforcing its position as a key product in its portfolio. The sales volume for Moutai liquor is projected to see a slight increase in 2025 [24]. - The company aims for a sales growth rate of no less than 15% for its Moutai sauce-flavored liquor in 2025, with a significant increase in marketing expenses to strengthen brand recognition [24]. - The company is likely to benefit from macroeconomic policies aimed at boosting domestic demand, with a current valuation at a low point and a generous dividend yield of 3.3%, providing a strong margin of safety for investors [24]. Financial Projections - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 67.48 CNY, 73.25 CNY, and 81.50 CNY respectively, reflecting a slight downward adjustment from previous estimates [25][31]. - The company's revenue for 2024 is projected at 170,836 million CNY, with a year-on-year growth rate of 15.7% [26]. - The company's operating profit for 2024 is expected to be 116,708 million CNY, with a growth rate of 12.5% [26]. Valuation Metrics - The company's weighted average cost of capital (WACC) is calculated to be 10.00% [31]. - The estimated enterprise value is 2,106,192 million CNY, with an equity value of 2,163,046 million CNY [2].