贵州茅台：动态更新报告：渠道协同 稳中求进

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 1,528.97 yuan and projected PE ratios of 22, 20, and 18 for the years 2024, 2025, and 2026 respectively [10]. Core Views - The company is expected to achieve double-digit growth in both revenue and profit for 2024, despite facing pressures from macroeconomic transitions, industry cycles, and softening demand [10]. - The company plans to enhance channel collaboration and consumer engagement through three transformations: customer base, scenarios, and services, aiming for supply-demand alignment and price balance [10]. - The company has a strong brand moat and risk resistance in its channels, allowing it to implement proactive counter-cyclical adjustments for balanced and sustainable development [10]. Financial Summary - Projected revenue for 2024 is 174.39 billion yuan, with a growth rate of 15.8%, and net profit is expected to be 87.39 billion yuan, reflecting a growth rate of 16.9% [2][5]. - For 2025, revenue is projected at 192.92 billion yuan (10.6% growth) and net profit at 96.80 billion yuan (10.8% growth) [2][5]. - The company’s earnings per share are forecasted to be 69.56 yuan in 2024, increasing to 77.06 yuan in 2025 [2][5].