继300亿分红后，再掷30亿-60亿回购注销！贵州茅台：白酒行业最后的堡垒

Investment Rating - The report indicates that the liquor industry, particularly high-end liquor, remains a strong investment opportunity, with Guizhou Moutai being highlighted as a leading player in this sector [9][21][33]. Core Insights - The report emphasizes that despite a general consumption downturn, high-end liquor, especially Guizhou Moutai, continues to show robust growth in revenue and profit, with Moutai's revenue for the first three quarters of 2024 reaching 123.1 billion yuan, a year-on-year increase of 16.91% [38]. - The overall liquor industry has shown a mixed performance, with high-end liquor maintaining double-digit growth while lower-tier products face significant challenges [29][34]. - Guizhou Moutai has been noted for its strong brand resilience and demand support, capturing nearly half of the industry's profits [33][38]. Summary by Sections Market Performance - The report highlights a decline in social retail sales in major cities, with Beijing and Shanghai experiencing year-on-year decreases of 14.1% and 14.3% respectively in November [3][4]. - Despite the overall decline in retail sales, the liquor industry reported a revenue of 337.7 billion yuan and a net profit of 131.7 billion yuan for the first three quarters of 2024, reflecting growth rates of 9.25% and 10.69% respectively [14]. Company Performance - Guizhou Moutai's net profit for the first three quarters of 2024 was 608.28 billion yuan, with a year-on-year growth of 15.04%, making it the highest growth rate among high-end liquor brands [38]. - The report notes that Moutai's stock price has faced downward pressure due to concerns over its market position, despite its strong financial performance [10][21]. Competitive Landscape - The report indicates a significant disparity in performance among different tiers of liquor, with high-end brands like Moutai and Wuliangye outperforming their mid-tier and low-tier counterparts [29][34]. - The high-end liquor segment continues to dominate the market, capturing 65% of the industry's profits, with Moutai alone accounting for nearly half [33].