KWEICHOW MOUTAI(600519) 华鑫证券·2024-12-31 07:05Investment Rating - The report maintains a "Buy" rating for the company [11] Core Views - The company is expected to achieve its annual targets for 2024, with revenue and profit maintaining double-digit growth [11] - The company is focusing on three transformations: customer group transformation, scenario transformation, and service transformation to adapt supply and demand [11] - The company plans to adjust the product launch volume of key products to enhance channel efficiency and meet diverse consumer needs [11] Financial Forecasts - Main revenue (in million) for 2023 is projected at 150,560, with growth rates of 18.0% in 2023, 15.9% in 2024, 7.1% in 2025, and 8.1% in 2026 [2] - Net profit attributable to shareholders (in million) for 2023 is expected to be 74,734, with growth rates of 19.2% in 2023, 14.8% in 2024, 7.5% in 2025, and 8.6% in 2026 [2] - Diluted earnings per share (in yuan) for 2023 is projected at 59.49, increasing to 68.28 in 2024, 73.38 in 2025, and 79.71 in 2026 [2] - Return on equity (ROE) is expected to be 33.4% in 2023, increasing to 36.4% in 2024, 37.2% in 2025, and 38.3% in 2026 [2]