贵州茅台：保持定力，2024年顺利收官

Investment Rating - The investment rating for the company is "Buy" [3][12]. Core Views - The company is expected to achieve an operating revenue of approximately 173.8 billion yuan in 2024, representing a year-on-year growth of about 15.44%, and a net profit attributable to shareholders of approximately 85.7 billion yuan, with a year-on-year increase of about 14.67% [1][2]. - The company has successfully completed its operational targets for the year, demonstrating its strong market position even in a challenging environment [1]. - The product structure has been refined into three main series: aged, flying, and low-alcohol, with over 60 new products developed [1][2]. Financial Data and Valuation - The projected operating revenue for 2024 is 173.95 billion yuan, with a growth rate of 16% [2][8]. - The net profit for 2024 is estimated at 84.92 billion yuan, with a growth rate of 14% [2][8]. - Earnings per share (EPS) for 2024 is projected to be 67.60 yuan, with a price-to-earnings (P/E) ratio of 22.0 [2][8]. - The company’s market capitalization is approximately 1.87 trillion yuan [3].