KWEICHOW MOUTAI(600519) 华鑫证券·2025-01-16 06:07Investment Rating - Maintains a "Buy" rating for the company [8] Core Views - The company achieved high-quality growth in 2024, with revenue reaching 1871.9 billion yuan, a year-on-year increase of 13.3%, and profit totaling 1207.7 billion yuan, up 10.2% year-on-year [2] - The company completed eight key tasks in 2024, including strengthening the main business, improving production quality, and enhancing marketing strategies [2] - For 2025, the company aims for steady progress, focusing on nine major systems such as modern industrial development, enterprise governance, and product quality control [3] Financial Performance - The company's EPS for 2024-2026 is projected to be 68.23/73.33/79.65 yuan, with corresponding P/E ratios of 22/20/19 times [8] - Revenue growth rates for 2024-2026 are expected to be 15.4%, 7.4%, and 8.1%, respectively, while net profit growth rates are forecasted at 14.7%, 7.5%, and 8.6% [10] - ROE is expected to increase from 33.4% in 2023 to 38.3% in 2026 [10] Market Performance - The current stock price is 1471.27 yuan, with a total market capitalization of 1848.2 billion yuan [4] - The 52-week price range is between 1261 and 1770 yuan, with an average daily trading volume of 5329.34 million yuan [4] Strategic Focus - The company plans to focus on three main businesses: liquor industry, liquor tourism and health, and industrial chain finance [3] - It aims to build a dual-circulation marketing system, integrating domestic and international markets [3] - The company will continue to invest in R&D, with a projected year-on-year increase of 10.2% in 2025 [3]