贵州茅台：茅台集团高质增长，目标稳中有进

Investment Rating - The report maintains a "Buy" investment rating for Kweichow Moutai [4][8] Core Views - Kweichow Moutai achieved high-quality growth in 2024, with revenue reaching 187.19 billion yuan, a year-on-year increase of 13.3%, and a total profit of 120.77 billion yuan, up 10.2% [2] - The company aims for steady progress in 2025, focusing on maintaining excellent levels in key performance indicators such as labor productivity, profit margin, and return on equity [3] Summary by Sections 2024 Performance - Kweichow Moutai completed all tasks for 2024, achieving double-digit growth in major indicators [2] - Key achievements include a revenue of 187.19 billion yuan, profit of 120.77 billion yuan, and tax contributions of 81.74 billion yuan, with respective growth rates of 13.3%, 10.2%, and 15.0% [2] - The company emphasized eight key areas of work, including strengthening the liquor industry value chain and enhancing quality management systems [2] 2025 Goals - The main targets for 2025 include stable progress in key indicators and a 10.2% increase in R&D investment [3] - The company plans to focus on nine major systems, including modern industrial development, corporate governance, product quality control, and risk management [3] Financial Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 68.23 yuan, 73.33 yuan, and 79.65 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 22, 20, and 19 [8] - Revenue forecasts for 2024-2026 are 173.81 billion yuan, 186.74 billion yuan, and 201.81 billion yuan, with growth rates of 15.4%, 7.4%, and 8.1% [10]