贵州茅台：24年顺利收官，看好25年公司经营稳定增长

Investment Rating - The report gives a "Strong Buy" rating for Guizhou Moutai [5][3]. Core Views - Guizhou Moutai successfully completed its 2024 targets, expecting total revenue of approximately 173.8 billion yuan, a year-on-year increase of about 15.44%, and a net profit attributable to shareholders of approximately 85.8 billion yuan, a year-on-year increase of about 14.67% [1][3]. - The company plans to adjust the product structure in 2025, increasing the overall output of Moutai liquor while reducing the output of the flagship product, Feitian Moutai [2][3]. - Price stability will be a key focus in 2025, with the company emphasizing the importance of maintaining stable prices for its flagship products [2][3]. Financial Forecasts - Revenue and profit forecasts for Guizhou Moutai are as follows: - 2024E Revenue: 173.8 billion yuan, Growth Rate: 15.44% - 2025E Revenue: 198.9 billion yuan, Growth Rate: 14.45% - 2024E Net Profit: 85.8 billion yuan, Growth Rate: 14.77% - 2025E Net Profit: 98.9 billion yuan, Growth Rate: 15.30% [4][3]. - The report projects an EPS of 78.73 yuan for 2025, with a target valuation of 26 times, leading to a target price of 2047 yuan [3][4].