KWEICHOW MOUTAI(600519) 东兴证券·2025-02-13 05:58Investment 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 its product structure in 2025, increasing the overall output of Moutai liquor while reducing the output of the flagship 53-degree 500ml Moutai liquor. New products will be developed for dining channels and international markets [2][3]. - The company emphasizes maintaining price stability for its flagship products, particularly the 53-degree 500ml Moutai liquor, indicating confidence in price management [2][3]. Financial Forecasts - The financial projections for Guizhou Moutai are as follows: - 2024 expected revenue: 173.8 billion yuan, with a growth rate of 15.44% - 2025 expected revenue: 198.9 billion yuan, with a growth rate of 14.45% - 2024 expected net profit: 85.8 billion yuan, with a growth rate of 14.77% - 2025 expected net profit: 98.9 billion yuan, with a growth rate of 15.30% [4][3]. - The report anticipates an EPS of 78.73 yuan for 2025, with a target price of 2047 yuan based on a valuation of 26 times [3][4].