贵州茅台（600519）：开局顺利，势能向上

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a solid start in Q1 2025 with total revenue and net profit attributable to the parent company reaching 514.4 billion and 268.5 billion RMB, respectively, reflecting year-on-year growth of 10.7% and 11.6% [1][2] - The growth is supported by strong performance in both product and channel segments, with notable increases in direct sales and series liquor revenue [2][3] - The company is expected to continue its high-quality growth trajectory, driven by its leading brand and quality, refined pricing strategies, and ongoing expansion into overseas markets [4] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue from Moutai liquor and series liquor of 435.6 billion and 70.2 billion RMB, respectively, with year-on-year growth of 9.7% and 18.3% [2] - The gross margin for Q1 2025 was 92.1%, a slight decrease of 0.6 percentage points year-on-year, while the net profit margin increased by 0.4 percentage points to 52.2% [3] - Sales collection reached 561.4 billion RMB, marking a year-on-year increase of 21.4% [3] Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 have been slightly adjusted upwards to 74.83, 81.59, and 89.29 RMB, respectively, reflecting a 0.9% increase from previous estimates [4] - The target price for the company is set at 1,945.58 RMB, based on a price-to-earnings (PE) ratio of 26x for 2025 [4][8] Market Position - The company is positioned as an industry leader with a market-oriented and refined governance structure, which is expected to support its high-quality development [4]