Workflow
贵州茅台(600519):业绩稳健增长,配置价值凸显

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][5] Core Views - The company reported steady growth in its performance, with Q2 2025 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 38.79 billion, 18.55 billion, and 18.54 billion yuan respectively, representing year-on-year increases of 7.28%, 5.25%, and 5.23%, which met expectations. The company's strong brand barriers are expected to enhance its medium to long-term investment value [5][13][16] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 89.39 billion, 45.40 billion, and 45.39 billion yuan, with year-on-year growth rates of 9.10%, 8.89%, and 8.93% respectively. Q2 2025 revenue and net profit figures were 38.79 billion and 18.55 billion yuan, with cash collection performance lagging behind revenue, showing a decline of 4.64% year-on-year [13][14] Product Contribution - Revenue from Moutai liquor and series liquor in Q2 2025 was 32.03 billion and 6.74 billion yuan, respectively, with year-on-year growth of 10.99% and a decline of 6.53%. The slowdown in series liquor growth is attributed to pressure on demand in the mid-to-high-end price range and decreased enthusiasm from distributors for cash collection [14] Profitability Metrics - The company's gross margin remained stable with a slight decline, at 91.35% in H1 2025, down 0.53 percentage points year-on-year. The net profit margin for Q2 2025 was 47.84%, down 0.92 percentage points year-on-year [15][16] Future Projections - The company is projected to achieve total revenue of 189.88 billion, 201.17 billion, and 210.76 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9.04%, 5.95%, and 4.76%. The net profit attributable to shareholders is expected to be 93.54 billion, 99.23 billion, and 104.29 billion yuan for the same years, with corresponding growth rates of 8.48%, 6.08%, and 5.10% [16][17]