贵州茅台（600519）：营收增长放缓，成本相对上升

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 89.389 billion yuan for the first half of 2025, representing a year-on-year growth of 9.1%, while the net profit attributable to shareholders after deducting non-recurring gains and losses was 45.39 billion yuan, up 8.93% year-on-year [9] - Revenue growth has slowed down, with inventory turnover days increasing. In Q1 and Q2 of 2025, the company recorded revenues of 50.601 billion yuan and 38.788 billion yuan, respectively, with year-on-year growth rates of 10.54% and 7.28%. The growth rates for the first and second quarters decreased by 7.57 and 10.03 percentage points, respectively, indicating a decline in revenue growth to single digits in Q2 [9] - The revenue growth of both Moutai liquor and series liquor has narrowed, with series liquor experiencing a significant slowdown. For the first half of the year, Moutai liquor and series liquor achieved revenues of 75.59 billion yuan and 13.763 billion yuan, respectively, with year-on-year growth rates of 10.24% and 4.68%, down 5.43 and 25.82 percentage points compared to the same period last year [9] - The gross profit margins for all product tiers have declined. Moutai liquor and series liquor recorded gross profit margins of 93.85% and 77.59%, respectively, down 0.21 and 2.28 percentage points from 2024. The increase in operating costs, which grew by 15.21% year-on-year, outpaced revenue growth by 6.11 percentage points, leading to a decline in gross profit margins [9] - The forecasted earnings per share for 2025, 2026, and 2027 are 73.32 yuan, 79.20 yuan, and 85.67 yuan, respectively, corresponding to price-to-earnings ratios of 19.48, 18.04, and 16.67 based on the closing price on August 18 [9] Summary by Sections Financial Performance - The company achieved a revenue of 150.56 billion yuan in 2023, with a growth rate of 18.04%. The projected revenue for 2025 is 188.16 billion yuan, reflecting a growth rate of 8.05% [10] - The net profit for 2023 was 74.734 billion yuan, with a growth rate of 19.16%. The projected net profit for 2025 is 92.107 billion yuan, indicating a growth rate of 6.82% [10] Valuation Metrics - The company’s price-to-earnings ratio is projected to decrease from 24.01 in 2023 to 16.67 in 2027, indicating an improving valuation over time [10] - The projected return on equity (ROE) is expected to remain strong, with values of 34.65% in 2023 and gradually decreasing to 35.56% by 2027 [11]