KWEICHOW MOUTAI(SH:600519) Changjiang Securities·2025-09-14 10:41Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a total revenue of 91.094 billion yuan for H1 2025, representing a year-on-year increase of 9.16%. The net profit attributable to shareholders was 45.403 billion yuan, up 8.89% year-on-year [2][6] - In Q2 2025, the total revenue was 39.65 billion yuan, with a year-on-year growth of 7.26%, and the net profit attributable to shareholders was 18.555 billion yuan, reflecting a 5.25% increase year-on-year [2][6] - Direct sales continue to increase, with H1 2025 direct sales revenue reaching 40.01 billion yuan (up 18.62% year-on-year) and Q2 2025 direct sales revenue at 16.789 billion yuan (up 16.52% year-on-year) [13] - The company is experiencing a slight decline in profitability, with the net profit margin for H1 2025 decreasing by 0.12 percentage points to 49.84% [13] Financial Performance - The company expects EPS of 74.34 yuan for 2025 and 78.74 yuan for 2026, corresponding to a PE ratio of 20 and 19 times, respectively [13] - The gross profit margin for H1 2025 was 91.46%, down 0.45 percentage points year-on-year, while the expense ratio increased slightly to 7.18% [13] - The company’s total revenue is projected to reach 189.797 billion yuan in 2025, with a gross profit of 174.328 billion yuan [18]