KWEICHOW MOUTAI(SH:600519) HTSC·2025-10-30 08:56Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Insights - The company reported total revenue and net profit for Q1-Q3 2025 of RMB 130.9 billion and RMB 64.63 billion, respectively, reflecting year-on-year growth of 6.3% and 6.2% [1][2]. - In Q3 2025, total revenue was RMB 39.81 billion, with net profit at RMB 19.22 billion, showing a year-on-year increase of 0.4% and 0.5% [1][2]. - The company is focusing on enhancing market confidence through refined operational strategies and governance, alongside expanding its overseas market presence [1][4]. Revenue and Profitability - For Q1-Q3 2025, revenue from Moutai liquor and series liquor was RMB 110.51 billion and RMB 17.88 billion, respectively, with year-on-year growth of 9.3% for Moutai liquor but a decline of 7.8% for series liquor [2]. - The gross margin for Q1-Q3 2025 was 91.5%, with a slight decrease of 0.2 percentage points year-on-year [3]. - The net profit margin for Q1-Q3 2025 remained stable at 49.4% [3]. Future Projections - The report projects revenue for 2025-2027 to be RMB 185.53 billion, RMB 202.70 billion, and RMB 221.67 billion, respectively, with expected year-on-year growth rates of 6.6%, 9.0%, and 9.4% [4][10]. - The earnings per share (EPS) estimates for 2025-2027 are adjusted to RMB 73.39, RMB 80.01, and RMB 87.54, respectively [4][10]. - The target price is set at RMB 1,920.24, based on a 24x PE ratio for 2026 [4][6].