KWEICHOW MOUTAI(SH:600519) Dongguan Securities·2025-11-06 08:58Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [3][9]. Core Insights - The company has announced a mid-term profit distribution plan and a share repurchase plan, reflecting its commitment to enhancing shareholder returns amidst a challenging market environment for the liquor industry [4][6]. - The company plans to distribute a cash dividend of 23.957 yuan per share (including tax), totaling approximately 30 billion yuan (including tax) based on its total share capital as of September 30, 2025 [6]. - The company has initiated a second round of share repurchases, with a planned repurchase amount between 1.5 billion yuan and 3 billion yuan, aimed at boosting market confidence [6]. - The report projects earnings per share of 72.41 yuan and 76.74 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 20 times and 19 times [6][7]. Financial Summary - The company’s total revenue is projected to grow from 174.144 billion yuan in 2024 to 206.229 billion yuan in 2027, with net profit expected to increase from 89.335 billion yuan in 2025 to 106.315 billion yuan in 2027 [7]. - The report highlights a robust return on equity (ROE) of 35.02% as of the latest data [1].