KWEICHOW MOUTAI(SH:600519) Soochow Securities·2025-12-31 00:41Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is accelerating its marketing transformation and further developing multi-channel strategies for 2026. It aims to stabilize the domestic supply of Moutai liquor while clarifying product positioning and pricing [7] - The company plans to focus on two major product categories: the 500ml Flying Moutai and premium products, while reducing the supply of smaller bottle sizes to alleviate channel burdens [7] - A dynamic adjustment of channel distribution is planned, creating a diverse sales model that includes self-sale, distribution, agency, and consignment to better match market demand [7] - The company aims to establish a "2+N" product system for Moutai sauce-flavored liquor, focusing on two core products while ensuring pricing aligns with market demand [7] - The financial forecasts for 2025-2027 indicate a steady growth in net profit, with expected figures of 90.2 billion, 91 billion, and 92.9 billion yuan respectively, reflecting year-on-year growth rates of 4.5%, 1.0%, and 2.0% [7] Financial Summary - Total revenue is projected to reach 182.88 billion yuan in 2025, with a year-on-year growth of 5.02% [1] - The diluted EPS is expected to be 71.99 yuan in 2025, with a P/E ratio of 19.30 [1] - The company's total assets are forecasted to grow to 339.72 billion yuan by 2026, with a debt-to-asset ratio of 17.31% [8]