贵州茅台价格市场化改革专题研究报告从外溢依赖到独立生态，构建消费者导向的价格形成机制

Investment Rating - The report maintains an "Outperform" rating for Guizhou Moutai [6][43] Core Insights - The report emphasizes the transformation of Guizhou Moutai's pricing mechanism, which aims to create a consumer-oriented pricing structure that reflects real market demand and enhances channel profitability [1][3][29] - The white liquor industry is expected to shift from dependence on Moutai's demand to a more independent ecosystem, leading to differentiated development among companies [4][25] - The pricing reform is compared to the 1988 market liberalization, indicating a significant shift in the competitive landscape and pricing formation mechanisms in the industry [9][10][25] Summary by Sections Industry Investment Rating - Guizhou Moutai is rated as "Outperform" with projected revenues of 1833.0 billion, 1842.9 billion, and 1861.4 billion yuan for 2025-2027, reflecting growth rates of +5.3%, +0.5%, and +1.0% respectively [5][43] Pricing Mechanism Reform - The 2026 pricing reform focuses on breaking the rigid factory price model, allowing for a more market-driven pricing strategy that adapts to supply and demand dynamics [35][43] - The new pricing structure includes a multi-price system that aligns with consumer expectations and ensures channel profitability [35][43] Consumer-Centric Strategy - Guizhou Moutai is restructuring its product offerings to focus on two main products: the "Flying Heaven" and premium offerings, enhancing its core product strength [3][30] - The company is implementing a multi-channel sales strategy that includes self-sale, distribution, consignment, and direct sales to improve consumer access and service quality [34][43] Market Dynamics - The report highlights a shift in the white liquor industry from a "follow-the-leader" growth model to a "differentiated competition" model, driven by changing consumer preferences and market conditions [4][25] - The anticipated changes in consumer behavior and market structure are expected to reshape the competitive landscape, with a focus on quality and service [25][29]