贵州茅台（600519）：跟踪点评：茅台渠道新政落地，非标产品推进代销制

Group 1 - Investment Rating: Buy, maintained [8] - Core Viewpoint: The implementation of the consignment system for non-standard Moutai products is a significant step in the company's market-oriented operational strategy, aiming to enhance sales efficiency and channel management [2][6][13] - The new consignment policy requires dealers to pay a deposit instead of full upfront payment, allowing them to sell products at a fixed price through the i Moutai platform, with a 5% commission [2][6] Group 2 - The operational model is shifting from a traditional "self-sale + distribution" to a multi-dimensional marketing system that includes "self-sale + distribution + consignment + consignment" to better meet consumer demand [13] - The pricing and profit distribution under the consignment policy are based on the self-operated retail price, ensuring a consistent pricing strategy across channels [13] - The expected EPS for 2025 and 2026 is 72.88 and 74.25 yuan, respectively, with corresponding PE ratios of 19.4 and 19.0 times [13][19]