贵州茅台：立足长远发展，坚守五大核心

Investment Rating - The investment rating for Guizhou Moutai (600519.SH) is "Buy," maintaining the previous rating of "Buy" [13]. Core Views - The management team is characterized as low-key and pragmatic, with the new chairman, Zhang Deqin, having nearly 30 years of experience in the liquor industry, which is expected to enhance the company's self-correction capabilities and stabilize strategic direction during industry adjustments [13]. - The chairman emphasized five core competitive advantages: Quality, Brand, Craftsmanship, Environment, and Culture, indicating a strong focus on product quality and brand value enhancement [13]. - The company aims to match pricing with consumer demand and will continue to innovate and optimize its product matrix to better withstand industry cycle fluctuations [13]. Financial Summary - Total revenue for 2022 was 127,554 million, with a year-on-year growth rate of 16.5%. The forecast for 2023 is 150,560 million, with an 18.0% growth rate, and projections for 2024, 2025, and 2026 are 175,052 million, 202,527 million, and 233,117 million respectively [14]. - Net profit attributable to the parent company for 2022 was 62,717 million, with a growth rate of 19.6%. The forecast for 2023 is 74,734 million, with a 19.2% growth rate, and projections for 2024, 2025, and 2026 are 87,633 million, 102,096 million, and 118,462 million respectively [14]. - The diluted EPS for 2022 was 49.93, with forecasts of 59.49 for 2023, 69.76 for 2024, 81.27 for 2025, and 94.30 for 2026 [14]. - The company maintains a high gross margin of 91.9% in 2022, projected to slightly increase to 92.2% by 2024 [14].