KWEICHOW MOUTAI(SH:600519) Huachuang Securities·2024-05-30 06:02Investment Rating - The report maintains a "Strong Buy" rating for Guizhou Moutai [12][13]. Core Views - The company emphasizes stability, health, and sustainable development as key themes for its future growth, with a focus on maintaining its core competitive advantages [13][12]. - The report highlights the importance of brand reputation and quality, asserting that Guizhou Moutai's market position is supported by its commitment to these principles [13][12]. - The target price for the stock is set at 2600 yuan, reflecting confidence in the company's growth trajectory despite potential market fluctuations [12][13]. Financial Summary - Total revenue is projected to grow from 150,560 million yuan in 2023 to 227,091 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 12.6% [2]. - Net profit attributable to shareholders is expected to increase from 74,734 million yuan in 2023 to 115,305 million yuan in 2026, with a CAGR of about 13.6% [2]. - Earnings per share (EPS) are forecasted to rise from 59.49 yuan in 2023 to 91.79 yuan in 2026 [2]. - The price-to-earnings (P/E) ratio is projected to decrease from 28 times in 2023 to 18 times in 2026, indicating a more attractive valuation over time [2]. - The price-to-book (P/B) ratio is expected to decline from 9.7 times in 2023 to 5.4 times in 2026, further suggesting improved investment appeal [2].