贵州茅台：坚守本质，行稳致远

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][13]. Core Views - The company aims for stable, healthy, and sustainable development while maintaining its core competitiveness, which includes quality, brand, craftsmanship, environment, and culture [6][15]. - The new chairman, Zhang Deqin, has a strong background in the company and is expected to lead future development more steadily [6]. - The financial targets for 2024 include a total revenue growth of approximately 15%, with a focus on direct sales and price increases to support performance [16]. Financial Performance and Projections - The company is projected to achieve net profits of 87.5 billion, 101.6 billion, and 117.4 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.1%, 16.0%, and 15.6% [7][17]. - Revenue is expected to grow from 150.56 billion yuan in 2023 to 175.73 billion yuan in 2024, reflecting a growth rate of 16.71% [17]. - The company's earnings per share (EPS) is projected to increase from 59.49 yuan in 2023 to 69.69 yuan in 2024 [17]. Management and Strategy - The company emphasizes the importance of quality over quantity in production, with a commitment to maintaining high standards in craftsmanship and environmental protection [6][15]. - The management plans to invest 6.179 billion yuan in key projects, including technological upgrades for production [16].