贵州茅台：坚持长期主义，兼顾发展质量

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][7][8] Core Viewpoints - The company continues to adhere to long-termism, balancing development speed and quality [8] - The company respects the normal operating profits of distributors and correctly manages competitive relationships with sauce liquor enterprises [8] - The year 2024 may further test the company's operational wisdom, with channel reform being an important observation point [8] - The company aims for a revenue growth target of 15% for 2024, with a focus on achieving mid-term value realization [6][8] Financial Forecasts and Valuation - Expected revenue for 2024-2026 is projected at 1739.2 billion, 1998.9 billion, and 2238.1 billion respectively, with year-on-year growth rates of +15.5%, +14.9%, and +12.0% [7][8] - Expected net profit attributable to the parent company for the same period is 874.5 billion, 1015.2 billion, and 1143.6 billion, with year-on-year growth rates of +17.0%, +16.1%, and +12.6% [7][8] - Corresponding P/E ratios are projected to be 24.0, 20.7, and 18.4 for 2024, 2025, and 2026 respectively [7][8]