贵州茅台：公司事件点评报告：品质第一，行稳致远

Investment Rating - The report maintains a "Buy" investment rating for Guizhou Moutai (600519.SH) [2] Core Views - The new chairman emphasized the company's commitment to its core competitiveness, focusing on quality, brand, craftsmanship, environment, and culture [2] - The company aims to address concerns regarding the price gap between factory and terminal prices by conducting extensive research on consumer capacity and market dynamics [2] - Guizhou Moutai believes in a cooperative relationship with competitors, suggesting mutual improvement and progress within the industry [2] Financial Projections - The projected main revenue for Guizhou Moutai is expected to grow from 150,560 million yuan in 2023 to 227,558 million yuan in 2026, with growth rates of 18.0%, 15.9%, 14.6%, and 13.8% respectively [8] - The net profit attributable to shareholders is forecasted to increase from 74,734 million yuan in 2023 to 117,892 million yuan in 2026, with growth rates of 19.2%, 17.4%, 16.1%, and 15.7% respectively [8] - The diluted earnings per share (EPS) is projected to rise from 59.49 yuan in 2023 to 93.85 yuan in 2026 [8] - The return on equity (ROE) is expected to improve from 33.4% in 2023 to 44.5% in 2026 [8]