贵州茅台：品质第一，行稳致远

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 20% compared to the benchmark index [2][21]. Core Views - The company emphasizes its commitment to quality and maintaining its core competitiveness, which includes aspects such as brand, craftsmanship, and cultural heritage [21]. - The new chairman highlighted the company's role in driving the economy of Guizhou province and the importance of adhering to its foundational values [21]. - The report projects earnings per share (EPS) for 2024-2026 to be 69.85, 81.13, and 93.85 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 24, 20, and 18 times [21]. Financial Projections - Main revenue (in million yuan) is forecasted to grow from 150,560 in 2023 to 227,558 in 2026, with growth rates of 18.0%, 15.9%, 14.6%, and 13.8% for the respective years [7]. - Net profit attributable to shareholders (in million yuan) is expected to increase from 74,734 in 2023 to 117,892 in 2026, with growth rates of 19.2%, 17.4%, 16.1%, and 15.7% [7]. - The diluted earnings per share (in yuan) are projected to rise from 59.49 in 2023 to 93.85 in 2026 [7]. Key Financial Metrics - Return on equity (ROE) is anticipated to improve from 33.4% in 2023 to 44.5% in 2026 [7]. - The gross margin is expected to remain strong, with figures of 92.1%, 92.7%, 92.9%, and 93.5% over the forecast period [8]. - The company maintains a low debt-to-asset ratio, projected at 18.0% in 2023, decreasing slightly to 17.3% by 2026 [8].