KWEICHOW MOUTAI(SH:600519) Tebon Securities·2024-06-03 02:30Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai (600519) [15][19][68] Core Views - The company is expected to achieve steady growth, with revenue targets set at approximately 15% for 2024 [15][19] - The digital marketing platform "i Moutai" has become a significant sales and cultural communication channel, contributing to revenue growth [14][15][21] - The "Enjoy Reservation Purchase" and "Enjoy Cloud Purchase" channels are key components of the company's marketing strategy, ensuring user access to scarce products and meeting diverse consumer needs [14][21] Summary by Sections Market Performance - The stock has shown a relative decline compared to the CSI 300 index over the past month, with absolute and relative declines of -3.32% and -2.64% respectively [3] Digital Marketing and Sales Growth - "i Moutai" has rapidly attracted a large user base, with over 65 million registered users and 7 million daily active users as of March 31, 2024 [14][25] - The platform has undergone five upgrades during its trial operation to enhance user experience [28] Revenue and Profit Forecast - Revenue projections for 2024-2026 are estimated at 1740.73 billion, 2010.77 billion, and 2326.56 billion yuan respectively, with net profits of 868.17 billion, 1017.82 billion, and 1190.34 billion yuan [15][17] Product Launch and Market Trends - The total number of bottles launched on the "i Moutai" platform has shown significant growth, with a total of 19.63 million bottles launched by March 31, 2024 [54] - The "Enjoy Reservation Purchase" has been the main revenue driver, with substantial growth in total liquor revenue in the third and fourth quarters of 2023 [68] Consumer Preferences and Product Pricing - There has been a notable shift in consumer preference, with increased interest in the "Zodiac Wine" series, while the "Moutai 1935" and "Premium Moutai" have seen a decline in purchase interest [58][67]