贵州茅台：坚守本源，立足长远

Investment Rating - The report maintains a "Buy-A" rating for the company, with a target price of 1,653.20 CNY [13][17]. Core Views - The company aims for a revenue growth target of 15% for 2024, indicating a strong performance outlook [17]. - The new chairman, with extensive experience in the liquor industry, is expected to lead the company towards stable and sustainable development [17]. - The report predicts revenue growth rates of 15.4%, 16.1%, and 17.1% for 2024, 2025, and 2026 respectively, with net profit growth rates of 16.9%, 17.6%, and 17.9% for the same years [17]. Financial Data and Valuation - Revenue (in million CNY) is projected to increase from 150,560 in 2023 to 236,138 in 2026, with a year-on-year growth rate of 18.0% in 2023 and 17.1% in 2026 [2]. - Net profit (in million CNY) is expected to rise from 74,734 in 2023 to 121,184 in 2026, with a year-on-year growth rate of 19.2% in 2023 and 17.9% in 2026 [2]. - The gross margin is projected to remain stable around 92% across the forecast period [2]. - Earnings per share (EPS) are forecasted to grow from 59.49 in 2023 to 96.47 in 2026 [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 27.6 in 2023 to 17.0 in 2026, indicating a potentially attractive valuation [2]. Strategic Insights - The company emphasizes the importance of maintaining its core competitiveness, which includes quality, brand, craftsmanship, environment, and culture [13]. - The chairman highlighted the need for shareholder understanding and support, as well as the importance of talent attraction and innovation for future growth [13]. - The report suggests that the current phase of strategic execution will lead to improvements in sales and financial performance over the next few years [16].