贵州茅台：更新报告：质量为先，行稳致远

Investment Rating - The report maintains a "Buy" rating for the company [13] Core Views - The company emphasizes a stable and sustainable development strategy, focusing on quality growth rather than just quantity [6][12] - The target price is set at 2286.53 CNY, with projected EPS for 2024-2026 at 69.58 CNY, 81.36 CNY, and 94.51 CNY respectively [6][13] - The company aims for a revenue growth target of approximately 15% for 2024, with an expected growth rate of 18% in the first quarter [6] Financial Summary - Total revenue for 2022 was 127,554 million CNY, projected to increase to 150,560 million CNY in 2023 and 175,131 million CNY in 2024, reflecting a growth rate of 16.5% and 18.0% respectively [17] - Net profit attributable to shareholders for 2022 was 62,717 million CNY, expected to rise to 74,734 million CNY in 2023 and 87,402 million CNY in 2024, with growth rates of 19.6% and 19.2% respectively [17] - The company’s net asset return rate is projected to increase from 31.8% in 2022 to 38.9% in 2024 [17] Market Position - The report highlights the importance of maintaining product quality and brand strength in the competitive landscape of the liquor industry [6] - The company is expected to adapt to market changes and focus on structural growth trends, particularly in the premium segment of the liquor market [6]