证券研究报告·公司点评报告·白酒Ⅱ 贵州茅台（600519） 2026 加速营销转型，多元渠道构建更进一步 2025 年 12 月 31 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 150,560 | 174,144 | 182,883 | 186,529 | 191,818 | | 同比（%） | 18.04 | 15.66 | 5.02 | 1.99 | 2.84 | | 归母净利润（百万元） | 74,734 | 86,228 | 90,154 | 91,036 | 92,882 | | 同比（%） | 19.16 | 15.38 | 4.55 | 0.98 | 2.03 | | EPS-最新摊薄（元/股） | 59.68 | 68.86 | 71.99 | 72.70 | 74.17 | | P/E（现价&最新摊薄） | 23.29 | 20.18 | 19.30 | 19.12 | 18.74 ...

Core Viewpoint - The sales of Maonan lychee are booming, with daily sales reaching 930 tons, driven by e-commerce and customized orders, contributing to the revitalization of the local economy [5][36]. Group 1: Sales Performance - Maonan district has 66,400 acres of lychee orchards, with a daily sales volume of 930 tons [5][3]. - On June 5, an e-commerce seller reported 23,000 orders, amounting to 16 tons of lychee to be shipped [7][8]. - The e-commerce price for the Bai Tang lychee is stable at 12 yuan per jin, with both quality and price gaining market recognition [18][20]. Group 2: E-commerce and Custom Orders - Nearly 8,000 young people are engaged in e-commerce, averaging 40 orders and about 600 jin per person daily, making e-commerce a significant driver for lychee sales [21][22]. - As of June 4, customized orders totaled 3,086, weighing 72,850 kilograms, generating 2.1855 million yuan, while e-commerce pre-orders reached 33,840, weighing 168,000 kilograms, amounting to 5.04 million yuan [25][26]. Group 3: Traditional Sales Channels - Traditional sales channels remain active, with nearly 590 external buyers visiting Maonan this year, resulting in purchase agreements for nearly 4,500 tons [31][32]. - The lychee is primarily sold to regions such as the Pearl River Delta, Hunan, and Sichuan, with prices remaining stable compared to previous years [32][33]. Group 4: Market Development and Economic Impact - The combination of e-commerce, customized sales, and traditional sales channels has led to a prosperous market for Maonan lychee, revitalizing the ancient lychee industry and injecting strong momentum into local rural revitalization efforts [36][38].