Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 514.4 billion yuan in Q1 2025, representing a year-on-year increase of 10.7% [7] - The net profit attributable to shareholders reached 268.5 billion yuan, with a year-on-year growth of 11.6% [7] - The company is focusing on dual drivers of revenue growth from both Moutai liquor and series liquor, with a planned revenue increase of 9% for 2025 [7] - The company aims to optimize product and channel matching to explore revenue increments, maintaining stable pricing for Moutai liquor [7] Financial Forecasts - Total revenue projections for the company are as follows: - 2023A: 150,560 million yuan - 2024A: 174,144 million yuan - 2025E: 190,054 million yuan - 2026E: 206,830 million yuan - 2027E: 227,000 million yuan - Year-on-year growth rates for total revenue are projected at: - 2023A: 18.04% - 2024A: 15.66% - 2025E: 9.14% - 2026E: 8.83% - 2027E: 9.75% [1] - Net profit attributable to shareholders is forecasted as follows: - 2023A: 74,734 million yuan - 2024A: 86,228 million yuan - 2025E: 93,203 million yuan - 2026E: 100,942 million yuan - 2027E: 110,276 million yuan - Year-on-year growth rates for net profit are projected at: - 2023A: 19.16% - 2024A: 15.38% - 2025E: 8.09% - 2026E: 8.30% - 2027E: 9.25% [1] Valuation Metrics - The latest diluted EPS (Earnings Per Share) estimates are: - 2023A: 59.49 yuan - 2024A: 68.64 yuan - 2025E: 74.19 yuan - 2026E: 80.35 yuan - 2027E: 87.79 yuan - The corresponding P/E (Price to Earnings) ratios are: - 2023A: 25.95 - 2024A: 22.49 - 2025E: 20.81 - 2026E: 19.21 - 2027E: 17.59 [1]

Investment Rating - The investment rating for Guizhou Moutai is "Buy" [1] Core Views - The company achieved a total revenue of 51.443 billion yuan in Q1 2025, representing a year-on-year growth of 10.67%, and a net profit attributable to shareholders of 26.847 billion yuan, up 11.56% year-on-year [1][2] - The company aims for a revenue growth of approximately 9% for the full year 2025, with Q1 performance exceeding this target, indicating a strong foundation for the year ahead [2] - The gross profit margin in Q1 2025 decreased by 0.64 percentage points year-on-year, primarily due to faster growth in series liquor, while the net profit margin increased by 0.48 percentage points year-on-year [2] Financial Summary - Total revenue (in million yuan) is projected to grow from 150,560 in 2023 to 223,969 in 2027, with a compound annual growth rate (CAGR) of approximately 8.5% [3] - Net profit attributable to shareholders is expected to rise from 74,734 million yuan in 2023 to 112,120 million yuan in 2027, reflecting a similar growth trajectory [3] - The diluted earnings per share (EPS) is forecasted to increase from 59.49 yuan in 2023 to 89.25 yuan in 2027 [3] Sales and Market Dynamics - In Q1 2025, Moutai liquor revenue reached 43.557 billion yuan, a year-on-year increase of 9.7%, while series liquor revenue grew by 18.3% to 7.022 billion yuan [2] - The company has optimized its channel management, with direct sales revenue increasing by 20.19% year-on-year, indicating a successful adaptation to market conditions [2] - Moutai is exploring new retail channels by recruiting online operators for themed terminal stores, aiming to enhance consumer purchasing experiences [2]

Investment Rating - The investment rating for Guizhou Moutai is "Buy" [1] Core Views - The company achieved a total revenue of 51.443 billion yuan in Q1 2025, representing a year-on-year growth of 10.67%, and a net profit attributable to shareholders of 26.847 billion yuan, up 11.56% year-on-year [1][2] - The company aims for a revenue growth of approximately 9% for the full year 2025, with Q1 performance exceeding this target, indicating a strong foundation for the year ahead [2] - The gross profit margin in Q1 2025 decreased by 0.64 percentage points year-on-year, primarily due to faster growth in series liquor, which slightly increased its revenue share [2] Financial Summary - Total revenue (in million yuan) is projected to grow from 150,560 in 2023 to 223,969 in 2027, with a year-on-year growth rate of 18.0% in 2023, decreasing to 8.5% by 2027 [3] - Net profit attributable to shareholders is expected to rise from 74,734 million yuan in 2023 to 112,120 million yuan in 2027, with a year-on-year growth rate of 19.2% in 2023, tapering to 8.9% by 2027 [3] - The diluted earnings per share (EPS) is forecasted to increase from 59.49 yuan in 2023 to 89.25 yuan in 2027 [3] Sales Performance - In Q1 2025, Moutai liquor revenue reached 43.557 billion yuan, a year-on-year increase of 9.7%, while series liquor revenue was 7.022 billion yuan, up 18.3% year-on-year [2] - The price of the 500ml Moutai remained stable during the Spring Festival, showcasing the company's strong channel management capabilities [2] - The company is optimizing its product offerings to meet diverse consumer needs, including increasing the supply of 1000ml Moutai and developing new products in the Moutai 1935 line [2] Channel Strategy - Direct sales revenue in Q1 2025 was 23.22 billion yuan, a year-on-year increase of 20.19%, while distributor revenue was 27.36 billion yuan, up 3.94% [2] - The company is exploring new retail channels by recruiting online operators for themed terminal stores, aiming to enhance consumer purchasing experiences [2]

Core Performance - The company achieved total revenue of 51.443 billion yuan in the first quarter, representing a year-on-year growth of 10.67% [1] - The net profit attributable to shareholders reached 26.847 billion yuan, with a year-on-year increase of 11.56%, exceeding the annual growth target of 9% [1][4] - The revenue from Moutai liquor was 43.557 billion yuan, growing by 9.7%, while the revenue from series liquor surged by 18.3% to 7.022 billion yuan, contributing to the company's second growth curve [4][5] Financial Highlights - The operating cash flow net amount was 8.809 billion yuan, with a cash balance of 176.548 billion yuan at the end of the period, reflecting a 3.87% increase from the beginning of the year [5] - The company's asset-liability ratio remained low at 14.14%, indicating strong financial health [5] Strategic Initiatives - The company is focusing on a "three transformations" strategy to adapt to the industry's shift from "incremental expansion" to "stock competition," targeting the Z generation and high-net-worth individuals [6] - The international revenue reached 1.119 billion yuan, marking a year-on-year increase of 37.53%, with plans to exceed 5 billion yuan in overseas revenue by 2024 [6] - The company is enhancing its global presence through partnerships with international distributors and participation in global events to strengthen brand output [6]

证券简称：贵州茅台 证券代码：600519 编号：临 2025－016 贵州茅台酒股份有限公司 2025 年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 贵州茅台酒股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司自律监管指引第 3 号——行业信息披露》之《第十二号——酒制造》 的相关规定，现将公司 2025 年第一季度主要经营数据（未经审计）公告如 下： 单位：万元 币种：人民币 项目 按产品档次 按销售渠道 按地区分部 茅台酒 系列酒 直销 批发 国内 国外 年初至报告期末的 主营业务收入 4,355,747.74 702,247.98 2,322,045.62 2,735,950.10 4,946,141.69 111,854.03 一、2025 年第一季度经营情况 注：年初至报告期末，公司通过"i 茅台"数字营销平台实现酒类不含 税收入 587,019.12 万元。 二、2025 年第一季度经销商变动情况 单位：个 | 区域名称 | 报告期末经销商数量 | 年初至报告期末增加数量 ...

证券简称：贵州茅台 证券代码：600519 编号：临 2025－017 贵州茅台酒股份有限公司 关于召开 2024 年度及 2025 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●会议召开时间：2025 年 5 月 12 日（星期一）16:00—17:40 ●会议召开方式：在"全景路演"(http://rs.p5w.net）以网络文字互动方式 召开。 ●投资者可于 2025 年 5 月 6 日（星期二）前将相关问题发送至公司邮 箱（mtdm@moutaichina.com） 贵州茅台酒股份有限公司（以下简称"公司"）已披露了《2024 年年度 报告》《2025 年第一季度报告》。为使广大投资者更加全面深入地了解公司 的生产经营情况，公司将参加贵州证券业协会举办的 2025 年贵州辖区上市 公司投资者集体接待日活动，并于 2025 年 5 月 12 日（星期一）16:00—17:40 召开 2024 年度及 2025 年第一季度业绩说明会，具体情况如下： 公司董事王莉女士（代行总 ...

贵州茅台酒股份有限公司2025 年第一季度报告 证券代码：600519 证券简称：贵州茅台 贵州茅台酒股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人张德芹、主管会计工作负责人蒋焰及会计机构负责人（会计主管人员）蔡聪应保证季 度报告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 1 / 11 单位：元 币种：人民币 项目 本报告期 上年同期 本报告期比上年同期 增减变动幅度(%) 营业收入 50,600,957,885.78 45,775,517,043.29 10.54 归属于上市公司股东的净利润 26,847,474,238.76 24,065,262,374.15 11.56 归属于上市公司股东的扣除非 经常性损益的净利润 26,849,8 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a total revenue of 174.144 billion yuan in 2024, representing a year-on-year increase of 15.66%. The net profit attributable to shareholders was 86.228 billion yuan, up 15.38% year-on-year [2][6] - In Q4 2024, the total revenue was 51.022 billion yuan, with a year-on-year growth of 12.77%, and the net profit attributable to shareholders was 25.401 billion yuan, reflecting a year-on-year increase of 16.21% [2][6] - The revenue from Moutai liquor reached 145.928 billion yuan in 2024, growing by 15.28% year-on-year, while the revenue from series liquor was 24.684 billion yuan, up 19.65% year-on-year [11] - The company continues to maintain strong cash flow, with cash received from sales and services amounting to 182.645 billion yuan, a year-on-year increase of 11.57% [11] Summary by Sections Revenue Analysis - The revenue from direct sales was 74.843 billion yuan, increasing by 11.32% year-on-year, while wholesale revenue was 95.769 billion yuan, up 19.73% year-on-year. The direct sales channel accounted for 43.87% of total revenue, a decrease of 1.8% year-on-year [11] - The "i Moutai" digital marketing platform generated 20.024 billion yuan in revenue, down 10.51% year-on-year, likely due to the delisting of Moutai 1935 from the platform in Q4 2024 [11] Profitability - The net profit margin for 2024 was 49.52%, a slight decrease of 0.12 percentage points year-on-year, while the gross profit margin was 92.08%, down 0.04 percentage points year-on-year [11] - The company plans to maintain a cash dividend payout ratio of around 75% for 2024, in line with its previously disclosed dividend plan for 2024-2026 [11] Future Outlook - The company is expected to maintain strong growth, with projected EPS of 73.98 yuan and 80.40 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 21 and 19 times [11]

天风证券本周观点(含个股)： 我们认为：【港股食饮】建议关注：青啤 H、华润啤酒、百威、蒙牛乳业、卫龙美味、悠然牧业、康师 傅、统一等。【白酒板块】推荐α相对强&享受一定价位β红利的白酒龙头酒企：① 强α主线：今世缘/山 西汾酒/迎驾贡酒/贵州茅台等；②顺周期β主线：泸州老窖/酒鬼酒/水井坊/舍得酒业等。【大众品】大众 品方面我们短期重点推荐零食/乳制品板块，建议关注① "餐供"条线(经济β)：安井食品/立高食品/宝立 食品/日辰股份/颐海国际/中炬高新等；②"休闲零食"(旺季)条线：卫龙美味/三只松鼠/盐津铺子/洽洽食 品/西麦食品等；③出海条线：安琪酵母/仙乐健康/甘源食品等；④"乳制品"条线(潜在上游原奶拐点+需 求有望升温)：悠然牧业/蒙牛乳业/伊利股份/新乳业等。 证券之星食品饮料行业周报：2025年4月21日-2025年4月25日，沪深300指数上涨0.38%，申万食品饮料 指数下跌1.66%。前五大上涨个股分别为：有友食品、安记食品、好想你、会稽山、新乳业。 机构观点 据海关发布，4月21日下午，海关总署署长孙梅君在署会见丹麦王国食品、农业和渔业大臣雅各布·延森 一行。双方就落实中丹元首共识、共 ...

证券简称：贵州茅台 证券代码：600519 编号：临2025－014 决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 2025年4月17日，贵州茅台酒股份有限公司（以下简称"公司"）以直接送达或电子邮件的方式，向全体 董事发出召开第四届董事会2025年度第六次会议（以下简称"会议"）的通知。2025年4月23日，会议以 通讯表决方式召开，会议应出席董事7人，实际出席董事7人。会议的召开符合《中华人民共和国公司 法》等法律、行政法规和《公司章程》的规定。 二、董事会会议审议情况 （一）《关于提名董事候选人的议案》 同意：7票；反对：0票；弃权：0票。议案获得通过。 刘世仲先生因工作调整，拟不再担任公司第四届董事会董事职务及董事会下设专门委员会相应职务。会 议决定，提名周雪女士为公司第四届董事会董事候选人。 贵州茅台酒股份有限公司 第四届董事会2025年度第六次会议 公司董事会提名委员会对周雪女士的任职资格进行了审核，并建议提名周雪女士为公司第四届董事会董 事候选人。本次提名的董事候选人需经公司股 ...