KWEICHOW MOUTAI(600519) 东吴证券·2025-04-30 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 51.44 billion yuan in Q1 2025, representing a year-on-year increase of 10.7% [7] - The net profit attributable to shareholders for Q1 2025 was 26.85 billion yuan, up 11.6% year-on-year [7] - The company is expected to achieve a revenue growth of 9% in 2025, driven by both Moutai liquor and series liquor [7] - The net profit forecast for 2025-2027 is 93.2 billion, 100.9 billion, and 110.3 billion yuan respectively, with year-on-year growth rates of 8%, 8%, and 9% [7] Financial Summary - Total revenue projections for 2023A to 2027E are 150.56 billion, 174.14 billion, 190.05 billion, 206.83 billion, and 227 billion yuan respectively, with year-on-year growth rates of 18.04%, 15.66%, 9.14%, 8.83%, and 9.75% [1] - The net profit attributable to shareholders for the same period is projected to be 74.73 billion, 86.23 billion, 93.20 billion, 100.94 billion, and 110.28 billion yuan, with year-on-year growth rates of 19.16%, 15.38%, 8.09%, 8.30%, and 9.25% [1] - The latest diluted EPS for 2025E is projected at 74.19 yuan, with a P/E ratio of 20.81 [1] Market Data - The closing price of the stock is 1,544.00 yuan, with a market capitalization of approximately 1,939.57 billion yuan [5] - The stock has a price-to-book ratio of 7.51 and a net asset value per share of 205.67 yuan [6]