According to the Capital Securities Research Report, Kweichow Moutai (600519.SH) achieved its annual performance target and ended successfully in 2024. In '24, the company successfully achieved the revenue growth target of about 15% for the whole year. Among them, the revenue of Maotai liquor/series wine in '24 was 145.8/24.6 billion yuan, respectively, +15.2%/+19.2% over the same period last year. In addition, the company announced the production of Maotai liquor/series wine-based liquor in 24, respectively, about 0.0563/0.0481 million tons, compared to -1.6%/+12.0%. The Maotai liquor production reduction signal is significant, guiding future supply scarcity expectations, and the production capacity of the series continues to expand.
The company recently held a dealer meeting. In terms of products, the sales volume of products such as Feitian 53-degree 500ml Maotai Liquor, and Feitian 53-degree 1000ml Maotai Liquor will be adjusted to strengthen the market position of Pumao's big single products; in terms of channels, the self-management system will strengthen the overall balance and coordination role, continuously improve core competitiveness, and the social distribution system will continue to enhance coordination. The company maintains strategic strength in the face of the market situation and actively seeks transformation and change. It is expected to cross the current industry cycle with high quality and continue to grow steadily in the medium to long term. Maintain a “buy” rating.
研报掘金丨首创证券：贵州茅台全年业绩目标完成，维持“买入”评级
Research Reports on investment opportunities丨CICC: Kweichow Moutai has achieved its annual performance objectives, maintaining a 'Buy' rating.
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