China Post Securities: Guizhou Maotai's operational resilience shines through, maintaining a "buy" rating.

date
16/08/2025
The Zhongyou Securities research report pointed out that the revenue and profit of Guizhou Maotai in the second quarter of 25H1 met expectations, and its operational resilience was highlighted. In terms of products, the revenue of Maotai liquor/series liquor in 25Q2 was 32.032/6.74 billion yuan, an increase of 10.99%/-6.53% year-on-year, with the decline in series liquor mainly due to the high base in the same period last year. In the second quarter, the liquor industry is in a period of double overlay of macroeconomic cycles and industry adjustment cycles. The company actively faces challenges, conducts market research in provinces and regions, strengthens measures to respond, and fully boosts market confidence, with the overall development trend still positive. The company's revenue target for the 25th year is to grow by around 9%, which is expected to be achieved smoothly. If the dividend rate is calculated at 75% in the 25th year, the corresponding current stock dividend yield is 3.91%, the corresponding EPS is 74.95/82.76/91.61 yuan, the corresponding current stock price-to-earnings ratio is 19/17/16 times, and the "buy" rating is maintained.