CITIC Securities: Reiterates "Strong Buy" rating for Guizhou Maotai, company valuation at historical low levels.

CMB Securities research report pointed out that Guizhou Maotai recently held an extraordinary general meeting of shareholders, and the communication at this meeting fully reflected the Maotai management team's deep thinking on long-term strategy and their determination to forge ahead. While the industry is currently in a period of adjustment, the company is actively expanding into new consumer groups, innovating service forms, and making new attempts in key areas such as e-commerce and anti-counterfeiting. Currently, the company's valuation is at a historical low, but its competitiveness within the industry is still strengthening, with the market share expected to continue to increase. It is important to pay attention to opportunities for bottom layout. The EPS forecast for 2025-2027 is maintained at 71.54, 73.49, and 76.96 yuan, corresponding to a PE of 20x for 2025. The cash payment ratio for repurchases and dividends is 3.9%. The "strong recommendation" rating is reiterated.