Huachuang Securities: Maintains a "Strong Buy" rating on Kweichow Moutai, with a target price of 300 yuan.

Huachuang Securities research report pointed out that Gubei Tribute Liquor held its 2024 annual shareholders meeting on May 29. At the meeting, the company's management faced industry pressures with a candid attitude, emphasizing the company's focus on long-term high-quality development. In the short term, they will continue to take multiple measures to seize market share and instill confidence in shareholders. Against the backdrop of industry pressures, the company achieved double-digit growth in revenue and profits in the first quarter, highlighting its operational resilience. Currently, the company has a pragmatic and rational understanding of the industry pressure environment, and is taking multiple measures to expand consumer scenarios and channels, innovate fee investment methods to improve efficiency, and continuously seize market share. Maintaining EPS forecasts for 2025-2027 at 11.62/12.98/14.53 yuan, the current 2025 EPS forecast valuation is only 13 times, with a cost-effective valuation. Maintaining a target price of 300 yuan and a strong buy rating.