Dongxing Securities: Rated "strongly recommended" for Wuliangye, with a target price of 148.5 yuan.

Dongxing Securities research report pointed out that Wuliangye's net profit attributable to mother in the first half of the year was 19.492 billion yuan, a year-on-year increase of 2.28%. Among them, the net profit attributable to mother in Q2 2025 was 4.632 billion yuan, a year-on-year decrease of 7.58%. It is not easy to maintain stable operations in a complex macroeconomic environment in Q2. In July 2025, the company implemented a cash dividend of 12.301 billion yuan for the year 2024, in addition to a mid-term dividend of 9.999 billion yuan for 2024, with a cash dividend ratio of 70.01%, both the dividend scale and dividend ratio reached a new high since listing. We are optimistic about the company's ability to operate steadily across the cycle, and believe that the company's market influence in the high-end liquor sector continues to increase. It is expected that the company will achieve a net profit attributable to mother of 32.012 billion yuan in 2025, a year-on-year increase of 0.5%, with corresponding EPS of 8.25 yuan. The current stock price corresponds to a PE valuation of 14.12 times. Based on historical valuation levels, a target valuation of 18 times is given, with a target price of 148.5 yuan and a "strong buy" rating.