CITIC Securities: Maintaining a "strong recommendation" rating for Guizhou Maotai, the market situation is expected to further improve.

CMB Securities report pointed out that recently, General Manager Wang Li led the team to go deep into the front line, sincerely communicate with distributors and investors, constantly consolidate consensus, and strengthen market confidence. According to the latest feedback from the investigation of Guizhou Maotai, since August, the terminal sales have increased significantly on a month-on-month basis, and the market situation is expected to further improve. The establishment of a normalized market value management system, multi-dimensional strengthening of investor returns. The industry is gradually emerging from the period of underestimated demand, and Maotai, as a leading company in the industry, is expected to lead the industry improvement. The company actively communicates with the market, consolidates consensus, and strengthens confidence. In terms of market value management, the company continues to build a normalized system, strengthen investor returns from multiple dimensions, maintain EPS forecasts for 2025-2027 at 74.13, 79.16, 83.47 yuan, with a buyback + dividend payment ratio close to 4%, and maintain a "strongly recommended" rating.