Consumer Staples, Industrials Aug 01, 2021 02:48 PM (GMT+8) · EqualOcean
CITIC Securities commented on Maotai semi annual report that the company's operating revenue / net profit attributable to the parent company in 2021q2 increased by 11.6% / 12.5% respectively, in line with expectations. In recent years, Maotai has significantly improved in brand value, product structure (especially the ultra-high-end matrix built by non-standard products), channel reform and risk resistance. The upward movement of the valuation center has strong fundamental support, and the current valuation has high cost performance. Maintain the 1-year target price of 3000 yuan, corresponding to 64 times PE in 2022, and maintain the "buy" rating.

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