Guotai Junan: maintain Guizhou Maotai overweight rating and reduce the target price to 2138 yuan
Guotai Junan Securities commented that in the middle of 2021, Guizhou Maotai reported that the performance met expectations, the quarterly fluctuation of tax subsided, the statements remained high-quality and maintained the overweight rating. Maintain the EPS of RMB 40.99, 47.51 and 54.65 from 2021 to 2023. Considering the operational stability of Maotai and the moat of high-end brands, 45xpe will be given in 2022, and the target price will be reduced to RMB 2138 (the previous value is RMB 2588.63).
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