Gelonghui, April 10 | Everbright Securities Research Report indicates that the price of Kweichow Moutai (600519.SH) has fluctuated recently. It is believed that the company's fundamentals are still stable, and price fluctuations should be viewed rationally. Allocation value increased along with stock price correction. Looking at the perspective of the year, the market and industry interpretations include: ① the launch process accelerated in March; ② For example, the Maotai Collection increased from 45 at the end of 23 to 56 at the end of the first quarter of '24, and products of various specifications such as 375ml 200,000 bottles of Xunfeng (equivalent to 75 tons, accounting for close to 0.2% of Maotai's sales in '23) were put on the market, thereby squeezing out the demand of ordinary flying days; ③ Business demand in the off-season is still weak, etc. Considering the slowdown in supply growth this year, I believe that downward price fluctuations will not be transmitted to the report, and that price disturbances in stock prices will further increase Maotai's allocation value. The current stock price corresponds to P/E of 24/21/18, maintaining a “buy” rating.