On June 18, Guotai Junan's research report pointed out that the fluctuation of Moutai's Feitian batch price in this round is due to the short-term behavior of some channels in the context of weak demand. According to the calculation, the current downward space of the batch price is relatively limited. After the risk is cleared, it is expected to gradually stabilize, and the Moutai batch price and stock price are expected to enter a new equilibrium. Maintain the "shareholding" rating and target price of 2286.53 yuan. The bank proposed in the two updated reports on the baijiu industry, "Two Changes in the Baijiu Industry" released on April 7, 2024, and "Towards a New Equilibrium" released on April 11, 2024, that baijiu currently shows the characteristics of low reality and low expectations. Industry expectations, especially Moutai batch prices, will be adjusted and revised through a series of adjustments. They will match the economy more and reach a new stability, which is an important observation indicator for the industry. It is estimated through three methods that the scattered bottle Feitian batch price will reach a stage bottom in the range of 2000-2200 yuan, and the downward space corresponding to the current batch price is relatively limited. This calculation result is for reference only.
研报掘金丨国泰君安：贵州茅台当前批价向下空间相对有限，维持“增持”评级
Research reports show that Kweichow Moutai's current batch pricing has relatively limited downward space, and GTJA maintains a "shareholding" rating.
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