信达证券研报指出，贵州茅台迎难而上求变，完成既定任务。上半年，茅台酒/系列酒收入分别为755.9亿元/137.63亿元，同比+10.24%/+4.69%（去年同期系列酒收入基数较高，因此增速放缓）；直销/经销收入分别为400.01亿元/493.43亿元，同比+18.6%/+2.83%，其中i茅台实现酒类不含税收入107.6亿元，同比+4.98%。由于经销商销售的部分产品打款计入渠道类别调整，直销收入比重同比+3.49pct至44.77%。二季度白酒消费环境出现明显变化，茅台酒批价承压，整箱飞天批价落至1900元/瓶附近。公司坚持“服务革命”的战略定力，从消费者服务切入，从“渠道为王”向“消费者为王”转变，利用“社会+自营”双渠道体系优势，不断优化运营体系，积极拓展多元渠道触达。近期，五星商标上市70周年纪念酒受到市场追捧，“限量+唯一编码”激发出消费者情感共鸣和收藏热情，彰显品牌影响力，这也是多年来的培育沉淀。该行认为，虽然短期需求仍有压力，但茅台酒的消费属性没变，且暂时没有替代品，在保证渠道利润优势的情况下，厂商齐心的定力是较强的，经营思维转变有望逐步落地，为长期发展奠定基础。预计公司2025-2027年摊薄每股收益分别为74.54元、79.70元、84.49元，维持对公司的“买入”评级。
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