Liquor half-yearly report: "Mao Wu" has a net profit of over 10 billion, and some have lost more than half a billion

　　Sino-Singapore Jingwei, September 1st (Dong Wenbo) The semi-annual report disclosure of A-share listed companies came to an end.

On the whole, the performance of the 19 listed companies belonging to the concept of Wind Liquor is relatively obvious, with 5 companies operating income exceeding 10 billion yuan, 2 companies having net profits of more than 10 billion yuan attributable to the parent, and 1 losing money.

Only Gold Seed Wine Loses

Shunxin Agriculture's revenue and net profit both drop

　　Wind data shows that in the first half of the year, the operating income of five companies including Kweichow Moutai, Wuliangye, Luzhou Laojiao, Yanghe Co., Ltd. and Shanxi Fenjiu exceeded 10 billion yuan.

*ST Huangtai had the highest year-on-year revenue growth rate, reaching 179.60%; Shunxin Agriculture's revenue fell 29.07% year-on-year, and it was also the only company with a year-on-year decline in revenue growth in the first half of the year.

　　Shunxin Agriculture said that in the first half of the year, the company's liquor industry was affected by the epidemic, and some core marketing sales slowed down, leaving room for product structure adjustment, and sales declined compared with the same period last year.

　　Only two companies, Kweichow Moutai and Wuliangye, have a net profit of over 10 billion yuan attributable to their parent.

The net profit attributable to the parent company of Laobaiganjiu increased by 191.43% year-on-year, the highest increase, but this has little to do with the main business, but received compensation for land acquisition and storage, resulting in a large year-on-year increase in non-recurring gains and losses.

The net profit attributable to the parent company of Shuijingfang, Yilite and Shunxin declined year-on-year, with a year-on-year growth rate of -2.00%, -39.46%, and -91.60%, respectively.

　　Kweichow Moutai, the "share king", is firmly in the position of the "first brother" of liquor. In the first half of the year, its operating income was 57.617 billion yuan, a year-on-year increase of 17.38%; the net profit attributable to the parent was 29.794 billion yuan, a year-on-year increase of 20.85%.

　　The only company that lost money was Golden Seed Wine, which achieved operating income of 602 million yuan during the period, a year-on-year increase of 10.39%; net profit attributable to the parent was -55.0802 million yuan, a loss of 42.6394 million yuan compared with the same period last year.

　　Golden Seed Wine explained that the main reasons are: firstly, the company's liquor product structure is in the adjustment period, the sales of sub-high-end products are relatively low, and the gross profit of comprehensive sales is relatively low; secondly, due to domestic epidemic prevention and control in the first half of the year, the sales volume declined. .

Plus marketing

　　Despite the differentiation of performance, whether it is a leading wine company or a sub-high-end wine company, there is no ambiguity in spending money on marketing.

In the first half of the year, the sales expenses of 16 companies increased year-on-year, and the growth rate of 13 companies reached double digits, accounting for about 70%.

　　Among them, Wuliangye has the largest sales expenses, reaching 4.213 billion yuan, a year-on-year increase of 18.48%.

The semi-annual report shows that Wuliangye's image promotion expenses increased from 688 million yuan in the same period of the previous year to 728 million yuan in this period, and the promotion expenses increased from 2.104 billion yuan to 2.485 billion yuan.

　　*ST Huangtai’s sales expenses increased by 81.35% year-on-year, and Shede Liquor and Jiugui Liquor increased by more than 50% year-on-year.

Jiuguijiu said that the increase in sales expenses was mainly due to the increase in advertising and marketing service fees in the current period, and the increase in advertising investment and promotional activities during the period.

　　In addition, Kweichow Moutai stated that the increase in sales expenses was mainly due to the increase in advertising and market development expenses.

In the first half of the year, the company developed and launched new products such as the Year of the Tiger Zodiac Moutai, Treasures Moutai, Moutai 1935, and 100ml Feitian Moutai; the "i Moutai" digital marketing platform was launched, and through this platform, 4.416 billion yuan of alcohol tax-free income was achieved.

　　Yilitt, whose net profit declined but sales expenses still increased by more than 23.48%, said that it was mainly due to the company’s new Douyin account for publicity, establishment of promotion service fees linked to marketing, and new CCTV advertising fees and train advertising fees; secondly, the company’s construction of sales channels , activity promotion, scanning code rebates, and sales rebates have all increased. The construction of the sales force and the increase of sales personnel have also increased the wages of personnel.

Photo by Wu Xiaowei, a new latitude and longitude in the data map

Organization: "Double Festival" stocking, the peak season can be expected

　　Regarding this "transcript" of the listed liquor company, Minsheng Securities pointed out that the performance of liquor in the interim report was divided, the performance of high-end + regional liquor was relatively stable, and the sub-high-end liquor was obviously constrained by consumption scenarios in the second quarter, and it is expected to gradually improve in the third quarter. The structural expansion direction of the industry remains unchanged, focusing on the marginal repair opportunities for fundamentals.

　　Minsheng Securities said that the overall sales of the industry in the second quarter were under pressure. The slowdown in the sales of branded products and the accumulation of "sauce and wine" category inventories were prominent, and even pessimistic expectations of the industry's "cycle downturn" were formed. Consumption pressure is mainly due to scenario suppression, consumption The phenomenon of stratification is highlighted. In the future, this constraint will gradually weaken, and the industry will continue to continue its structural prosperity.

　　Sinolink Securities believes that on the whole, the internal driving force of this cycle of consumption upgrades has not changed. In the stage of industry prosperity, the speed of clearing will accelerate, and products will be concentrated in the core large single products with general recognition, The trend of liquor brands concentrating on famous wine companies and famous production areas will become clearer, and leading wine companies will benefit significantly.

　　Looking forward to the market outlook, Donghai Securities believes that at present, the bad news in the second quarter has basically been exhausted. At the same time, the weak fundamentals of short-term liquor have entered expectations, and the valuation has returned to a low level; the bottom of the fundamentals has passed, and the leading valuation is relatively reasonable, and is entering the " During the "double festival" stocking period, the epidemic is still the core variable, but the room for decline is limited, and the fundamentals are expected to improve quarter by quarter.

　　Donghai Securities emphasized that the Mid-Autumn Festival stocking has become the core battle in the second half of the year.

On the one hand, the positive factor is that some banquet scenes are expected to be rigidly replenished, and the low inventory of individual wine companies will drive prices strongly. At the same time, the double festival (Mid-Autumn Festival + National Day) this year spans 28 days (20 days in the same period last year), and the gift-giving scene cycle Promotion, the pre-holiday banquet may be improved.

On the other hand, the Mid-Autumn Festival has become the "life-saving straw" for this year's performance, with concentrated shipments, and the expenses and related policies of some sub-high-end wine companies may increase.

　　Minsheng Securities also believes that the "double festival" stocking can still be expected during the peak season.

At present, the industry has entered the "double festival" stocking season, facing the challenges of "multi-point spread of the epidemic" and "high inventory". Liquor brands are actively helping dealers to solve cash flow problems such as capital turnover. It is expected that with the realization of policy expectations and effects , the willingness to consume will gradually increase, and consumption scenarios represented by Mid-Autumn Festival and National Day banquets will also usher in the traditional "peak season".

(Sino-Singapore Jingwei APP)

(The opinions in this article are for reference only and do not constitute investment advice. Investment is risky, and you need to be cautious when entering the market.)

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