Who is more intoxicating of the five liquor giants in the first quarter: Moutai ranked first with a net profit of 208.<> billion

Who is more intoxicating of the five liquor giants in the first quarter: Moutai ranked first with a net profit of 208.<> billion, and Fenjiu led the growth rate

A-share liquor listed companies ended the first quarter, Moutai and Wuliangye were still far ahead, Yanghe shares retained the third place in the industry, Shanxi Fenjiu accelerated to catch up, and Luzhou Laojiao still played a steady role.

In the first quarter of this year, Kweichow Moutai (600519.SH) still ranked first in revenue and net profit, net profit exceeded the 200 billion yuan mark for the first time, Wuliangye (000858.SZ) ranked second, Yanghe shares (002304.SZ), Shanxi Fenjiu (600809.SH) and Luzhou Laojiao (000568.SZ) intensified, and the five largest listed liquor companies had a revenue of 1052.476 billion yuan in the first quarter, with a total net profit of 35.<> billion yuan.

The head wine company started the first quarter, Yanghe is under pressure?

After the liberalization of epidemic control, the first quarter performance of liquor companies has attracted much attention, and the revenue and net profit of leading liquor companies have increased by double digits, ushering in a "good start" as scheduled.

On April 4, Kweichow Moutai disclosed the first quarter report of 25 showing that in the first quarter of this year, Kweichow Moutai's revenue was about 2023.387 billion yuan, an increase of 56% year-on-year (over the same period of the previous year); The net profit attributable to shareholders of the listed company was about 20.207 billion yuan, a year-on-year increase of 95.20%, and the growth rate of revenue and net profit reached a new high since 59.

On April 4, Wuliangye released the first quarter report of 28, showing that in the first quarter of this year, Wuliangye's revenue was about 2023.311 billion yuan, a year-on-year increase of 39.13%; The net profit was about 03.125 billion yuan, a year-on-year increase of 42.15%, and although the growth rate of revenue and net profit decreased slightly compared with the first quarter of 89, it still maintained double-digit growth.

Industry leaders welcomed a "good start" in the first quarter, while Luzhou Laojiao and Shanxi Fenjiu accelerated their catch-up with high growth.

On the same day, Luzhou Laojiao disclosed the first quarter report of 2023, in the first quarter of this year, Luzhou Laojiao's revenue was about 76.1 billion yuan, a year-on-year increase of 20.57%; The net profit was about 37.13 billion yuan, a year-on-year increase of 29.10%.

On April 4, Shanxi Fenjiu disclosed the first quarter report of 27, in the first quarter of this year, Shanxi Fenjiu's revenue was about 2023.126 billion yuan, an increase of 82.20% over the same period last year; The net profit was about 44.48 billion yuan, a year-on-year increase of 19.29%. Although compared with the 89% revenue growth rate and 2022% net profit growth rate in the first quarter of 43, the performance growth rate of Shanxi Fenjiu in the first quarter of this year has slowed down significantly, but it has exceeded the previous performance forecast.

In contrast, Yanghe's revenue and net profit growth in the first quarter of this year lagged behind. The first quarter report of 4 disclosed by Yanghe on April 25 shows that in the first quarter of this year, Yanghe's revenue was about 2023.150 billion yuan, a year-on-year increase of 46.15%; The net profit was about 51.57 billion yuan, a year-on-year increase of 66.15%. However, it should be pointed out that Yanghe only reversed the decline in revenue for two consecutive years in 66.

From the perspective of performance quality, Kweichow Moutai's contract liabilities at the beginning of 2023 were about 154.72 billion yuan, and by the end of the first quarter, there were still 83.30 billion yuan in contract liabilities. In the first quarter, Kweichow Moutai released about 71.2022 billion yuan of contract liabilities, that is, part of the dealer payment in the fourth quarter of <> was recognized into the revenue in the first quarter of this year.

Wuliangye released about 68.55 billion yuan of contract liabilities in the first quarter, and still has about 36.<> billion yuan of contract liabilities on hand. To a certain extent, contractual liabilities represent the ability of an enterprise to generate revenue in the future.

Yanghe's contract liabilities fell from 137.42 billion yuan at the beginning of this year to 69.75 billion yuan at the end of the first quarter, releasing about 67.<> billion yuan of contract liabilities to support the first quarter's performance.

Luzhou Laojiao released about 8 million yuan of contract liabilities in the first quarter of this year, and currently has 41.17 billion yuan of contract liabilities, which Luzhou Laojiao said was mainly due to the decrease in the advance payment received in the first quarter.

Shanxi Fenjiu's contract liabilities decreased from 69.08 billion yuan at the beginning of this year to 41.72 billion yuan at the end of the first quarter, releasing about 27.<> billion yuan of contract liabilities.

Moutai made efforts to direct sales, and the product structure of the four major wine companies moved up

For Kweichow Moutai, the leader of sauce fragrance, direct sales volume and series of wine have become the main "fuel" for high performance growth in recent years. Wuliangye, Yanghe Co., Ltd., Luzhou Laojiao, and Shanxi Fenjiu have all pointed to product structure optimization.

Specifically, the revenue of Moutai wine products represented by "Feitian Moutai Wine" in the first quarter of this year was about 337.22 billion yuan, a year-on-year increase of about 16.9%; Non-standard products including fine Moutai wine, zodiac Moutai wine and series of wines represented by "Moutai 1935" grew strongly, with revenue of about 50.14 billion yuan in the first quarter, a year-on-year increase of about 46.3%, further accelerating the growth rate of about 2022% in the first quarter of <>.

Kweichow Moutai products in the first quarter of 2023 Source: The company's first quarterly report in 2023

Continuously expanding the proportion of direct sales channels is an important means for Kweichow Moutai to recover channel profits without increasing factory prices. In the first quarter of this year, Kweichow Moutai's direct sales channel revenue was about 178.07 billion yuan, a year-on-year increase of about 63.6%. So far, Kweichow Moutai's direct sales channel revenue has accounted for about 46%.

Many leading wine companies continued to optimize their product structure in the first quarter, and the large-scale product strategy began to show results.

A research report released by CICC in March pointed out that channel research showed that Wuliangye's fist product Pu Wu and the eighth generation of mobile sales (pulling sales) is not weak in the off-season, and with the acceleration of mobile sales, inventory has obviously dematerialized, and channel confidence continues to return.

Wuliangye said in its 2022 financial report that the revenue of Wuliangye products was about 553.35 billion yuan, an increase of 12.67% year-on-year, and the gross profit margin reached 86.56%; The revenue of other wine products was about 122.27 billion yuan, a year-on-year decrease of 3.11%. From the perspective of production and sales, the production volume of other wine products decreased by 40.40% year-on-year; Sales volume decreased by 38.13% year-on-year. In this regard, Wuliangye explained that this is mainly because Wuliangye Perfume Company optimized its product structure during the reporting period and focused on medium and high-priced products, while at the same time, the company's sales base for low-priced products in 2021 was higher.

Soochow Securities released a research report on April 4, pointing out that Wuliangye clearly stated that it adheres to the dynamic reduction of the eighth generation of the general five, adheres to the scarcity of planned quantities and the seriousness of contract execution, and does not increase traditional channels, and tilts more resources to differentiated specifications and personalized products.

In the first quarter of this year, the revenue of high-priced liquor in Shanxi Fenjiu was about 94.96 billion yuan, and the revenue of other wines was about 31.27 billion yuan, and the proportion of revenue of high-priced liquor further increased to 75%.

Sales of Shanxi Fenjiu in the first quarter of 2023 Source: The company's first quarterly report in 2023

This also undertakes the results of Shanxi Fenjiu's efforts to create large items in 2022. In 2022, the revenue of high-priced liquor in Shanxi Fenjiu reached 189.39 billion yuan, a year-on-year increase of 71%; The revenue of other liquor was about 14.72 billion yuan, an increase of 0% year-on-year, and medium and high-priced liquor accounted for more than 02%, of which the sales of Qinghuafen wine series have exceeded 83 billion yuan, a year-on-year increase of 98%. The gross profit margin of high-priced liquor in Shanxi Fenjiu increased slightly by <>.<>% to <>.<>%.

Luzhou Laojiao continued to increase its volume in high-end and mass markets, and the upward shift of product structure drove the company's profitability to increase. Luzhou Laojiao has not yet disclosed the product performance in the first quarter, from the 2022 financial report, the revenue of medium and high-end liquor represented by products such as "National Cellar 1573" is about 221.33 billion yuan, an increase of about 0% year-on-year, and the gross profit margin increased by 71.91% to 05.88%, accounting for about 26% of the revenue; The revenue of other alcoholic beverages was about 34.8 billion yuan, an increase of about 53% year-on-year, and the gross profit margin increased by 17 percentage points to <>.<>%.

Luzhou Laojiao sales in 2022 Source: The company's 2022 financial report

Yanghe also did not disclose the performance of subdivided products in the first quarter, in the whole year of 2022, Yanghe's mid-to-high-end wine revenue was about 262.27 billion yuan, an increase of about 21% year-on-year, accounting for nearly 89% of revenue; The revenue of ordinary liquor was about 32.73 billion yuan, a year-on-year increase of nearly 5%.

Sales of Yanghe shares in 2022 Source: The company's 2022 financial report

However, it is worth noting that Yanghe shares have the hidden worry of "resource for market", the gross profit margin does not increase but falls, and the gross profit margin of liquor products decreased by 1.36% to 75.71% year-on-year. From the perspective of expenses, the sales expenses of Yanghe increased by nearly 18% year-on-year to 41.79 billion yuan, of which advertising and promotion expenses accounted for nearly 58%, a year-on-year increase of 26% to 24.14 billion yuan.

As of April 4, Kweichow Moutai (28.SH) closed up 600519.0% at 15.1760 yuan, while Wuliangye (52.SZ) closed down 000858.0% at 1 yuan; Yanghe (169.SZ) closed up 002304.0% at 95.149 yuan, Luzhou Laojiao (7.SZ) closed up 000568.0% at 31.226 yuan and Shanxi Fenjiu (24.SH) closed up 600809.1% at 78.248 yuan.

Wang Qiwen