Kweichow Moutai Co.Ltd(600519) today announced that from January to February 2022, the company achieved a total operating revenue of about 20.2 billion yuan, an increase of about 20% year-on-year; The net profit attributable to the parent company was about 10.2 billion yuan, a year-on-year increase of about 20%. This is the first monthly operation data in history.
According to the performance forecast released by Kweichow Moutai Co.Ltd(600519) previously, the company achieved a total revenue of 109 billion yuan in 2021, with a year-on-year increase of 11.2%, and a net profit attributable to the parent company of 52 billion yuan, with a year-on-year increase of 11.3%. It is estimated that the total revenue in the fourth quarter was 31.95 billion yuan, a year-on-year increase of 12.4%, and the net profit attributable to the parent company was 14.73 billion yuan, a year-on-year increase of 14.5%.
It is worth mentioning that the market has dropped sharply today, and the overall decline of the Baijiu sector is also larger. As of the closing, Luzhou Laojiao Co.Ltd(000568) fell by more than 6%, Shede Spirits Co.Ltd(600702) , Wuliangye Yibin Co.Ltd(000858) , Jiugui Liquor Co.Ltd(000799) , Anhui Kouzi Distillery Co.Ltd(603589) and others fell by more than 5%, and Kweichow Moutai Co.Ltd(600519) fell by more than 4%. The stock price approached the integer level of 1700 yuan.
Although the Baijiu sector has been weakening in recent years, the steady fundamentals and valuation have entered the space of cost-effective, and still remain the reason why many liquor companies are optimistic about the Baijiu sector.
China International Capital Corporation Limited(601995) believes that the fundamentals are stable in the off-season, and the negative adjustment of Baijiu is caused by pessimism. Although there is downward pressure on the short-term economy, the fundamentals of Baijiu sector remain stable and continue to boom.
China Securities Co.Ltd(601066) research report pointed out that since the Spring Festival, the Baijiu sector has a larger callback range, on the one hand, it is affected by the epidemic on some market, and on the other hand, the increase in interest rates in Europe and the United States has led to tighter expectations of foreign capital liquidity. The overall valuation of Baijiu is still higher than the historical average, and the market investment style has been adjusted. At present, from the valuation level, the whole has entered the price range, and some Baijiu valuation has dropped to even lower than the 2019 level.
China Securities Co.Ltd(601066) believes that in the short term, the current epidemic still has a dynamic sales impact on some markets. It is expected that the overall dynamic sales will remain stable and weak in the short term of 1-2 months. There is still pressure on the delivery of wine enterprises and the transmission and landing of price increase of mainstream single products. At the same time, there are also repeated outflows and inflows from the north. However, some investors have expected at present. In the present era, we should also go beyond the short-term macro distance and look at Baijiu investment based on the long cycle. We should grasp the overall upgrading and optimization of the whole industry and the differentiation and growth stages of the stocks, and some high-quality leading enterprises have already entered the bottom area, with a long term and better yield base.
