Compared with other liquor enterprises, which held dealer conferences intensively at the end of the year, Kweichow Moutai Co.Ltd(600519) (600519. SH) has not had any news of the meeting so far. Instead, it is the press conference of the new product ” Kweichow Moutai Co.Ltd(600519) liquor (treasure)”. The reporter learned from the after-sales customer service of Kweichow Moutai Co.Ltd(600519) that the price of the new product is 4499 yuan / bottle. It was officially released yesterday and officially sold and circulated in the market.
Relevant people told the financial associated press that the launch of new products is a good way to further improve profits without causing public opinion. It also means that Maotai is improving its product structure and completing product upgrading. The reporter noted that with the release of new products, the voice of Maotai raising the ex factory price sounded again in the market.
incremental performance
Different from other liquor enterprises’ direct price increase strategies, Maotai’s release of new products may mean that it will pay more attention to optimizing product structure and improving performance next year. At the 2021 annual work conference, the company clearly pointed out the strategic goal of striving to build Maotai Group into the first world top 500 enterprise in Guizhou Province during the “14th five year plan”. According to the annual report, the company achieved a revenue of 94.822 billion yuan in 2020, a year-on-year increase of 11.1%; In the first three quarters of 2021, the revenue was 77.053 billion yuan, a year-on-year increase of 10.75%, and the net profit attributable to the parent company was 37.266 billion yuan, a year-on-year increase of 10.17%.
Although the company is only one step away from achieving 100 billion revenue, the growth rate of net profit attributable to the parent company in the first three quarters of this year hit a new low since the end of 2017. At this time, the launch of high-end products is undoubtedly the best way to improve profits.
Kweichow Moutai Co.Ltd(600519) representatives of minority shareholders and microblog users said that “Maotai 900 yuan is really not high” in an interview with the financial associated press, “Mr. Ding always takes new measures after he takes office. Obviously, it is more important to promote new products at the end of the year than to hold a meeting. The meeting is to summarize, commend and prospect. It can be better summarized only after the dealer data comes out in January next year. It is more important to promote new products and focus on next year’s performance.” And said that the dealer conference may be changed to January 8 next year.
It is worth noting that Kweichow Moutai Co.Ltd(600519) launched the super high-end product “Xiangyi Wuzhou” in the first half of the year. The product was launched soon, and the market price soared to 5000 +, and the platform marked the auction price of 6999 yuan / bottle.
This can not help but remind people of Feitian Maotai with super financial attributes. The market price and guide price have been like clouds and mud for a long time. There have been chaos such as “cheap Feitian binding thousand yuan price wine tie-in” and “unpacking and re entering self provided carton sales”, which has aroused widespread concern in the society. According to the guidance price of 4499 yuan, the treasure Maotai is positioned on Feitian Maotai. Will it repeat the mistakes of Feitian Maotai?
“The ex factory price of rare Maotai is said to be 4299 yuan, which is positioned between high-quality Maotai and 15 year old Maotai. The introduction of ultra-high-end rare Maotai is a good thing, which is a good way to further improve profits without causing public opinion pressure. Moreover, the high-end series itself needs to improve the product structure and complete product upgrading.” The above representatives of Maotai minority shareholders told the financial associated press.
It is reported that the rare Maotai liquor was born in 1986 and became the first high-end Maotai liquor launched by Maotai distillery. The comprehensive upgrading of quality and packaging is the core feature of the rare Maotai liquor launched this time. At present, Maotai builds an echelon of Maotai liquor products represented by distinguished products, treasures, boutiques and classics.
However, some channels do not seem to be optimistic about the prospect of the product. A liquor seller said: “strictly speaking, it is not a new product. This series of products has been promoted for 10 to 20 years. We have been taking the treasures before, but the sales volume is not good. The product launched this time is equivalent to the upgraded product of xiaomuzhen Maotai. It is expected to be difficult to sell and has no collection value.” He also said that at present, Feitian Maotai and five-star Maotai have the largest sales volume and collection value.
Cai Xuefei said: “due to the investment attribute of Maotai, the price will indeed be fried high in the short term. However, considering the price of the product itself of more than 4000 yuan and the narrow sales market it faces, I think the price will fall back to the normal range. The circulation is also mainly in the investment and collection market, and there should be few real alcohol consumer goods.”
the price increase is rising
It is said that recently, Maotai has informed the dealers to make the payment in January next year, but it still makes the payment according to the unit price of 969 yuan, and has not raised the ex factory price “as promised”. The above representatives of minority shareholders said on their microblog, “the market is disappointed.” Maotai shares opened low on Monday and fell 4.54% on December 29.
However, the reporter noted that with the release of new products, Maotai will raise prices again in the market. Yang Chengping, an expert of the financial Associated Press bee network, said: “I think Maotai will certainly raise the ex factory price in 2022. If it does not rise, it will not be able to meet the expectations of shareholders and their so-called increment. In addition, if Maotai continues to be depressed, it will have a great blow to shareholders.”
The sound of price increase is not a sign of hope. Kweichow Moutai Co.Ltd(600519) began to increase direct sales last year, and made large-scale purchases on more and more e-commerce platforms at the price of 1499 yuan / bottle. However, merchants in direct channels do not take goods at the price of 969 yuan / bottle, but 1299 yuan or 1399 yuan.
Previously, according to relevant media reports, Wuliangye Yibin Co.Ltd(000858) (000858. SZ) implemented 899 yuan for the factory price of the eighth generation Wuliangye Yibin Co.Ltd(000858) with the base volume price unchanged, and the incremental price (including group purchase) was adjusted to 1089 yuan, which was higher than that of Feitian Maotai, which seemed to be forcing Feitian Maotai to raise the price.
Citic Securities Company Limited(600030) said in the research report that according to the feedback of dealers, Maotai has notified the spring festival goods preparation and payment next week. It is expected to complete about 25% of the annual quota (from January to February), and the price has not been notified yet. At present, the quota and 1479 yuan in December have begun to arrive one after another, the proportion of 12 bottles / box Maotai has increased significantly, and the wholesale price of bulk bottles / box Maotai is about 2800 / 3300 yuan. Therefore, Citic Securities Company Limited(600030) believes that Maotai objectively has the ability to raise prices, and the new chairman has continuously promoted market-oriented reform after taking office, so the probability of raising prices in the future is high; Although the time point and mode are difficult to predict, the rhythm is accelerating as a whole.
(Financial Associated Press)
