On March 28, Kweichow Moutai Co.Ltd(600519) disclosed the main financial data of 2021 and the main operation in the first quarter of 2022.
Source: Announcement
In 2021, Kweichow Moutai Co.Ltd(600519) achieved a total operating revenue of 109464 billion yuan, an increase of 11.71% year-on-year; The net profit attributable to the parent company was 52.46 billion yuan, a year-on-year increase of 12.34%; The net profit of non deduction was 52.581 billion yuan, an increase of 11.84% year-on-year. After calculation, the average daily net profit of the company is 144 million yuan.
net profit growth slowed down
Kweichow Moutai Co.Ltd(600519) said in the announcement that since the beginning of this year, the company has taken the initiative to overcome difficulties, the product sales momentum has improved, the market has shown a strong sales trend, and has successfully achieved “stable opening” and “good opening”. In the first quarter of 2022, the company expects to achieve a total operating revenue of about 33.1 billion yuan, an increase of about 18% year-on-year; The net profit attributable to the parent company is expected to be about 16.6 billion yuan, with a year-on-year increase of about 19%.
From January to February 2022, Kweichow Moutai Co.Ltd(600519) 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%.
Previously, the company disclosed its production and operation in 2021. In 2021, the company produced about 56500 tons of Maotai base liquor and about 28200 tons of series base liquor; The total operating revenue is expected to be about 109 billion yuan (including about 93.2 billion yuan for Maotai liquor and about 12.6 billion yuan for series liquor), an increase of about 11.2% year-on-year; The net profit attributable to the parent company is expected to be about 52 billion yuan, with a year-on-year increase of about 11.3%. The performance express is in line with expectations.
According to the data, the growth rate of net profit in Kweichow Moutai Co.Ltd(600519) 2021 was the lowest in recent five years. From 2017 to 2020, the growth rate of net profit attributable to the parent company was 61.97%, 30.00%, 17.05% and 13.33% respectively.
new e-commerce platform will be launched soon
On the same day, Kweichow Moutai Co.Ltd(600519) “official publicity” announced the advent of a new e-commerce platform: the digital marketing app “I Maotai” created by Maotai Liquor Co., Ltd. will be officially launched and put into trial operation on March 31. In the trial operation stage, consumers can make an appointment on the platform to purchase four new products, including “tiger Mao” and Maotai 1935.
Source: Kweichow Moutai Co.Ltd(600519) official wechat
The most concerned 500ml Feitian Maotai liquor is not included in the sales scope of the platform. China Securities News reporter saw on the app that the platform integrated and accessed 12 third-party e-commerce platforms, including 1919, jd.com and tmall, to provide consumers with rush purchase information for purchasing Feitian Maotai liquor.
Recently, the prices of Maotai liquor series have fallen for days. Taking the 2022 annual output of bulk flying Maotai as an example, the market price was 2500 yuan / bottle on March 27, from more than 3000 yuan to 2500 yuan, which took less than half a year; The market price of the original box of Maotai in 2022 has dropped to 2700 yuan / bottle, down 200 yuan / bottle in recent days. On March 28, the market price of Feitian Maotai rebounded.
Everbright Securities Company Limited(601788) said in the research report that the price drop is similar to the two adjustment since 2020, and it is more emotional. Therefore, there is no need to worry too much about the resilience and fundamentals of high-end baijiu. The price of bulk bottles is about 2500 yuan, which is close to the price level recognized by dealers and consumers. It is estimated that there is little possibility of a sharp decline in the follow-up. When the epidemic situation improves and channel sentiment recovers, the rating is expected to stabilize.
