When the official new e-commerce platform "I Maotai" app was officially put into trial operation, the annual report of "stock king" Kweichow Moutai Co.Ltd(600519) 2021 was officially released in the early morning of March 31.
this is the first annual report of Ding Xiongjun, the new chairman of Kweichow Moutai Co.Ltd(600519) after taking office, which is highly expected by investors. According to the disclosure, the revenue of Kweichow Moutai Co.Ltd(600519) 2021 exceeded 100 billion yuan for the first time, reaching 106190 billion yuan, a year-on-year increase of 11.88%; The net profit was 52.46 billion yuan, a year-on-year increase of 12.34%
In terms of dividends, Maotai, which has always been "not bad for money", is still generous. It plans to distribute a cash dividend of 216.75 yuan (including tax) for every 10 shares to all shareholders, with a total of 27.228 billion yuan. This means that the Kweichow Moutai Co.Ltd(600519) cash dividend rate reached 51.902%, basically the same as in previous years, which will also be the highest total dividend in Kweichow Moutai Co.Ltd(600519) history.
output increased slightly
gross profit increased slightly
In 2021, Kweichow Moutai Co.Ltd(600519) Baijiu total output was 84 thousand and 700 tons, an increase of 12.72% over the same period. Among them, the output of Maotai liquor was 56500 tons, a year-on-year increase of 12.42%, and the output of series liquor (Maotai prince, Han sauce and laimao) was 28200 tons, a year-on-year increase of 13.33%.
In terms of production capacity, in 2021, the designed production capacity of Maotai liquor was 42700 tons and the actual production capacity was 56500 tons. In the previous year, the two data were 42600 tons and 50200 tons respectively, both of which increased by a certain margin.
According to the characteristics of Maotai liquor, it takes at least 5 years from production to delivery. According to this calculation, the amount of Maotai liquor will increase significantly in five years. According to the technological requirements of Maotai, a certain amount of base liquor produced every year needs to be retained - the storage of old liquor is increasing, and Maotai can use more high-quality raw material resources for the production of high-end liquor.
Maotai liquor has always been famous for its high gross profit, which increased slightly in 2021. The data showed that the gross profit margin of Maotai liquor increased from 93.99% to 94.03%; The gross profit margin of the series of wine increased from 70.14% to 73.69%, which is a "super money printer" worthy of the name.
In terms of sales composition, the revenue of Maotai liquor was 93.465 billion yuan, a year-on-year increase of 10.18%; The revenue of series liquor was 12.595 billion yuan, a year-on-year increase of 26.06%. This means that the "dominance of one product" of Maotai liquor is gradually being broken, and the development trend of two wheel drive is becoming more and more obvious.
In addition, whether the ex factory price of Feitian Maotai, which has attracted the attention of the industry, will be increased, has not been revealed in the annual report. Due to the existence of the price "double track system", the current ex factory price of Feitian Maotai is 969 yuan / bottle (the result of the price increase of 18% in 2018), and the retail guide price is 1499 yuan / bottle, while the actual transaction price in the market is about 2600 yuan / bottle, with a huge price difference. Since last year, there have been more and more calls for an increase in ex factory prices.
But Xiao Zhuqing, a Baijiu marketing expert, seems to be unable to decide whether Moutai can increase its price or increase its price. Because there are many quotas within the system in Maotai's offline channels, such as the export of Guizhou goods, many state-owned assets rely on the proportion of Maotai to promote Guizhou's local products. Therefore, the adjustment of ex factory price will affect the interests of many parties and restrict a lot.
direct sales channel revenue increased by more than 80%
In recent years, Kweichow Moutai Co.Ltd(600519) has been seeking to make breakthroughs in the reform of marketing system. Especially after Ding Xiongjun came to power, "implementing digital marketing law, accelerating the filling of new retail weaknesses, and building and improving digital marketing platform" has become an important play.
At present, Maotai's marketing channel reform is worth looking forward to. Maotai's sales model is divided into wholesale agency and direct sales. Among them, wholesale agency channels refer to social dealers, supermarkets, e-commerce and other channels, and direct sales channels refer to self-supporting channels. In 2021, the revenue of wholesale agency channels reached 82.030 billion yuan, a year-on-year increase of 0.55%, and that of direct sales channels reached 24.029 billion yuan, a year-on-year increase of 81.49%.
According to statistics, over the past four years, the proportion of wholesale agency channel revenue in total revenue has been declining, from 94.05% in 2018 to 77.34% in 2021.
As the ex factory price of direct selling products is significantly higher than that of wholesale agents, the gross profit margin of direct selling is also significantly higher than that of wholesale agents by nearly 6 percentage points, reaching an amazing 96.12%, which is obviously one of the main reasons for Maotai to vigorously promote the construction of direct selling channels.
By the end of 2021, the number of dealers in Kweichow Moutai Co.Ltd(600519) China had reached 2089, with an increase of 63 and a decrease of 20 in that year. It is reported that the increase is mainly the dealers of Maotai flavor series liquor, and the decrease is mainly the dealers of Maotai liquor.
On March 31, Kweichow Moutai Co.Ltd(600519) official new e-commerce platform "I Maotai" app was officially launched for trial operation. Consumers can make an appointment to buy four non-standard Maotai wines other than Feitian Maotai through "I Maotai", which triggered hot discussion and download frenzy in the industry. In just one day, "I Maotai" topped the free list of Apple mall. According to Kweichow Moutai Co.Ltd(600519) official wechat data, from 9:00 to 10:00 on the 31st, more than 2.29 million people and 6.22 million people participated in the purchase within an hour, which was comparable to the "ticket grabbing" of the Spring Festival transportation.
"I Maotai" is highly expected by Maotai. According to the official statement, "I Maotai" is not only a channel for liquor purchase, but also a powerful full link connection and digital marketing function, but also carries the function of cultural communication. How much energy this new e-commerce direct selling platform will produce and what kind of chemical reaction it will play are worth continuing to observe.
2022 revenue target growth of 15%
For the coming year 2022, Kweichow Moutai Co.Ltd(600519) in the annual report still sends a signal of optimism about the future prospects.
The company said that there are two business objectives this year: first, the total operating revenue increased by about 15% compared with the previous year; Second, 6.969 billion yuan was invested in capital construction.
The reporter found that the total revenue growth target of 15% is the peak in recent three years. The revenue growth targets of Maotai in 2020 and 2021 are 10% and 10.5% respectively. Among them, the total revenue actually increased by 11.71% in 2021.
In addition, in 2022, the company will strengthen market planning, accelerate the optimization and upgrading of product structure, accurately launch products and improve market share; Resolutely crack down on acts that disrupt the market, such as counterfeiting and shoddy goods, hoarding and hoarding, and maintain market order and stability; Accelerate the implementation and application of new anti-counterfeiting technologies to provide technical support for the fight against counterfeiting and rights protection in Maotai.
A senior investor who has studied Kweichow Moutai Co.Ltd(600519) for a long time told reporters that both the setting of target revenue growth rate and the determination to strengthen marketing management showed the positive and enterprising attitude of the new chairman Ding Xiongjun. In addition, Kweichow Moutai Co.Ltd(600519) 2021 saw a year-on-year decrease in related sales among the top five customers (from 5.7% in 2020 to 4.94% in 2021), and the expected scale of 2022 also increased little, indicating the improvement of corporate governance. The only drawback is that according to Kweichow Moutai Co.Ltd(600519) 's operating cash generating capacity and capital expenditure, the company's cash dividend rate can be more positive.
