The high-profile "king of a shares" 2021 annual report came late at night on March 30.
According to the financial report, Kweichow Moutai Co.Ltd(600519) last year achieved an operating revenue of 106.19 billion yuan, a year-on-year increase of 11.88%, breaking the 100 billion mark for the first time, with a net profit of 52.46 billion yuan, a year-on-year increase of 12.34%, which is almost the same as the performance forecast at the beginning of the year. While the performance reached a new high, Maotai's dividend scheme also made a history. It is planned to distribute a cash dividend of 216.75 yuan (including tax) for every 10 shares, with a total profit of 27.223 billion yuan, accounting for 52% of the net profit.
Maotai's annual report also has several highlights. First, the reform of marketing channels has been promoted rapidly, and the direct sales revenue has increased by 81.49%, while the wholesale agent sales have hardly increased; Second, the revenue growth of other series of liquor reached 26.06%, much higher than the growth rate of Maotai liquor of 10.18%. The overseas business expansion effect of Maotai is general. Although the base is small, it is still lower than the growth rate of sales in China.
The top ten shareholders saw that the largest liquor fund at the end of the fourth quarter of 2021 was "big business in the middle Baijiu", and the reduction was more than 20%. Zhang Kun's choice of Yi Fang Da Lan's blue chip also reduced its stock by 15%, representing Hongkong Baijiu through the central clearing of the stock market. Huaxia Shanghai Stock Exchange 50ETF increased its positions by nearly one million shares. The two mysterious private placements of "Jinhui Rongsheng No. 3" and "Ruifeng Huibang No. 3" in Maotai with high positions throughout the year continued to increase their positions slightly.
cash flow "perfect" dividend record
The 2021 financial report Kweichow Moutai Co.Ltd(600519) uses three "new" to summarize itself: "new blueprint", "new achievement" and "new performance".
First, the new blueprint urges people to forge ahead, formulate the "14th five year plan" development plan, determine the "five lines" development path, clarify the goal of "one base and one benchmark", comprehensively carry out top-level design, build a new system of enterprise governance, and open a new chapter of high-quality and strong industry; Second, new achievements have accumulated into momentum, building a "365 quality management system", deeply excavating the "nine series" of Maotai culture, and orderly promoting major projects such as packaging logistics park and Xishui Tongmin dam; Third, the new business performance is remarkable, with revenue exceeding 100 billion and net profit exceeding 50 billion. All indicators have maintained double-digit growth, and the comprehensive strength of the enterprise has reached a new level.
According to the specific financial data, last year's Kweichow Moutai Co.Ltd(600519) operating revenue exceeded the planned target at the beginning of the year, breaking the 100 billion mark for the first time, reaching 106.19 billion yuan, an increase of 11.88% over 94.915 billion yuan in the same period of last year; The net profit attributable to shareholders of listed companies was 52.46 billion yuan, an increase of 12.34% over 46.697 billion yuan in the same period last year. The cash flow was "perfect", and the net cash flow from operating activities reached 64 billion yuan, up 23.92% from 51.7 billion yuan the previous year.
High profit plus abundant cash flow, Kweichow Moutai Co.Ltd(600519) dividend has also made a history in terms of absolute amount and dividend proportion.
The total profit to be distributed to all shareholders at the end of the year is RMB 1331.2 billion (including RMB 278.9 billion of capital stock to be distributed at the end of the year), and the remaining profit to be distributed to all shareholders is RMB 1331.2 billion. Based on the net profit of 52.46 billion yuan, the dividend of Kweichow Moutai Co.Ltd(600519) 2021 accounted for 51.9%. According to the data, in the 20 years from 2001 to 2020, Kweichow Moutai Co.Ltd(600519) has implemented cash dividends 20 times, with a cumulative cash dividend of 121353 billion yuan and a dividend rate of 39.38%.
As the first business year of the new chairman Ding Xiongjun, the annual report of business objectives for Kweichow Moutai Co.Ltd(600519) 2022 disclosed that: first, the total operating income increased by about 15% compared with the previous year; second, the capital construction investment was 6.969 billion yuan. The target growth rate of 15% in 2022 exceeds 10.05% in 2021 and 10% in 2020.
Revolutionary whip
direct sales revenue increased by 80%
In addition to absolute performance, growth and cash flow, Kweichow Moutai Co.Ltd(600519) continues to show terrible profitability.
According to the financial report, the sales volume of Maotai liquor was 3626131 tons, a year-on-year increase of 5.68%, but the sales revenue was 93.464 billion yuan, an increase of 10.18%; The sales volume of other series of liquor was 3017738 tons, with a year-on-year increase of 1.46%, but the sales revenue increased by 26.06% year-on-year. From Maotai liquor, the main product, to Maotai flavor liquor, the increase proportion of their sales revenue is much higher than that of their sales. Therefore, the gross profit margin of Kweichow Moutai Co.Ltd(600519) continued to rise slightly, reaching 91.48%, of which the gross profit margin of Maotai liquor exceeded 94%.
Kweichow Moutai Co.Ltd(600519) the marketing reform that has been promoted is also reflected in the financial report.
From the perspective of sales channels, Kweichow Moutai Co.Ltd(600519) wholesale agency business revenue was 82.03 billion yuan, an increase of 0.55% year-on-year, with little growth; The direct sales channel brought operating revenue of 24.029 billion yuan, a significant increase of 81.49% year-on-year, far exceeding the growth rate of 11.88% of operating revenue, accounting for 22.5% of the overall revenue.
Chairman Ding Xiongjun proposed the "five in one marketing method" at the 2022 marketing work meeting held on February 14. The "I Maotai" app launched by the company today is an important measure of integration. It accumulates the preference information of users in various channels by means of registration, reservation and order placement on the online platform, and promotes the establishment of a new marketing system.
Fund Jun saw that as of press time, the app has become the app with the highest download volume and the highest popularity in the free list of Android and Apple App store Today, the fund Jun also saw on the app that the reservation had just been opened, and the number of reservations for four products, including Maotai 1935 and Maotai Lunar New Year of the tiger liquor, had been filled by less than 10 o'clock, indicating that "this subscription has ended".
In terms of product segments, Maotai liquor is still the main source of income for Kweichow Moutai Co.Ltd(600519) the company, but other series of liquor are becoming new growth points as expected, with the growth rate faster than that of Maotai liquor. According to the annual report, in 2021, the operating revenue of Maotai liquor was 93.465 billion yuan, a year-on-year increase of 10.18%; The operating revenue of other series of liquor was 12.595 billion yuan, a year-on-year increase of 26.06%.
However, Kweichow Moutai Co.Ltd(600519) this annual report is not without hidden worries. First, the progress of overseas expansion is general. Although the base is low, the growth rate is slower than that in China. Second, the current production capacity bottleneck of Maotai liquor is further highlighted. The design capacity of Maotai liquor making workshop is 42742 tons, and the actual capacity has reached 56472 tons; The design capacity of the series liquor workshop is 31660 tons, and the actual capacity is 28248 tons, which is close to 90%.
largest Baijiu fund lighten 20
two mysterious private placement continue to increase positions
From the shareholding list, as of the end of the fourth quarter of 2021, the list of Kweichow Moutai Co.Ltd(600519) top ten shareholders remained basically unchanged, but the number of shares changed slightly.
Specifically, Hong Kong Central Clearing Co., Ltd. increased its holdings slightly, holding 7.14%, compared with 7.05% in the previous period. The shareholding ratio of Central Huijin Asset Management Co., Ltd. decreased slightly to 0.83%, compared with 0.86% in the previous period. The shareholding of China Securities Finance Co., Ltd. remained basically unchanged at 0.64%. The two mysterious private equity funds with heavy positions in Maotai throughout the year continued to increase their holdings slightly, among which "Jinhui Rongsheng No. 3 private equity securities investment fund" increased its holdings slightly, with a shareholding ratio of 0.47% and 0.45% in the previous period; "Ruifeng Huibang No. 3 private securities investment fund" also increased its holdings slightly, from 0.41% to 0.43%.
The biggest change came from the largest Baijiu fund in the industry, "investment in China Baijiu liquor index, classified securities investment fund", the reduction of strength reached 20%, and the shareholding came from 5 million 840 thousand shares to 7 million 510 thousand shares, and the shareholding ratio decreased from 0.59% to 0.46%. In addition, Zhang Kun's "e fund blue chip selection mix" also held 3.2 million shares from 3.78 million shares at the end of the third quarter of last year, and the shareholding ratio decreased from 0.3% to 0.25%. Huaxia Shanghai Stock Exchange 50ETF significantly increased its holdings of nearly one million shares, rising from 0.36% to 0.43% and increasing its positions by 16.67%.
Previously, Kweichow Moutai Co.Ltd(600519) also predicted the performance of the first quarter of 2022. According to the announcement, according to the company's preliminary accounting, in the first quarter of 2022, the company is expected 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 shareholders of the listed company is expected to be about 16.6 billion yuan, with a year-on-year increase of about 19%. This growth rate is significantly faster than the target growth rate of 15% in 2022 announced by Maotai.
In recent years, China's major securities companies have also updated their research reports on Maotai.
Orient Securities Company Limited(600958) said that due to the impact of the overall market adjustment recently, the company's valuation fell and the medium and long-term allocation value further highlighted. The Chinese Baijiu consumption trend is unchanged in the long run. As a leading Baijiu, the company's performance growth is high. The channel reform will further enhance the profitability elasticity. It predicts that the company's earnings per share in 21-23 years will be 41.76 yuan, 49.94 yuan and 57.39 yuan respectively, maintaining the 45 times PE valuation in 22 years of the previous report, corresponding to the target price of 2247.3 yuan, and maintaining the buy rating.
Citic Securities Company Limited(600030) said that although there is a certain pressure in the short term, short supply is still the key factor determining the rating in the long term, which is the basis for the gradual digestion of social inventory and the driving force to support the steady rise of its rating in the future. More importantly, the forced force formed by the contraction of channel profit space may become an opportunity for the company to straighten out channel profit distribution.
