\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 519 Kweichow Moutai Co.Ltd(600519) )
Events
The company released its annual report for 2021, and achieved a total operating income of 109464 billion yuan, including 106190 billion yuan of operating income (year-on-year + 11.88%) and 3.274 billion yuan of interest income; The net profit attributable to the parent company was 52.460 billion yuan (year-on-year + 12.34%), and the net profit deducted from non attributable to the parent company was 52.581 billion yuan (year-on-year + 11.84%).
Comments
The performance grew steadily and achieved a good start in the 14th five year plan. The annual sales revenue of Maotai liquor reached 93.465 billion yuan (year-on-year + 10.18%), the sales volume was 36300 tons (year-on-year + 5.68%), and the average ton price was 2.5775 million yuan / ton (year-on-year + 4.3%). The annual sales revenue of series liquor reached 12.595 billion yuan (year-on-year + 26.06%), the sales volume was 30200 tons (year-on-year + 1.46%), and the average ton price was 417400 yuan / ton (year-on-year + 24.20%).
The proportion of direct selling and ton price have increased, and digital marketing has become a bright spot. By channel, the direct sales revenue in 2021 was 24.029 billion yuan (year-on-year + 52.83%), accounting for 22.66% (year-on-year + 8.69pct), the ton price of direct sales reached 4.1894 million yuan / ton (year-on-year + 24.42%), and the gross profit margin of direct sales was 96.12% (year-on-year + 0.52pct). The distribution revenue was 82.030 billion yuan (year-on-year + 7.64%), the distribution ton price reached 1.3513 million yuan / ton (year-on-year -0.41%), and the gross profit margin was 90.30% (year-on-year -0.55pct). In the whole year, 63 dealers were added and 20 dealers were reduced. Maotai liquor dealers increased a lot, and Maotai liquor dealers decreased mainly. On March 31, 2022, the company's self operated app "I Maotai" will be launched and put into trial operation, focusing on the promotion and sales of four new products, including Maotai liquor (treasures) and Maotai liquor (renyin year of the tiger); New channels + new products + new platforms are expected to broaden the market and increase profits.
The market-oriented reform has been steadily promoted, and the annual performance growth in 2022 is expected. In September 2021, the new chairman Ding Xiongjun said that he would promote the reform of marketing and price system, optimize the brand price system and make Maotai return to the commodity attribute; Since then, the company has continuously launched Maotai 1935 and other new products, and implemented measures such as canceling unpacking and restarting the e-commerce platform. During the "14th five year plan" period, the company will implement the development goal of "double doubling, double consolidation and double building". In 2022, the business goal is to increase the revenue by about 15% year-on-year, and complete the capital construction investment of 6.996 billion yuan.
Investment advice
The company is in a leading position in the industry and promotes market-oriented reform in terms of channel + product + platform. Its profitability is expected to improve steadily and maintain the "strongly recommended" rating. It is estimated that the corresponding EPS of 2024 is 32.63 and 2022 is 34.53, and that of 2022 is 34.58, respectively.
Risk tips
Industry competition intensifies; The market-oriented reform is not as expected; The disturbance of the epidemic has intensified.
