"For enterprises, development is the eternal 'first priority'.". As the commander-in-chief of the 100 billion enterprise at the helm, Zeng Congqin, chairman of Wuliangye Yibin Co.Ltd(000858) group (joint stock) company, said that for industry leading enterprises such as Wuliangye Yibin Co.Ltd(000858) company, the first responsibility is to achieve high-quality development and inclusive growth.
On April 28, Wuliangye Yibin Co.Ltd(000858) officially handed over the annual report of 2021 and the first quarterly report of 2022. Among them, there was no significant change between the annual report of 2021 and the main financial data previously disclosed. On the high base, both revenue and net profit achieved double-digit growth. The first quarter of this year also handed over a report card of double growth in revenue and net profit.
As for the performance of Wuliangye Yibin Co.Ltd(000858) last year and the first quarter of this year, Cai Xuefei, general manager of Zhiqu consulting and alcohol marketing expert, said that under the environment of many uncertain and unstable factors such as epidemic impact and economic pressure, it is particularly difficult for enterprises with steady growth in the current market. In recent years, Wuliangye Yibin Co.Ltd(000858) has maintained strategic concentration, focused on high-quality development, and worked steadily. The product system has been continuously optimized, the brand value has been continuously improved, the channel system has been coordinated and developed, and the market has been well sold, which has promoted the steady development of the enterprise Wuliangye Yibin Co.Ltd(000858) is one of the few well-known liquor enterprises in China with a complete product line from high to low and a national consumer market. In the new environment of squeeze growth, with the upgrading of consumption, Wuliangye Yibin Co.Ltd(000858) 's high-end brand potential is constantly released, thus ensuring the continuous improvement of the competitiveness of the whole enterprise's product matrix.
In CAI Xuefei's opinion, for Wuliangye Yibin Co.Ltd(000858) , which has completed the deep coverage of the national market, to maintain a stable product strategy at this time, on the one hand, the enterprise's core products need to further extend the value chain and improve consumers' sense of gain and happiness, so as to follow up Wuliangye Yibin Co.Ltd(000858) and continuously improve the brand value; On the other hand, Wuliangye Yibin Co.Ltd(000858) needs to further consolidate its niche market through intensive cultivation of a series of liquor at the waist and middle of the mass price belt, and use long-term ISM to build an efficient channel network, improve the construction of terminal services and enhance the comprehensive competitiveness of the brand, so as to achieve win-win results for Wuliangye Yibin Co.Ltd(000858) enterprises, partners and consumers and ensure the long-term and steady development of the enterprise.
revenue and net profit increased steadily
gross profit margin hit a new high since listing
According to the data of Wuliangye Yibin Co.Ltd(000858) 2021 annual report, during the reporting period, the company achieved a revenue of 66.209 billion yuan, a year-on-year increase of 15.51%; The net profit attributable to shareholders of listed companies was 23.377 billion yuan, a year-on-year increase of 17.15%.
It is worth mentioning that affected by the epidemic, all industries are facing great challenges, including the Baijiu industry. In such a market environment, the growth trend of Wuliangye Yibin Co.Ltd(000858) has not changed since 2016.
According to the statistics of the reporter of Securities Daily, from 2016 to 2021, Wuliangye Yibin Co.Ltd(000858) has achieved double-digit growth in revenue and net profit for six consecutive years, maintaining a high-quality and steady growth trend. Among them, the company's revenue increased by 2.7 times and the net profit attributable to the parent increased by 3.5 times.
In this regard, xiaozhuqing, a Baijiu marketing expert, told the reporter of Securities Daily that Wuliangye Yibin Co.Ltd(000858) has achieved the first place in Luzhou flavor Baijiu. In business and direct drinking consumption, Wuliangye Yibin Co.Ltd(000858) has become the first choice for consumers who like Luzhou flavor Baijiu with its high brand, good consumption experience and high cost performance recognized by the public. Standing firm in the 1000 yuan price band is the fundamental foundation for Wuliangye Yibin Co.Ltd(000858) the.
The annual report shows that in the revenue of 61.732 billion yuan of liquor products, the revenue brought by Wuliangye Yibin Co.Ltd(000858) products (the eighth generation Wuliangye Yibin Co.Ltd(000858) etc.) is 49.112 billion yuan, while the revenue of series liquor products (wuliangchun, wuliangchun, wuliangtequ, Jianzhuang, etc.) is 12.62 billion yuan, a significant increase of 50.71% year-on-year, successfully crossing the level of 10 billion yuan.
In terms of output and inventory, in 2021, the production of Wuliangye Yibin Co.Ltd(000858) products was 28408 tons, with a year-on-year increase of 9.46%, and the sales volume was 29203 tons, with a year-on-year increase of 3.78%; The inventory was 1938 tons, a year-on-year decrease of 29.09%.
In fact, in the past 2021, Wuliangye Yibin Co.Ltd(000858) continuously optimized the product structure, continuously enhanced its profitability, and continuously improved the gross profit margin of liquor products. In 2021, Wuliangye Yibin Co.Ltd(000858) liquor products' gross profit margin reached 80.29%, a new high since listing While the gross profit margin of Wuliangye Yibin Co.Ltd(000858) products maintained steady growth, the gross profit margin of series wine products increased significantly by 3.99 percentage points year-on-year.
"The brand matrix of series liquor has been continuously improved, focusing on building four national strategic brands: wuliangchun, wuliangchun, wuliangtequ and Jianzhuang. The dynamic sales in the market are more benign, and a good development pattern of double promotion of brand value and market scale has been initially formed." A person close to Wuliangye Yibin Co.Ltd(000858) said so.
According to the reporter of Securities Daily, the price of Wuliangye Yibin Co.Ltd(000858) products continued to strengthen, the market price stood at more than 1000 yuan, the profits of channel dealers were consolidated and improved, and the operating performance and profits of the company maintained a steady growth trend. The company continues to deepen reform and improve development quality and management quality. The Wuliangye Yibin Co.Ltd(000858) brand value ranks 59th in the list of global top 500 brand values in 2022, with the increase ranking first in spirits in the world.
Shanxi Securities Co.Ltd(002500) analysts and Fangfang said that the double-digit growth of Wuliangye Yibin Co.Ltd(000858) company was mainly due to the continuous growth of the volume and price of the company's core products.
In hefangfang's view, the Baijiu industry will still have excess capacity in 2021, and the competition pattern of squeeze growth will exist for a long time. The Baijiu industry is still in the long cycle of a new round of growth characterized by structural prosperity. High end Baijiu will continue to lead the structural growth of the industry, and the industry will further concentrate on advantageous brands, enterprises and production areas.
It is worth mentioning that the performance report of the first quarter of 2022 disclosed at the same time as the Wuliangye Yibin Co.Ltd(000858) annual report shows that during the reporting period, the company achieved an operating revenue of 27.548 billion yuan, a year-on-year increase of 13.25%; The net profit attributable to shareholders of listed companies was 10.823 billion yuan, a year-on-year increase of 16.08%.
Cai Xuefei said that as a famous wine in the industry like Wuliangye Yibin Co.Ltd(000858) which is also a pillar enterprise of the regional economy, it shoulders multiple tasks such as the sustainable development of the local economy, the construction of category producing areas and the improvement of the living standards of regional residents. Therefore, while completing the large-scale growth of enterprises, we should pay more attention to the coordinated development of society, ecology and enterprises, and maintain strategic concentration, Steady and steady to ensure high-quality and sustainable enterprise growth path.
for two consecutive years, 10 billion cash red packets
dividend of 11.734 billion yuan, a record high
According to the dividend plan issued by Wuliangye Yibin Co.Ltd(000858) the company decided that the amount of cash dividend in 2021 should not be less than 11.5 billion yuan (including tax). The actual dividend amount is more than 200 million yuan higher than the forecast, accounting for more than 50% of the net profit in 2021. This is Wuliangye Yibin Co.Ltd(000858) the second consecutive year that the dividend amount exceeded 10 billion yuan after sending 10 billion cash red envelopes in 2020.
It is worth mentioning that over the past seven years, the proportion of Wuliangye Yibin Co.Ltd(000858) dividend scale in performance has been relatively stable, maintained at about 50%. According to statistics, since its listing in 1998, the company has implemented bonus shares for 7 times and 19 cash dividends for a total of 61.3 billion yuan (including cash dividends in 2021), which is 16 times the total amount of funds raised since its listing. In recent seven years, Wuliangye Yibin Co.Ltd(000858) dividends reached 48.386 billion yuan, more than 30% of the total dividends of 161 listed companies in Sichuan Province.
In fact, among more than 4700 A-share listed companies, the amount of cash dividends exceeds 10 billion yuan, and only a few enterprises can do it.
According to the statistics of the Securities Daily, as of April 29, there were 4799 listed companies in A-share market, 4347 listed companies had cash dividend data, and only 20 listed companies had dividend amount of more than 10billion yuan. As the two leading Baijiu listed companies, Wuliangye Yibin Co.Ltd(000858) and Kweichow Moutai Co.Ltd(600519) .
In the view of insiders, Wuliangye Yibin Co.Ltd(000858) large dividends, on the one hand, show the responsible attitude of leading enterprises to create good returns for investors, which is a concrete embodiment of the head's corporate responsibility, on the other hand, show Wuliangye Yibin Co.Ltd(000858) firm confidence and confidence in sustainable and steady development in the future.
In 2022, Wuliangye Yibin Co.Ltd(000858) experienced a change of command. The new leadership has clear strategic objectives and clear development ideas. The company is continuing to deepen the reinforcement of the weak. In terms of future development, it has clear ideas and effective responses, and can continue to maintain a double-digit growth trend.
It is worth mentioning that affected by the whole market environment, Wuliangye Yibin Co.Ltd(000858) share price has callback, but in the view of securities companies, short-term adjustment does not change the long-term trend, and the valuation is cost-effective.
According to the statistics of choice by the reporter of Securities Daily, as of April 29, a total of 59 research reports have been released, and analysts have given Wuliangye Yibin Co.Ltd(000858) positive recommendation and above ratings. Many of them believe that Wuliangye Yibin Co.Ltd(000858) valuation is undervalued and are expected to be repaired. This demonstrates the confidence in the sustainable and steady development of the new management and the enterprise. Some securities companies have made it clear that Wuliangye Yibin Co.Ltd(000858) will probably be one of the leading Baijiu enterprises with the strongest resilience in the future.
\u3000\u3000 "After the new management of the company takes office, its corporate governance will be further improved and its channel control is expected to be strengthened. In terms of product structure, the company will continue to strengthen the layout of the classic Wuliangye Yibin Co.Ltd(000858) in the price band of 2000 yuan. In early March, wuliangchun released the new product 'wuliangchun · Mingmen', and the market recommended retail price is 728 yuan, firmly standing at the secondary high end. After the return of wuliangchun brand to the company, the series wine system will be further improved, and the company has a consumption base in the medium and high-end market , the base liquor has sufficient production capacity and abundant reserves, which is expected to open up important incremental space in the secondary high-end field. Since this year, influenced by the overall adjustment of the market, the risk of overseas conflicts and other factors, the Baijiu sector has been continuously adjusted. At present, the PE of the company in 2022 is only about 21 times. Considering the company's competitive advantages in brand power, channel power and product power in the field of high-end Baijiu, we believe that the company currently has high long-term configuration value. " Orient Securities Company Limited(600958) analysts said.
