“Drink and smell every year, with high growth every year!” As the annual report season draws to a close, many shareholders of Baijiu listed companies have voiced such sentiments.
According to the disclosed annual reports of listed companies, the overall performance of Listed Companies in the Baijiu industry was brilliant. The revenue and net profit of the head liquor enterprises rose, and the cash dividend was a big deal, accounting for half or more of the net profit. At the same time, under the background of repeated outbreaks in the first quarter of this year, liquor enterprises still achieved a “good start”.
head liquor enterprises have outstanding performance
On the whole, Baijiu enterprises have achieved good results in 2021, and the performance of leading liquor enterprises is even better.
In the early morning of March 31, “big brother” Kweichow Moutai Co.Ltd(600519) disclosed the annual report. In 2021, the company achieved an operating revenue of 106.19 billion yuan, an increase of 11.88% year-on-year, and the revenue exceeded 100 billion yuan for the first time; The net profit attributable to the parent company was 52.46 billion yuan, a year-on-year increase of 12.34%; The non net profit deducted was 52.581 billion yuan, an increase of 11.84% year-on-year.
At the same time, the company also proposed that the total operating revenue increased by about 15% compared with the previous year and completed the 2022 development goal of capital construction investment of 6.969 billion yuan.
Wuliangye Yibin Co.Ltd(000858) 4 on the evening of April 28, the annual report of 2021 was released. The company achieved an operating revenue of 66.209 billion yuan in 2021, an increase of 15.51% year-on-year; The net profit attributable to the parent company was 23.377 billion yuan, a year-on-year increase of 17.15%. In terms of business objectives, Wuliangye Yibin Co.Ltd(000858) proposed to strive to maintain a steady double-digit growth in total operating revenue in 2022.
Luzhou Laojiao Co.Ltd(000568) 4 on the evening of April 28, the annual report of 2021 was released, and the operating revenue in 2021 was 20.642 billion yuan, with a year-on-year increase of 23.96%; The net profit attributable to the parent company was 7.956 billion yuan, a year-on-year increase of 32.47%. Among them, the revenue of medium and high-grade liquor was 18.397 billion yuan, a year-on-year increase of 29.22%, accounting for 89.12% of the operating revenue, compared with 85.49% in the same period of last year. The revenue of medium and high-grade liquor not only increased, but also the gross profit margin increased to 90.34%, a year-on-year increase of 0.09%. In terms of business objectives, Luzhou Laojiao Co.Ltd(000568) proposed to strive for a year-on-year growth of operating revenue of no less than 15% in 2022.
The operating revenue of the leading liquor company was 30.4 billion yuan on January 28, 2024; The non net profit deducted was 7.373 billion yuan, a year-on-year increase of 30.44%. The company’s business goal in 2022 is to achieve a year-on-year increase in operating revenue of more than 15%.
Jiugui Liquor Co.Ltd(000799) 2021 achieved an operating revenue of 3.414 billion yuan, with a year-on-year increase of 86.97%; The non net profit deducted was 886 million yuan, a year-on-year increase of 101.5% Jiugui Liquor Co.Ltd(000799) said that the smooth promotion of nationalization has directly driven the sales growth of high-end products of internal reference and drunkard series. In 2021, the company achieved a sales revenue of 1.034 billion yuan, a year-on-year increase of 80.71%, accounting for 30.29% of the overall revenue; The sales revenue of sub high-end drunkard series was 1.915 billion yuan, a year-on-year increase of 88.94%, accounting for 56.09% of the total revenue.
cash dividend generous
In terms of cash dividends, liquor enterprises can also be described as “lavish”. Overall, the dividend proportion of head liquor enterprises accounts for half or more of the net profit, and the support of shareholders is rewarded with real gold and silver.
Kweichow Moutai Co.Ltd(600519) said that based on the total share capital of 1.256 billion shares at the end of 2021, cash dividends of 216.75 yuan (including tax) were distributed to all shareholders of the company for every 10 shares, with a total profit of 27.228 billion yuan.
From 2017 to 2020, the total amount of Kweichow Moutai Co.Ltd(600519) cash dividends was 13.817 billion yuan, 18.264 billion yuan, 21.387 billion yuan and 24.236 billion yuan respectively, increasing year by year.
Wuliangye Yibin Co.Ltd(000858) plans to distribute a cash dividend of 30.23 yuan (including tax) for every 10 shares to all shareholders, with a total cash distribution of 11.734 billion yuan.
Luzhou Laojiao Co.Ltd(000568) plans to distribute a cash dividend of 32.44 yuan (including tax) to all shareholders for every 10 shares, with a total cash dividend of 4.774 billion yuan. From 2019 to 2021, the total cash dividends of the company have exceeded 10 billion yuan.
Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) plans to distribute a cash dividend of 30 yuan (tax included) to all shareholders for every 10 shares, and the expected cash dividend is 4.519 billion yuan (tax included).
Anhui Yingjia Distillery Co.Ltd(603198) plans to distribute a cash dividend of 9 yuan (including tax) for every 10 shares to all shareholders, with a total cash dividend of 720 million yuan.
Jiugui Liquor Co.Ltd(000799) plans to distribute a cash dividend of 13 yuan (including tax) for every 10 shares, with a total cash dividend of 422 million yuan.
the first quarter ushered in a “good start”
In the first quarter of 2022, the epidemic situation was repeated, bringing various uncertainties to the growth of Baijiu performance. Insiders said that despite the short-term pressure on the industry, the Baijiu head brand will become stronger after the test. According to the disclosed data, the head liquor enterprises withstood the pressure and ushered in a “good start” in the first quarter, laying the foundation for the realization of the annual business objectives.
On the evening of April 26, Kweichow Moutai Co.Ltd(600519) announced the first quarterly report of 2022. In the first quarter, the company achieved an operating revenue of 32.296 billion yuan, an increase of 18.43% year-on-year; The net profit attributable to the parent company was 17.245 billion yuan, a year-on-year increase of 23.58%, which not only exceeded the company’s previous expectations, but also hit a record high in a single quarter.
Wuliangye Yibin Co.Ltd(000858) 4 on the evening of April 28, the first quarterly report of 2022 was released, and the operating revenue in the first quarter of this year was RMB 27.548 billion, a year-on-year increase of 13.25%; The net profit attributable to the parent company was 10.823 billion yuan, a year-on-year increase of 16.08%.
Luzhou Laojiao Co.Ltd(000568) in the first quarterly report of 2022 released on the evening of April 28, the company realized an operating revenue of 6.312 billion yuan in the first quarter of this year, with a year-on-year increase of 26.15%; The net profit attributable to the parent company was 2.876 billion yuan, a year-on-year increase of 32.72%.
In the first quarter of 2022, Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) achieved an operating revenue of 13.026 billion yuan, a year-on-year increase of 23.82%; The net profit attributable to the parent company was 4.985 billion yuan, a year-on-year increase of 29.07%; The non net profit deducted was 4.898 billion yuan, a year-on-year increase of 28.53%. From the feedback from the market side, Yanghe has made a good start in Spring Festival sales Zheshang Securities Co.Ltd(601878) said that the feedback of Yanghe “Dream Blue M6 +” dynamic sales is good, while the dynamic sales of Shuanggou products are strong, becoming the second growth pole of Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) .
Jiugui Liquor Co.Ltd(000799) in the first quarter of this year, the operating revenue was 1.688 billion yuan, with a year-on-year increase of 86.04%; The net profit attributable to the parent company was 521 million yuan, a year-on-year increase of 94.46%.
Hebei Hengshui Laobaigan Liquor Co.Ltd(600559) in the first quarter, the operating revenue was 908 million yuan, with a year-on-year increase of 20.36%; The net profit attributable to the parent company was 266 million yuan, a year-on-year increase of 373.72%.
Huachuang Securities believes that this round of epidemic occurred in the off-season of Baijiu, which had little impact on the whole year. Although the operating pressure in the second quarter was high, a number of liquor companies have made targeted plans, and there is still enough room for adjustment of the annual operating rhythm. Subsequently, with the improvement of the epidemic situation and the implementation of the steady growth policy, the demand for Baijiu industry is expected to pick up marginally in the third and fourth quarters.
Caixuefei, an analyst in the Baijiu industry, told the reporter that under many uncertain factors such as the epidemic situation, last year and the first quarter of this year, the entire Chinese liquor industry was still developing rapidly towards the direction of famous liquor, and the leading liquor enterprises without exception achieved high growth. “We can see an important trend that China’s liquor consumption is developing towards regionalization and quality of production areas. For example, sauce liquor represented by Maotai, Luzhou flavor represented by Wuliangye Yibin Co.Ltd(000858) liquor, fragrance represented by Fen Liquor, fragrance represented by Jiugui Liquor Co.Ltd(000799) liquor, etc. in fact, the quality characteristics and personalized consumption of liquor have been extended to the greatest extent, which is also the inevitable result of the branding and quality of China’s liquor consumption. ”
Cai Xuefei said that the consumption upgrading brought about by the squeezed market of liquor stock has led to a strong differentiation trend in the whole Chinese liquor industry, and the head liquor enterprises have become the direct beneficiaries. The competition in the industry in the future will focus on the concept of brand value and quality.
