Weekly News Express
Industry news: Bureau of Statistics: in 2021, the per capita consumption expenditure of food, tobacco and alcohol of residents in China was 7178 yuan (+ 12.2%), accounting for 29.8% of the per capita consumption expenditure. In March, the national consumer price was the same as + 1.5%, and the price of food, tobacco and alcohol was the same as – 0.3%.
Company news: 1) Kweichow Moutai Co.Ltd(600519) : I Maotai launched Tencent wechat platform and Sina Weibo. Health wine industry plans to transfer 40% equity of platinum wine; 2) Wuliangye Yibin Co.Ltd(000858) : the first phase of the high-quality multiplication project started on September 9, with a total investment of 20 billion and a planned land area of 3250 mu.
Key information feedback this week
Kweichow Moutai Co.Ltd(600519) : the total revenue of 2022q1 was 33.187 billion yuan, an increase of 18.3% at the same time; The revenue was 32.296 billion yuan, an increase of 18.43% at the same time; The net profit attributable to the parent company was 17.245 billion yuan, an increase of 23.58%. Business objectives for 2022: first, the total operating revenue increased by about 15% over the previous year; Second, 6.969 billion yuan was invested in capital construction. In 2022q1, the revenue of Maotai liquor was 28.86 billion yuan (an increase of 17.4%) and that of series liquor was 3.428 billion yuan (an increase of 30%). Sub channels: direct sales channels were 10.887 billion yuan, with an increase of 128%, accounting for 33% (with an increase of 16pct); Wholesale channels reached 21.4 billion yuan, a decrease of 5% over the same period. “I Maotai”, launched at the end of March, currently has four products: 53 ° 500ml Kweichow Moutai Co.Ltd(600519) liquor (year of the renyin tiger), 53 ° 500ml Maotai 1935, 53 ° 375ml 2 (year of the renyin tiger), 53 ° 500ml Kweichow Moutai Co.Ltd(600519) liquor (treasures). During the 14th Five Year Plan period, the optimization and adjustment of Maotai was an important focus, which was mainly divided into price adjustment, product structure adjustment and channel structure adjustment. In terms of price, the wholesale price of whole Mao and scattered Mao is expected to continue to narrow. We expect Maotai to raise the price at least once during the 14th Five Year Plan period. In terms of product structure, we believe that the company will continue to adjust the proportion of non-standard products to drive the increase of ton price; The product structure of series liquor will continue to be optimized, the internal implementation of the “large single product” strategy, and the “1 + n” large single product group with Maotai Prince liquor as the core. The adjustment of channel structure is another important focus during the 14th Five Year Plan period. In the future, the dealer quota will remain unchanged, and the company will focus on developing direct channels (including self-supporting, e-commerce, supermarket and enterprise group purchase).
Wuliangye Yibin Co.Ltd(000858) : the revenue of 2022q1 was 27.548 billion yuan (with an increase of 13.3%), and the net profit attributable to the parent company was 10.823 billion yuan (with an increase of 16%). During the 14th Five Year Plan period, the group achieved the development goal of “5111”: 1) breaking into the world’s top 500; 2) The sales revenue of the main business of the wine industry has exceeded 100 billion; 3) The sales revenue of diversified industries has exceeded 100 billion; Strive to build a world-class wine enterprise with excellent products, excellent brands, leading innovation and modern governance. (1) the company’s target of “production capacity of 2.11 million tons of raw liquor” has been achieved; 2) The storage capacity of base liquor reaches 1 million tons; 3) Sales revenue exceeded 100 billion; 4) The total profit reached 80 billion yuan. Business objective for 2022: the total operating revenue will continue to maintain a double-digit steady growth. Four highlights of the company in the future:
1) the “1 + 3” product system of the main brand remains unchanged, continue to promote the established strategy and promote the classic Wuliangye Yibin Co.Ltd(000858) development. 2) In terms of channels, continue to promote group purchase channels. Further expand 8 highland markets and 14 provincial capital level key markets in Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Hangzhou, Nanjing and Zhengzhou. 3) In terms of wine series, focus on resources to build four national strategic brands: Jianzhuang, wuliangchun, wuliangchun and wuliangtequ, and strive for sales of more than 20 billion yuan during the 14th Five Year Plan Period: Jianzhuang’s target of 10 billion yuan, wuliangchun and wuliangchun’s target of 5 billion yuan and wuliangtequ’s target of 2 billion yuan. 4) At present, the wholesale price of Maotai is steadily above 2500 yuan. The Wuliangye Yibin Co.Ltd(000858) wholesale price will stand firm in 2022. There is no problem with the price band of 1000 yuan. It is expected to continue to rise both in volume and price, with high performance certainty.
Luzhou Laojiao Co.Ltd(000568) : the revenue of 2022q1 is 6.312 billion yuan (with an increase of 26%), and the net profit attributable to the parent company is 2.876 billion yuan (with an increase of 33%). Business plan for 2022: strive to increase operating revenue by no less than 15% at the same time. Five highlights of the company in the future: 1) brand side: Guojiao 1573 and Luzhou Laojiao Co.Ltd(000568) dual brand strategy, and Guojiao 1573 is marketed through Guojiao Hui and other circles Luzhou Laojiao Co.Ltd(000568) brand revival. 2) Product side: focus on five single products, and Guojiao and Tequ continue to make efforts. 3) Price side: Guojiao follower strategy is expected to enter the price band of 1000 yuan in the future, and Tequ is expected to enter the price band of 300 yuan. 4) Channel side: the effect of brand franchise mode is remarkable, and the extensive operation has changed to fine operation. The company implements the brand franchise mode, establishes three brand franchise companies, and focuses on fine operation of products. 5) Regional expansion: make up for weaknesses in nationalization, continue to fight and move eastward and southward at the same time. The company’s traditional advantageous regions southwest, central China and North China account for more than 85%.
Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) : the revenue of 2022q1 was 13.026 billion yuan, an increase of 23.82% at the same time; The net profit attributable to the parent company was 4.985 billion yuan, an increase of 29.07%. Business target for 2022: achieve the same increase of operating revenue by more than 15%. 2022 business plan: 1) product driven, with the work goal of “clearer product line, more focus on leading products, simultaneous appearance of high-end products and new planning of old famous wines”; 2) Promote marketing, realize the sinking of marketing institutions, and focus on nationalization and high-end; 3) Brand promotion, adhering to the “four high” principle of “high occupancy, high difference, high resonance and high reputation”; 4) Driven by organization, build a talent team for secondary entrepreneurship. Four highlights of the company in the future: 1) M6 + is the future power engine of the company. Through M6 + in large quantities, we can achieve two goals: the sales caliber and financial caliber exceed 10 billion yuan; 2) The price band of M3 crystal bottle is 400500 yuan, which is expected to accelerate the recovery. Haizhilan and tianzhilan ensure the basic stability of the market, and the price band moves up (it is expected that haizhilan is 150200 yuan and tianzhilan is Shenzhen Jt Automation Equipment Co.Ltd(300400) yuan); 3) Revive Shuanggou brand, and the sales of Shuanggou is expected to exceed 10 billion in the future; 4) At present, Guizhou guijiu (purchased by Yanghe in June 2016) is expected to take a share and achieve rapid development. With m6+ gradually becoming the company’s new power engine, it will continue to consolidate the company’s top three position in Baijiu, and also provide a certain opportunity for the company to enter the high-end liquor camp.
Jiugui Liquor Co.Ltd(000799) : the total operating revenue of 2022q1 is 1.688 billion yuan (an increase of 86%); The net profit attributable to the parent company was 521 million yuan (an increase of 94.5%). The internal staff has successfully gone out of the province, and the investment promotion layout outside the province continues. East China is expected to become the company’s next granary. In the next 3-5 years, the company will take scale as an important assessment index, in which the internal reference will play the role of power engine, and will spare no effort to sprint for the short-term goal of 3 billion, medium-term goal of 5 billion and long-term goal of 10 billion, and the medium-term goal will be achieved soon. We expect that the product structure of the company in the future will be internal reference: drunkard series: Xiangquan = 4:5:1. Business plan for 2022: Products: 1) focus on value single products, limit and reduce inefficient SKUs, and strengthen the image of large single products; 2) From product positioning, selling point refining, design and development, value chain management to the logical embodiment of market strategy. In terms of market: 1) in terms of channel, the core terminal of the target base market is “intensive cultivation”, building 1 billion yuan provincial market, creating 3 base markets of more than 500 million yuan, strengthening the base market and breaking through the highland market; 2) Marketing to the front, middle and back “full flowering” transformation, adhere to the development strategy of big business and excellent business.
Anhui Gujing Distillery Company Limited(000596) : the revenue of 2022q1 was 5.274 billion yuan (with an increase of 27.7%), the net profit attributable to the parent company was 1.099 billion yuan (with an increase of 34.9%), and the deduction was 10.90 yuan (with an increase of 36%). The performance in the first quarter exceeded the expectation. Business plan for 2022: the planned operating revenue is 15.3 billion yuan, an increase of 15.30% at the same time; The total profit was 3.55 billion yuan, an increase of 11.94%. The company acquired laomingguang liquor industry in the province last year, with the intention of strengthening the leading position in the province and continuing to reap the market share of products with a price of less than 100 yuan in the province. At present, the 1000 yuan price band is expanding and rising. The company has a firm strategy to promote the secondary high-end GU20, and actively reserve high-end products such as antique New Year’s Eve. Business measures in 2022: 1) marketing: firm the strategy of “nationalization and secondary high-end”, and promote the re optimization of product structure and market structure. 2) Information construction: build Gujing “5g + industrial Internet” lighthouse factory and comprehensively promote Gujing’s digital transformation. 3) We will improve the incentive mechanism and continue to promote the “independent legal person system” and “mass entrepreneurship and innovation platform”.
Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) : the revenue of 2022q1 is 10.53 billion yuan (with an increase of 44%), and the net profit attributable to the parent company is 3.71 billion yuan (with an increase of 70%). Business target for 2022: strive to increase revenue by about 25%. In 2022, the company will continue to focus on the blue and white series, hold high and fight high, and Bofen will continue to control the quantity; Focus on three indicators: the first is the sales index of Qinghua Fen Liquor, the second is the terminal index of Qinghua 20, and the third is the index of Qinghua Fen Liquor opinion leader group. We believe that the company’s five highlights in the future: 1) build a 2 + 2 brand, in which the first 2 refers to Fenjiu and Zhuyeqing, and the second 2 refers to Xinghua village brand and series brand. 2) It is a big health industry platform with Zhuyeqing as the core. Zhuyeqing is a core brand built by the company in the future and is expected to be large-scale in the future. 3) Under the product strategy of “grasping both ends and strengthening the waist”, the blue and white series continues to enhance the brand strength of the company. The blue and white 30 · revival version seeks to bring large quantities of single products at a price of 1000 yuan, and Bofen consolidates the large single products at a price of 40-60 yuan, so as to strengthen the competitiveness of products from laobaifen and Panama. 4) The regional expansion will implement the “1357” nationwide layout, and gradually build the marketing organization structure of 31 provinces and regions + 10 directly under the management areas. During the 14th Five Year Plan period, the proportion of revenue inside and outside the province is expected to increase from the current 4:6 to 3:7 in the future. 5) With the gradual completion of the company’s layout, the optimization of product structure and the deepening of national layout, the company’s net interest rate under the scale effect is expected to increase from more than 20% at present to more than 30% in the future.
Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) : the revenue of 2022q1 is 2.988 billion yuan (with an increase of 24.7%), and the net profit attributable to the parent company is 1.002 billion yuan (with an increase of 24.5%). The gross profit margin of 2022q1 was 74.3% (increased by 1PCT at the same time), which was caused by the continuous optimization of product structure, especially the upgrading of Guoyuan Sikai. The net interest rate of 2022q1 is 33.55% (with a decrease of 0.1pct), which is mainly due to the same increase of 1.2pct in the sales expense rate. 2022 plan: the revenue target of 2022 is 7.5 billion yuan to 8 billion yuan, that is, the revenue growth rate is 17% – 25%; The net profit target is 2.25 billion yuan – 2.35 billion yuan, that is, the net profit growth rate is 11% – 16%. The equity incentive scheme is expected to accelerate its implementation in the first half of 2022. Three highlights of the company in the future: first, the 10 billion target of V Series in the next decade, and the price band of 600700 yuan for V3 and competitive M6 + advance card; Southern Jiangsu is expected to grow by nearly 4 billion in the future, with a large growth space of nearly 4 billion; Third, the proportion outside the province in the 14th five year plan accounts for more than 20%, and the expansion outside the province is a must for the company to open the ceiling.
Anhui Kouzi Distillery Co.Ltd(603589) : the revenue of 2022q1 was 1.312 billion yuan, an increase of 11.8% at the same time; The net profit attributable to the parent company was 485 million yuan, an increase of 15.53% at the same time. During the 14th Five Year Plan period, the company focused on the implementation of the “six improvements” plan, continued to promote the construction of phase I and phase II projects of kouzi Industrial Park, and accelerated the realization of the strategic goal of “10 billion kouzi”. At present, the gradual reform of the company needs time to test: in terms of equity incentive, we expect that equity incentive is expected to be implemented in 2022. In terms of products, the price bands of early summer, mid autumn and Jianxiang 518 supplement and card slot for 6 years, 10 years, 20 years and 30 years are added. It is expected that Jianxiang 518 is expected to become another big single product of the company. In terms of organizational structure, the number of terminal push personnel has increased significantly compared with the past, and manufacturers began to go directly to the terminal to grasp the latest market trends. In terms of channels, strengthen the management and assessment of dealers, and require dealers to set up new teams for channel promotion with the help of new products in early summer and mid autumn. In terms of market construction, strictly implement the “one place, one policy” and focus on building a market pattern dominated by group purchase channels and supplemented by traditional channels. In terms of regional expansion, the market in the province is stable and “basic”; For markets outside the province, seize the development opportunities of the Yangtze River Delta, Beijing Tianjin Hebei and Dawan District, strengthen the operation of group purchase channels, and constantly expand the “growth area” outside the province.
Anhui Yingjia Distillery Co.Ltd(603198) : the revenue of 2022q1 was 1.576 billion yuan, an increase of 37.23% at the same time; The net profit attributable to the parent company was 550 million yuan, an increase of 49.07% at the same time. The company focuses on the “223” marketing strategy: first, in terms of team building, optimize the organizational structure, salary scheme and incentive mechanism. Second, in terms of product management, we focused on the ecological cave collection series, created the key market of cave collection products, and the market share of cave collection products increased rapidly. At present, in the Dongzang series, dong6 and dong9 are expected to account for about 80%, and Dong16 and dong20 are expected to increase rapidly in the next 3-5 years. In 2022, we will focus on promoting the master version and Dongzang series products, especially the investment promotion layout of Dongzang 16 and 20. Third, in terms of channel construction, focus on promoting the transfer of channel focus; Targeted matching of operation schemes for tobacco and alcohol stores, banquets, hotels, group purchases and other channels; Strengthen the intensive cultivation of various channels of dealers, increase the breadth and depth of channels, and coordinate the balanced development of the market; Enhance the performance contribution of single stores, dig deep into the offline resources of channel outlets, and focus on cultivating tasting consultants and consumption leaders.
Jinhui Liquor Co.Ltd(603919) : the revenue of 2022q1 was 706 million yuan, an increase of 38.8% at the same time; The net profit attributable to the parent company was 165 million yuan, an increase of 43% at the same time. Target for 2022: the company strives to achieve a revenue of 2.5 billion yuan, an increase of 40% at the same time. Four highlights of the company in the future: first, it is expected that the market share in the province is expected to increase to more than 30%, which comes from weak areas in the province, such as the western region of Gansu Province, which continues to make up for weaknesses and harvest the share of other small brands in the province; Second, the proportion of products above 100 yuan continues to increase, and is expected to increase to more than 60% in the future; Third, the main strategy of expansion outside the province is “Echelon rolling development and asymmetric marketing”, and the northwest region is expected to accelerate expansion and increase market share; Fourth, the Company re launched the “longnanchun” brand and positioned the products above the secondary high-end. At present, the wine body has been prepared, and the product is expected to be in large quantities in the future.
Xinjiang Yilite Industry Co.Ltd(600197) : 2022q1 revenue of 624 million yuan (with an increase of 15%) and 108 million yuan (with a decrease of 17.6%). Business target for 2022: strive to reach 2.35 billion yuan (with an increase of 21.3%) and a total profit of 550 million yuan (with an increase of 20%). At present, the company’s Xinjiang Yilite Industry Co.Ltd(600197) kekekedala technology R & D center and supporting facilities construction project, kekekedala Xinjiang Yilite Industry Co.Ltd(600197) brewery relocation technology transformation project and Xinjiang Yilite Industry Co.Ltd(600197) headquarters brewing technology transformation construction project have been fully completed, the first batch of products of the full-automatic packaging production line of the packaging workshop of the fourth brewery have been offline, and the fifth brewery has officially released wine. Xiaoqu liquor workshop with an annual output of 5000 tons fills the gap of fragrance products of the company. The company plans to build Xinjiang Yilite Industry Co.Ltd(600197) Caohu Liquor Culture Industrial Park in Caohu economic and Technological Development Zone of the 41st regiment of the third division of Xinjiang production and Construction Corps, covering an area of about 130 Mu and an investment of 293 million yuan. During the year, it is planned to invest 21 million yuan in the fifth brewery to build a new taotan wine storage, with a construction area of 5000 square meters and a wine storage capacity of 1150 tons. With an investment of 11 million yuan, the pit mud cultivation workshop of the third Brewery will be built, with a construction area of 1260 square meters, and the water circulation system of the fourth and fifth breweries will be built.
Foshan Haitian Flavouring And Food Company Ltd(603288) : in 2022q1, the revenue was 7.210 billion yuan (+ 0.72%), and the net profit attributable to the parent company was 1.829 billion yuan (- 6.9%)
