On March 7, Kweichow Moutai first disclosed the main operating data from January to February 2022. The company achieved a total operating income of about 20.2 billion yuan, a year-on-year increase of about 20%; net profit was about 10.2 billion yuan, a year-on-year increase of about 20%. Two days later, Shanxi Fenjiu, Jinshiyuan and Jiuguijiu also issued announcements on their business conditions for January and February after the market.
On March 9, Shanxi Fenjiu disclosed that from January to February, the company is expected to achieve a total operating income of more than 7.4 billion yuan, a year-on-year increase of more than 35%; it is expected to achieve a net profit attributable to shareholders of listed companies of more than 2.7 billion yuan, a year-on-year growth rate of more than above 50.
On March 9, Jinshiyuan announced that from January to February, the company achieved a total operating income of about 2.45 billion yuan, a year-on-year increase of about 25%; the net profit attributable to shareholders of the listed company was about 940 million yuan, a year-on-year increase of about 26%. .
On March 10, Jiuguijiu said that the company expects to achieve a total operating income of about 1.4 billion yuan, an increase of about 120% over the same period last year; it is expected to achieve a net profit of about 465 million yuan attributable to shareholders of listed companies, an increase of about 130% over the same period last year. .
Judging from the performance of the four listed liquor companies, from January to February, their revenue and net profit growth both achieved double-digit or even triple-digit growth. Shanxi Fenjiu, Jinshiyuan and Jiuguijiu surpassed the performance of the first quarter of 2021 in terms of revenue and net profit, setting the best performance in history, and the “good start” also released “good” signals.
01. What are the reasons for the urgent disclosure of performance?
It is understood that Kweichow Moutai, Shanxi Fenjiu, Jinshiyuan and Jiuguijiu are the first to disclose the main monthly operating data. Among them, Maotai, as the company with the highest market value in the two cities, is also the first company to actively report performance in this round of adjustment.
It is worth mentioning that while the four wine companies urgently disclosed their monthly operating data, Wuliangye also urgently disclosed the 2021 annual performance forecast on the evening of the 9th. During the reporting period, the company achieved revenue of about 66.2 billion yuan, a year-on-year increase of about 15%. ; Net profit was about 23.350 billion yuan, a year-on-year increase of about 17%. In 2020, Wuliangye’s revenue was 57.321 billion yuan, and its net profit was 19.955 billion yuan. Five listed companies urgently disclose operating results, what are the reasons?
First of all, actively “protecting the market” injects a “strengthening shot” for the recent abnormal fluctuations in the capital market. Tian Zhuopeng, chairman of Beijing Zhuopeng Strategic Consulting Agency, said: “Affected by the market, the market has plummeted in recent years. Kweichow Moutai, Shanxi Fenjiu, and Jinshiyuan, as important components of A-shares, have the responsibility and obligation to build the confidence of shareholders, and for the first time disclose the monthly The main operating data is actually to boost confidence in the broader market.”
Secondly, the disclosure of high growth data countered the false remarks in the industry and boosted the confidence of the wine industry. Recently, there has been a lot of news that some leading liquors have a poor first quarter and stagnant sales in the first quarter, but the four liquor companies have effectively responded to the “bearish remarks” with performance data. Steady growth of operating data is undoubtedly the best “stabilizer”, conveying confidence for the development of the wine industry.
Finally, voluntary information disclosure as a listed company is further strengthened based on listing supervision. As early as March 2021, the China Securities Regulatory Commission revised and issued the “Administrative Measures for Information Disclosure of Listed Companies” in response to the chaos in the regulatory practice of information disclosure of listed companies, and encouraged listed companies to disclose information in a more adequate and transparent manner. Since entering 2022, many listed companies have disclosed their information in a timely manner, and the transparency of information disclosure in the A-share market has been further improved. Judging from the more standardized and transparent performance of listed companies, the information disclosure of listed companies has become normalized.
02. Behind the surge in performance: the intensification of the differentiation of the wine industry
In the view of Wejiu, the good performance in January and February is inseparable from the fact that four wine companies have made arrangements for the Spring Festival peak season in advance in the market. Kweichow Moutai said that during the Spring Festival in 2022, the sales momentum of the company’s products is improving, and the market is showing a booming trend; Jin Shiyuan also believes that the company’s product sales will grow better during the Spring Festival in 2022. Shanxi Fenjiu announced that in 2022, the company will continue to gather brand potential to improve operational efficiency in an all-round way, overcome the impact of the epidemic in each sales area, and make arrangements for the Spring Festival peak season ahead of schedule, and the overall market sales will be good.
On the other hand, thanks to the concentration of industry advantageous resources in leading famous wine companies and high-end brands in recent years. With the continuous rationality and maturity of consumption concepts, the unique social attributes of famous liquor have become an indispensable element of modern consumption, and the advantages of leading famous liquor companies are further highlighted. Intuitive data shows that the growth data of high-end and sub-high-end products of famous wine companies are very impressive. Needless to say, Feitian Moutai, which is in the seller’s market, this year’s newly launched “Moutai 1935” has also attracted dealers in the thousand-yuan price band.
Fenjiu said that during the Spring Festival, mid-to-high-end products such as the blue and white Fenjiu series achieved substantial growth, and both operating income and net profit achieved the best level in history.
In the 2021 performance forecast, Jin Shiyuan stated that the sales of the company’s “special A+” products (referring to liquor products with an ex-factory guide price of more than 300 yuan including tax) are growing well, and the revenue growth rate is expected to exceed 35%, accounting for a further increase in the company’s revenue. , up to about 65%…
In the opinion of Cai Xuefei, general manager of Zhiqu Consulting, the growth of leading wine companies may only be a manifestation of the strong differentiation trend of Chinese wine, and does not represent the improvement of the entire industry. A large number of regional wine companies and non-famous wines are still facing severe challenges in the past two years. business challenges. At the same time, we must also rationally see that this is not only the performance of famous wines in January and February, but actually represents a structural upgrade of Chinese liquor consumption since the second half of last year.
“As the entire Chinese alcohol consumption enters the stock market, the competition in the future must be that famous wines squeeze non-famous wines. With the expansion of the mid-to-high-end alcohol consumption market, a large number of terminal markets will continue to shrink. Famous wines and regional small and medium-sized wine companies may be eliminated in large numbers from the market. Especially from the perspective of the production capacity of the entire industry in recent years, the production capacity of famous wines has been increasing, but the production capacity of the public is actually declining rapidly.” Cai Xuefei further explained.
03. What signal is released?
The high growth in performance from January to February shows that leading wine companies and regional high-quality leaders have achieved a “good start” in 2022, laying the foundation for the realization of the annual goal and strengthening the confidence in market development. At the same time, the stable and upward fundamentals also indicate the general trend of long-term prosperity and continuous positive development of the liquor industry.
Some industry observers said: “As a local representative wine company, including the famous wine industry, it has an inescapable responsibility in stabilizing the panic in the industry and maintaining the overall interests of the industry, and their positive reports can also boost the market to a certain extent. confidence.”
As of March 10, 36 listings in the A-share market have released monthly data for the first time. In addition to liquor, there are more than 20 sub-sectors such as semiconductors, photovoltaics, logistics, and energy securities. This background may be based on the sluggish performance of A-shares this week.
Since the opening of this week, the three major indexes have fallen dramatically, and northbound funds have sold higher. Affected by multiple factors such as the conflict between Russia and Ukraine, the expectation of consumption tax, and the interference of the epidemic, liquor stocks fell even more seriously, and the market sentiment was pessimistic. As leading companies release signals of steady growth, they will undoubtedly play a “fixing star” role in an industry where uncertainties are fluctuating.
On March 10, the liquor sector rose strongly after the market opened, and the Golden Seed Wine went to the daily limit. Kweichow Moutai, Shanxi Fenjiu, Jinshiyuan, Jiuguijiu, etc. followed suit. As of the close of the day, Kweichow Moutai rose 0.86%, Shanxi Fenjiu rose 7.32%, Jinshiyuan rose 3.69%, and Jiuguijiu rose 7.28%.Return to Sohu, see more
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