Event description
Guizhou Moutai released its mid-2022 report: the total revenue of Guizhou Moutai in the first half of 2022 was 59.444 billion yuan, an increase of 17.2% over the same period last year. The net profit was 29.794 billion yuan, an increase of 20.85% over the same period last year, and the deduction of non-net profit was 29.763 billion yuan, an increase of 20.75% over the same period last year. The total operating income in the second quarter was 26.256 billion yuan, an increase of 15.89% over the same period last year, and the net profit was 12.549 billion yuan, an increase of 17.29% over the same period last year. The deduction of non-net profit was 125.2 yuan, an increase of 17.23%.
Event comment
Maotai achieved steady growth in the first half of the year, demonstrating its strong anti-risk ability. The total revenue of Guizhou Moutai in the first half of 2022 was 59.444 billion yuan, an increase of 17.2% over the same period last year. The net profit was 29.794 billion yuan, an increase of 20.85% over the same period last year, and the deduction of non-net profit was 29.763 billion yuan, an increase of 20.75% over the same period last year. The total operating income in the second quarter was 26.256 billion yuan, an increase of 15.89% over the same period last year, and the net profit was 12.549 billion yuan, an increase of 17.29% over the same period last year. The deduction of non-net profit was 125.2 yuan, an increase of 17.23%. In the first half of the year, under the influence of external factors, liquor consumption was under pressure as a whole, but Maotai still maintained double-digit steady growth, showing a strong anti-risk ability.
In the first half of the year, the series of wines grew rapidly, and the proportion of direct sales channels continued to increase. In terms of products, the income of Maotai liquor in the first half of the year was 49.965 billion yuan, an increase of 16.33% over the same period last year, and that of series liquor was 7.598 billion yuan, an increase of 25.37% over the same period last year. In terms of different channels, the revenue of direct selling channels reached 20.949 billion yuan in the first half of the year, an increase of 120.42 percent over the same period last year, and the proportion of revenue reached 36.39 percent, another record high. the revenue of wholesale agency channels reached 36.614 billion yuan in the first half of the year, down 7.32 percent from the same period last year. It is mainly due to the impact of external factors on traditional channels and the company's initiative to adjust the channel structure.
Profitability has improved steadily and cash flow has been disturbed by short-term factors. In the first half of 2022, the net interest rate of Guizhou Moutai was increased by 1.51pct to 50.12%, gross profit margin + 0.7pct to 92.35%, and the expense rate during the period-1.12pct to 7.62%, with detailed changes: sales expense rate (- 0.01pct), management expense rate (- 0.76pct), R & D expense rate (+ 0.06pct), financial expense rate (- 0.4pct), and business tax and additional accounts for 14.66% (+ 0.94pct). In 2022, Q2 Guizhou Moutai net interest rate increased 0.57pct to 47.79%, gross profit margin + 0.73pct to 92.07%, period expense rate-1.45pct to 8.32%, including detailed changes: sales expense rate (+ 0.52pct), management expense rate (- 1.82pct), R & D expense rate (+ 0.1pct), financial expense rate (- 0.25pct), business tax and additional share (+ 2.86pct). The negative net cash flow from the company's operating activities in the first half of 2022 was mainly due to the decrease in the net increase in customer deposits and interbank deposits and the net increase in deposits in the central bank and interbank deposits of Guizhou Moutai Group Finance Co., Ltd., the holding subsidiary of the company.
The development potential of Maotai is upward, and the pace of reform is accelerated. Over the past year, many positive changes have taken place in Maotai, and the development potential has continued to make progress. The product end has successively launched Maotai 1935, rare Maotai, Tiger year Xiao Liquor and other products, the product matrix has been continuously improved; the channel side continues to increase the construction of direct channels, and the launch of e-commerce channels has enriched the sales channels of Maotai. It is expected that the reform of Maotai will continue from many dimensions, which constitutes an inexhaustible driving force for the development of Maotai. The company is expected to have an EPS of 50.30, 58.60, and 67.26 yuan in 2024, corresponding to the latest PE of 37-32-28, maintaining a "buy" rating.
Risk hint
1. Industry demand is less than expected risk
2. Competition aggravates risks and so on.