水井坊这份财报超出多数券商预期。据财联社记者统计，目前包括浙商证券、国泰君安、招商证券、广发证券、华创证券等7家券商，对水井坊Q2业绩进行预测。除浙商证券给出“高增”预测外，其余对水井坊Q2净利润增长预计在5%~10%。今日水井坊股价开盘一度上涨超6%，截至发稿涨幅回落至3%左右。① Shuijingfang said that overall sales in the first half of this year were in line with the company's expectations, and both revenue and net profit are expected to increase throughout the year. ② Shuijingfang said that the current inventory level of terminal stores is normal, but dealer inventory is high, especially at the provincial level, but it is still within the company's internal control level. ③ Hu Tingzhou, the new general manager of Shuijing Fang, said that while deepening the high-end, it will participate more in competition in the mass price band.
Financial Services Association, July 29 (Reporter Zhu Wanping) “Overall sales for the first half of this year were in line with the company's expectations.” Jiang Wei, general manager of the Core Products Division, said at the Shuijingfang (600779.SH) investor conference held this morning. Facing the current environment of weak consumption and increased competition, the company expects the company to achieve both revenue and net profit growth throughout this year.
Earlier, Shuijingfang disclosed that the company achieved revenue of 1.719 billion yuan in the first half of this year, an increase of 12.57% over the previous year, and net profit to mother of 0.242 billion yuan, or 19.55% compared to the same period last year. Looking at the second quarter alone, Q2 of this year achieved revenue of 0.785 billion yuan, a year-on-year increase of 16.62%, and net profit to mother of 0.056 billion yuan, an increase of 29.60% year-on-year.
Mizuijingfang's financial report exceeded the expectations of most brokerage firms. According to statistics from the Financial Federation reporter, there are currently 7 brokerage firms, including Zheshang Securities, Cathay Pacific Junan, China Merchants Securities, GF Securities, and Huachuang Securities, predicting Shuijingfang's Q2 performance. In addition to the “high growth” forecast given by Zheshang Securities, the net profit for Shuijingfang is expected to increase by 5% to 10% in Q2. Today, the stock price of Shuijingfang once rose by more than 6% at the opening of the market. As of press time, the increase has fallen back to about 3%.
(Photo by Zhu Wanping, reporter from Shuijingfang Jingtai and Zhenjiang No. 8 Product Finance Association)
By product, Jiang Wei revealed at the performance exchange meeting that in the first half of this year, Shuijingfang's core single product, Zhenjiang No. 8 (in the 300-400 yuan price range), maintained its growth momentum and became the company's core growth driver; however, Jingtai and above products (price range above 500 yuan) faced some challenges in the current environment, but they are still growing.
Looking at the market segment, Jiang Wei said that in the first half of this year, the company's eight core markets led the growth in performance; among emerging markets, Inner Mongolia is growing rapidly and has already entered the top eight markets. “Performance across regions is showing a divergent trend. Overall, the Northern Region, Central South Region, and Southwest Region will perform better.” Jiang Wei said.
Looking at the scenario, Jiang Wei said that although the overall performance of the banquet market was relatively weak in the first half of the year, Shuijing Fang's performance increased steadily and slightly. “The wedding reception scene has declined this year, but we made early plans for the college entrance banquet market, and I believe we can gain more share this year.” Jiang Wei said.
Regarding channel inventory, Shuijingfang said that currently the inventory level of terminal stores is normal, but dealer inventory is high, especially at the provincial level. This is mainly affected by factors such as early preparation during the Mid-Autumn Festival, but dealer inventory remains within the company's internal control level.
Regarding the annual performance outlook, Jiang Leifeng, financial director of Shuijingfang, said that the Q3 company had a high performance base last year, but so far, the company's annual performance outlook has remained unchanged. “I believe that through hard work, the company can maintain growth in both main business revenue and net profit throughout the year.” Jiang Leifeng said.
At this exchange meeting, Hu Tingzhou, the new general manager of Shuijing Fang, also met investors for the first time. He said that in the past two weeks, the main focus of his work was still to sort out and familiarize himself with all aspects of the company's situation, think more about how to continue to cultivate the high-end market and achieve high growth while better participating in the market competition in the mass consumer price band, better matching brands, channels and consumption scenarios, and further building a team culture of solidarity and collaboration and focusing on talent incentives.
In the current market environment, Shuijing Fang also plans to inject more resources into the mass market. “Tianhao Chen products in the company's popular price range currently have a low base, and the growth rate was relatively fast in the first half of this year. In the second half of the year, the company will also increase investment from the current level, and it is expected that Tianhao Chen's growth rate will reach 30% this year.” Jiang Wei said.
Regarding the liquor industry, Hu Tingzhou judged that currently the liquor industry is still in an adjustment cycle, stock competition is more intense, and the market is rapidly concentrating on famous wine companies and advantageous production areas.
