今年5月，迎驾贡酒对外披露了2024年财务预算目标：营业收入80.64亿元，同比增长约20%，净利润28.66亿元，同比增长约25%。如今回头来看，迎驾贡酒上半年业绩增速超出目标指引。① In H1 2024, the net income of Yingjia Gongjiu slightly exceeded the forecast of most brokerages and also exceeded the target guidance given by the company at the beginning of the year. ② By the end of June this year, Yingjia Gongjiu's contract liabilities were about 0.462 billion yuan, a decrease of about 37% year-on-year. ③ Yingjia Gongjiu announced the acquisition of Wubao Optoelectronics, a holding shareholder, for a price of 0.126 billion yuan, which is almost irrelevant to its main business.
On August 16th, Caixin reported (Reporter Zhu Wanping) that benefiting from factors such as product structure upgrades, "the second largest brand in Huizhou liquor", Yingjia Gongjiu (603198. SH) H1 2024 net profit slightly exceeded the forecast of most brokerages and also exceeded the company's target guidance at the beginning of the year. However, by the end of June this year, the company's contract liabilities decreased by about 37% year-on-year, which seems to show that the dealers of Yingjia Gongjiu are biased and cautious under the background of consumption pressure.
Tonight, Yingjia Gongjiu released its 2024 interim report. In the first half of the year, Yingjia Gongjiu achieved revenue of 3.785 billion yuan, a YoY growth of 20.44%; net profit attributable to shareholders was 1.379 billion yuan, a YoY increase of 29.59%. The company stated that the main reason for the revenue growth was the increase in income of middle and high-end Baijiu products represented by the Dongcang series.
In May of this year, Yingjia Gongjiu disclosed its financial budget target for 2024: operating income of 8.064 billion yuan, a YoY growth of about 20%, and a net profit of 2.866 billion yuan, a YoY growth of about 25%. Now looking back, Yingjia Gongjiu's performance in the first half of the year exceeded the target guidance.
Overall, Yingjia Gongjiu's net income exceeded most brokerage expectations last year. According to Caixin reporters' statistics, at present, including Caitong Securities, Guotai Junan, China Merchants Securities, HTSC, Guosen Securities, there are 9 brokerages that have made predictions for Yingjia's net profit in the first half of the year, with a predicted YoY increase of 25.2%-29%.
By product, in the first half of this year, the revenue of middle and high-end Baijiu of Yingjia Gongjiu, such as Dongcang series, Jinxing series, and Yinxing series, was 2.95 billion yuan, a YoY increase of about 24.52%; ordinary Baijiu, such as Bai Nian Yingjia Gong series, Zaofang series, etc., achieved revenue of 0.669 billion yuan, a YoY increase of 9.31%. With the growth of Dongcang series products, the proportion of middle and high-end Baijiu increased to 81.5%.
Contractual liabilities are an important reference index for the performance of liquor companies, showing the sustainable growth potential of a liquor company. By the end of June this year, Yingjia Gongjiu's contract liabilities (prepayment of goods + unsettled discounts) were 0.462 billion yuan, a YoY decrease of 37.04%. The company stated that this was mainly due to the settlement of payments.
By region, the market in Anhui province is still the absolute stronghold for Yingjia Gongjiu. In the first half of this year, the company achieved sales revenue of 2.686 billion yuan in Anhui Province, a YoY increase of 27.58%, exceeding the overall revenue growth. This also led to an increase in Yingjia Gongjiu's market share in the province to 74%.
"In the Anhui market, Yingjia Gongjiu provides channel profits larger than Gujing Gongjiu. Therefore, many liquor merchants are willing to promote Yingjia Gongjiu. In the past, Gujing Gongjiu used the so-called 'buyout' strategy for some liquor merchants, which means that they are not allowed to sell Yingjia Gongjiu if they sell Gujing Gongjiu. However, with the rise of Yingjia Gongjiu in recent years and the more generous channel profit, they can't stop some liquor merchants from "secretly" selling Yingjia Gongjiu." said a local liquor merchant in Anhui to Caixin reporters. However, compared with Gujing Gongjiu, which is one of the eight most famous Chinese Baijiu brands, Yingjia Gongjiu is obviously weaker in terms of accumulation, and may face some ceiling in Anhui province in the future.
It is worth mentioning that in early August, Yingjia Gongjiu announced the acquisition of 100% equity of Wubao Optoelectronics, a holding shareholder, for a price of 0.126 billion yuan. Wubao Optoelectronics is a functional glass manufacturer, with its products including smart home glass and optical glass used in mobile phones and tablets, which has almost nothing to do with Yingjia Gongjiu's main business. Last year, Wubao Optoelectronics had a net loss of -5.455 million yuan; in the first four months of this year, Wubao optics had a net profit of 3.0203 million yuan.