① Furui Gongjiu's performance in the first half of the year was in line with the estimates of most brokerage firms, and also met the revenue target growth rate guidelines set at the beginning of the year. ② In the first half of the year, the tonnage price of Gujing Gongjiu's vintage puree series increased 5.56% year on year. The tonnage price of Gujing Gongjiu series products remained flat, and the tonnage price of Yellow Crane Tower and other products increased 22.34% year on year. ③ As of the end of June this year, Gujing Gongjiu's contract debt was 2.218 billion yuan, a year-on-year decrease of 26.68%.
Financial Services Association, August 31 (Reporter Zhu Wanping) Benefiting from the sharp rise in the volume and price of the core product, Gujing Gongjiu (000596.SZ) in the first half of the year's performance was in line with most brokers' estimates, and also met the revenue target growth rate guidelines given at the beginning of the year. However, as of the end of June this year, the company's contract debt fell by about 27% year on year. This shows that in the context of weak consumption, dealers' willingness to buy goods has changed.
Last night, Gujing Gongjiu released its 2024 semi-annual report. In the first half of this year, the company achieved total revenue of 13.806 billion yuan, a year-on-year increase of 22.07%, net profit to mother of 3.573 billion yuan, an increase of 28.54% year-on-year, and total profit of 5.008 billion yuan, an increase of 31.47% over the previous year.
At the beginning of the year, Gujing Gongjiu set the 2024 development target “to achieve a 20.72% year-on-year increase in operating income; a 25.55% year-on-year increase in total profit.” Today, it seems that Gujing Gongjiu's total revenue and profit growth rate in the first half of the year both exceeded the target guidelines.
Taken together, Gujing Gongjiu's net profit for the first half of this year met the expectations of most brokerage firms. According to statistics from a Financial Services Association reporter, currently, including 10 brokerage firms, including Cathay Pacific Junan, China Merchants Securities, Huatai Securities, and Guoxin Securities, forecast Gujing Gongjiu's net profit for the first half of the year. The net profit for the first half of the year is generally expected to increase 27%-29% year-on-year. Looking back, the company's net profit growth rate of 28.54% in the first half of the year was basically in the middle of the forecast range of most brokerage firms.
On a quarterly basis, Gujing Gongjiu's revenue in Q2 this year was 5.519 billion yuan, up 16.79% year on year, and net profit to mother was 1.507 billion yuan, up 24.57% year on year. “The revenue and profit performance of Gujing Gongjiu in Q2 this year is in line with expectations.” A food and beverage analyst told the Financial Federation reporter.
By product, in the first half of this year, Gujing Gongjiu's vintage puree series products achieved revenue of 10.787 billion yuan, an increase of 23.12% over the previous year, which was slightly higher than the company's overall revenue growth rate; Gujing Gongjiu series products achieved revenue of 1.238 billion yuan, an increase of 11.47% over the previous year. Yellow Crane Tower and other products achieved revenue of 1.403 billion yuan, an increase of 26.58% over the previous year.
In terms of volume and price breakdown, in the first half of this year, Gujing Gongjiu's vintage puree series products achieved sales volume of 420,47.89 tons, a year-on-year increase of 16.64%; the tonnage price was 0.2565 million yuan/ton, up 5.56% year on year; Gujing Gongjiu series products achieved sales volume of 17981.71 tons, up 11.52% year on year, with a tonnage price of 0.0689 million/ton, the same as the same period last year; Yellow Crane Tower and other products achieved sales volume of 13562.98 tons, up 3.57% year on year, with a tonnage price of 0.1035 million yuan/ton, a year-on-year increase of 22.34%.
Looking at the subregion, in the first half of this year, Gujing Gongjiu's revenue in central China, North China, and South China increased by 21.34%, 35.1%, and 17.18% respectively. Among them, the share of revenue in the central China region where the company is based fell slightly to 85.98% compared to the same period last year, the share of the South China region also fell slightly to 5.91%, while the share of North China increased slightly to 8.03%. This shows that the company still has a long way to go in pan-nationalizing.
Contract debt is an important reference indicator of a winery's performance, showing a wine company's potential for continued growth. As of the end of June this year, Gujing Gongjiu's contract debt (advance payment) was 2.218 billion yuan, down 26.68% year on year, down 51.96% from 4.617 billion yuan at the end of Q1 this year.