Inventory of the half -year report ｜ The white wine industry is still strong. Five revenues exceeded 10 billion "Mao Wu" net profit exceeding 10 billion yuan

Cover Journalist Zhu Ning

As of September 1, the semi -annual report of A -share listed companies disclosed that it had ended. On the whole, the 19 listed companies that belong to the concept of liquor are obvious. There are 5 operating income of more than 10 billion yuan, and the net profit of 2 returns to the mother exceeds 10 billion yuan, and 1 losses.

Strong overall performance

Five wine companies exceed 10 billion in revenue

Data show that in the first half of the year, five companies in Moutai, Wuliangye, Luzhou Laojiao, Yanghe, and Shanxi Fenjiu's operating income exceeded 10 billion yuan. The highest growth rate of revenue was*ST Huangtai, reaching 179.60%; Shunxin Agricultural revenue decreased by 29.07%year -on -year, and it was also the only company in the first half of the year.

From the perspective of the overall performance, in the first half of 2022, the liquor listed company performed well, and the strong Hengqiang became the norm. According to the semi -annual report, 19 liquor listed companies (excluding rock shares) achieved revenue of 181.419 billion yuan and net profit of 7061 billion yuan, an increase of 16.8%and 22.1%from the same period in 2021.

In terms of revenue, 18 liquor listed companies have maintained a growth momentum, and 15 have achieved positive growth of more than two digits. In terms of net profit, 15 liquor listed companies have maintained their growth momentum, and 14 are positive growth of more than two digits. (Shunxin Agricultural and Golden Seed wines have not been disclosed due to the growth rate of profit, and it has not been included in statistics)

It is worth noting that in terms of the performance of the head enterprises, the top five "Mao Wuyang Fen Yan" occupy most of the market and profits of liquor. The "Mao Wuyang Fenye" ​​five -fifth revenue reached 144.745 billion yuan, and its net profit was 62.331 billion yuan, accounting for nearly 80%and 89%in 19 listed companies.

Industry concentration increases

High -end continues to be strong, medium and low -end differentiation

Specifically, the "one brother" of the liquor "one brother" Moutai still ranks first in revenue and net profit. In the case of poor overall consumption environment, this performance can be described as quite dazzling. The semi -annual report showed that in the first half of the year, Moutai, Guizhou, realized operating income of 57.617 billion yuan, an increase of 17.38%year -on -year; the net profit attributable to the mother was 29.794 billion yuan, an increase of 20.85%year -on -year.

In contrast, although Wuliangye failed to break through the "20" mark, the performance is also remarkable, which is basically in line with market expectations. The financial report shows that the operating income of Wu Ganye in the first half of the year was 412.22 billion yuan, an increase of 12.17%year -on -year; net profit at home was 15.099 billion yuan, a year -on -year increase of 14.38%.

In addition, Luzhou Laojiao performed well in cash flow. According to the financial report, the cash received by Luzhou Laojiao and provided labor services was 15.086 billion yuan, an increase of 39.01%year -on -year. The net cash flow generated by operating activities was 4.077 billion yuan, an increase of 48.89%year -on -year.

In a clear comparison with the steady growth of leading wine enterprises, some wine companies that lay out local wine companies and the lower -end routes have slowed down, and some even have declined with performance.

The mouth cellar (603589), which focuses on the Anhui market, achieved revenue of 2.297 billion yuan in the first half of the year, an increase of 2.42%year -on -year; net profit was 740 million yuan, a year -on -year increase of 7.58%. Compared with the growth rate of more than 40%of the revenue and net profit in the same period last year, the performance growth rate of Kouzi Cellar in the first half of this year has slowed significantly.

Niulan Mountain, known as the "King of the Following Wine", has declined in the first half of the year. The semi -annual report of Shunxin Agricultural (000860) shows that the company's revenue and net profit have decreased to a large extent. Among them, the liquor sector, one of the main businesses, realized revenue of 4.910 billion yuan, a year -on -year decrease of 24.88%.

The only company with a loss was golden seed wine, which achieved operating income of 602 million yuan during the period, an increase of 10.39%year-on-year; net profit of home mother-550.802 million yuan, a loss of 42.6394 million yuan from the same period last year.

The main reason for the explanation of gold seed wine is that the company's liquor product structure is in the adjustment period, the sales of sub -high -end products account for relatively low sales, and the comprehensive sales gross profit is relatively low.

Matthew effect is obvious

High -end liquor is expected to continue to improve

"In the first half of the year, the overall improvement was within the expected, especially the improvement of net profit, most of which were within expectations." Some senior wine industry researcher told reporters that from the beginning of 2021 to the end of the year, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines, some famous wines. Enterprises have raised high -end high -end products. Judging from the announcement issued by major wine companies, the price lifting density and range in the second half of the year are far exceeding the first half of the year. As the epidemic control is stable and good, consumption data is heated, and the profitable profitability of price increase last year has been fully released in the first half of this year.

Although the overall is good, the differentiation of the liquor industry is obvious. "It can be seen from the overall revenue of the liquor industry. It can be seen that the Matthew effect of the liquor industry is getting stronger and the growth growth is still continuing." The above researchers explained that on the one hand Unable to participate in the competition. On the other hand, liquor is the overall stock market, and this is the same in the industry, which means that the expansion of a wine company must be at the cost of the exit of another or more wine companies. Enterprise development is limited.

The trend of the strong strong and strong is in line with the law of industry development. The researcher said that with the continuous penetration of high -end liquor such as Moutai and Wuliangye, the liquor industry will also enter the deep differentiation period. The competition in the low -end liquor market will be more intense. In the future, strong people may become stronger and stronger, and the weak will gradually be marginalized. Therefore, medium and low -end wine should be "thoughtful" in time. Regarding the liquor industry outlook in the second half of the year, the researcher stated that on the basis of the overall stability of the epidemic prevention and control situation and the continuous recovery of residential income income, with the recovery of consumer demand, the liquor industry may usher in better development space in the second half of the year.

Huaxi Securities said that in the first half of the year's epidemic and economic environment, leading liquor companies have stronger brand power and more stable market expenses. The advantages of leading enterprises will also further promote the brand concentration trend of the liquor industry.

Guoxin Securities believes that the epidemic situation in most parts of the country is better as a whole, and the willingness of mass consumption is gradually being repaired. As the Mid -Autumn Festival is approaching, the sales of liquor terminals are expected to continue to recover. It is expected that the recovery of business banquets and public banquets is large. The channels have gradually entered the densely paid stocking period. Essence

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