Steady growth and glory reappear Luzhou Laojiao and start a new journey

2023 is the year of great changes in the liquor industry, and the opportunities and challenges facing the entire industry are intertwined. According to the data of China Alcohol Industry Association, the sales revenue of the industry is still growing by nearly 10%, and the total profit of the industry is growing by 7.5%. The whole industry is growing towards the sun.

In the process of industry reform, famous liquor enterprises undoubtedly become ballast stones. Recently, Luzhou Laojiao Announced the annual performance, Company in 2023 business income About 30.233 billion yuan, a year-on-year increase of 20.34%; Attributable to shareholders of listed companies Net profit About 13.246 billion yuan, up 27.79% year on year 。 There is no doubt that the company has delivered a satisfactory answer sheet.

We can see that in 2023, the company's revenue will exceed 30 billion yuan, and its net profit will reach 13 billion yuan, Return on net assets , gross profit rate and other key indicators have reached new highs in recent years, whether from brand strength or assets The quality of Luzhou Laojiao has entered a new era.

Luzhou Laojiao Command Center

Multiple data across the cycle hit a new high in recent years

As a famous liquor enterprise with 700 years of historical and cultural accumulation, Guojiao 1573 ranks among the top 10 most valuable Chinese brands in 2023 with a brand value of 125 billion yuan. During the period of industry reform, such enterprises obviously have the ability to cross the cycle.

Now, Guojiao 1573 has firmly occupied the top three high-end liquor brands and the price belt of 1000 yuan, accounting for more than 60% of the sales contribution in Luzhou Laojiao Company. The Tequ brand and Jiaoling liquor brand have continued to develop, with the first and second qu brand terminals covering 300000. Luzhou Laojiao's brand renaissance has gradually entered the fast lane.

The long history and strong brand also reflect the company's performance. From the 2023 annual report, the company's revenue in 2017 will exceed 10 billion yuan, and by 2021, it will exceed 20 billion yuan. It will take four years for Luzhou Laojiao to go from 10 billion yuan to 20 billion yuan; It only took two years for Luzhou Laojiao to leap from 20 billion yuan to 30 billion yuan. In terms of net profit, the company has directly and steadily increased from more than 2.5 billion yuan in 2017 to 13.2 billion yuan in 2023, which really shocked the industry.

Luzhou Laojiao also mentioned in the annual report that supporting and encouraging the development of the liquor industry in recent years has become an important part of governments at all levels and relevant competent departments to develop new quality productivity and promote high-quality development. The State Council, the Ministry of Industry and Information Technology, the Ministry of Culture and Tourism and local governments have successively issued policies and measures to support the development of the liquor industry. As the main representative of Sichuan Liquor and the local pillar enterprise, Luzhou Laojiao has ushered in a valuable opportunity for high-quality development.

In the context of the adjustment of the liquor industry, the growth rate of the company's revenue from 2019 to 2023 was 21.15%, 5.28%, 23.96%, 21.71% and 20.34%, respectively. Except for the low growth rate affected by the epidemic in 2020, the growth rate of the other four years was more than 20%. It is also amazing that a giant with a market value of 270 billion can run out of small and medium-sized growth companies.

From the perspective of net profit growth, from 2019 to 2023, it will be 32.09%, 30.21%, 31.61%, 30.91% and 27.41% respectively, The compound growth rate in the last five years has reached 30.45% 。 The growth rate of net profit is far higher than that of revenue, which also shows that the growth quality of the company is very high.

With good growth quality, the return on investment is naturally high. In 2023, the return on equity of Luzhou Laojiao Return on total assets 35.07% and 23.18% respectively, both of which have reached new highs since 2015 。

Luzhou Laojiao Smart Logistics Center In addition, the company's brand strength and management ability can also be seen from the data. Gross profit margin and net profit margin of the company in 2023 interest rate 88.30% and 43.95% respectively, which also reached a new high since 2015.

In 2023, Luzhou Laojiao will remain stable and efficient, with multiple data hitting new highs in recent years, which is particularly difficult in the industry adjustment period. In the new year, Luzhou Laojiao has also made a good start. The latest data shows that, The company's operating income in the first quarter of 2024 was 9.188 billion yuan, up 20.74% year on year; The net profit attributable to the parent company was 4.574 billion yuan, up 23.2% year on year. The revenue of a single quarter has crossed the threshold of 9 billion yuan 。

The originator of Luzhou fragrance stands at the starting point of carrying forward the past and opening up the future

As the "originator of Luzhou flavor" of Chinese liquor, Luzhou Laojiao has the unique advantage of "living double national treasures" in the industry, and is famous for its unique historical and cultural heritage. During the "14th Five Year Plan" period, Luzhou Laojiao formulated the "136" strategy to lead high-quality development, strengthened the development goal of becoming a world-class multinational liquor enterprise, and defined the core advantages and action guidelines of the enterprise's development. This year is also the 700th year that Luzhou Laojiao initiated the Chinese Luzhou flavor liquor brewing technology. Luzhou Laojiao stands at the starting point of carrying forward the past and opening up the future.

The 2023-2024 Luzhou Laojiao Annual Distributor Commendation and Marketing Conference was held in March this year, and the 2023-2024 Luzhou Laojiao Annual Distributor Commendation and Marketing Conference was held in Luzhou Laojiao Command Center. Liu Miao, secretary of the Party Committee and chairman of Luzhou Laojiao Group (Co., Ltd.), said that the golden age of high-quality development of Luzhou Laojiao has arrived. In 2024, Luzhou Laojiao should strengthen four self-confidence, seize three opportunities and promote seven projects.

Lin Feng, Deputy Secretary of the Party Committee and General Manager of Luzhou Laojiao Co., Ltd., said that in 2023, the sales scale of Luzhou Laojiao will set a new record, The total sales of Guojiao 1573 brand and Luzhou Laojiao brand have achieved significant leaps and historic breakthroughs, and the company's core products and core channels have achieved a breakthrough of 1 billion 。

In the annual report, the company proposed that the future production and operation will implement the development theme of "firmness, tackling difficulties, innovation and coordination", closely focus on the general working idea of "anchoring one goal, focusing on three cores, and promoting six improvements", adhere to the principle of innovation and comprehensive tackling difficulties, and firmly win the overall victory of the key campaign of the "14th Five Year Plan".

In the future, Luzhou Laojiao will focus on digital intelligence, accelerate the intelligent coverage and drive of various body coefficients, and give full play to digital intelligence; Focusing on brand promotion, around the main line of "700 years of Chinese Luzhou flavor", Guojiao brand continued to improve brand reputation and brand height, and Luzhou Laojiao brand continued to improve brand image and brand value; Focus on synergy, adhere to the concept of system, fully integrate internal and external resources, pay attention to the overall design, and emphasize synergy and linkage.

Luzhou Laojiao Intelligent Packaging Center has previously become the most popular word at the National Two Sessions. While Luzhou Laojiao can achieve high-quality development, "new quality productivity" is the key. As a representative project of the company's new quality productivity, on January 29 this year, the trial production launch ceremony of Luzhou Laojiao Intelligent Packaging Center was successfully held in Luzhou Liquor Industrial Park, Sichuan, marking the official opening of the first "beacon factory" in the liquor industry with the fastest filling speed, the strictest quality inspection, the highest level of intelligence, the highest level of digitalization, and the most technological innovation.

Luzhou Laojiao Intelligent Packaging Center Project has lasted for four years, with a total investment of 2.136 billion yuan, a planned land area of 304 mu, and a total construction area of 181300 square meters, including smart packaging center, smart packaging center, smart logistics center, supply chain dispatching center, etc.

Liu Miao said that the completion and opening of Luzhou Laojiao Intelligent Packaging Center is an important part of the grand chapter of Luzhou Laojiao with hundreds of billions of yuan. In the dilemma of no experience to learn and no precedent to follow, the project of intelligent packaging center overcame more than 90 technical difficulties, obtained 24 patent authorizations, bravely broke through the technology no man's land, filled the gap in the industry, and reached the international leading level. This project, together with the Huangyi Brewing Ecological Park, which was built in 2019 and is characterized by "inheriting ancient methods, pure grain brewing, integrity and innovation, and digital intelligence driven", marks that Luzhou Laojiao has built an intensive and digital intelligence production system, and provides Luzhou Laojiao with a plan to lead Chinese liquor to enter the digital intelligence era.

Whether focusing on digitalization or creating a "lighthouse factory", Luzhou Laojiao aims to better give back to investors and consumers. In the future, Luzhou Laojiao will continue to be based on the mission and responsibility of inheritance and protection of intangible cultural heritage, adhere to the brewing technology of intangible cultural heritage, continue to promote the protection and dissemination of intangible cultural heritage in a down-to-earth manner, so that the excellent traditional Chinese culture represented by Chinese liquor will go to the world and the world will taste China.

Luzhou Laojiao Huangyi Brewing Ecological Park Wen/Zhou Huan

(This article does not constitute any investment advice, and the information disclosure content is subject to the company's announcement. Investors operate accordingly, and bear their own risks.)

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