Abstract: In 2023, the total revenue and total profit will reach "two hundred billion" for the first time Guizhou Moutai In the first quarter of 2024, another impressive report card was handed over, and the total revenue of the first single quarter in history exceeded 46 billion yuan, and the total profit exceeded 33 billion yuan, stabilizing the "first stick" of 2024.
On the evening of April 26, Guizhou Moutai announced its financial report for the first quarter of 2024. From January to March 2024, Guizhou Moutai will achieve a total operating revenue of 46.485 billion yuan, up 18.04% year on year. The total profit was 33.174 billion yuan, up 15.59% year on year. The net profit attributable to shareholders of the listed company was 24.065 billion yuan, up 15.73% year on year, which exceeded the expected annual target growth.
Just two weeks ago, the senior management of Guizhou Moutai also disclosed in the Party Committee that the main objectives of the first quarter had made a good start, and the key tasks had made a good start.
The stable first quarter report and the steady capital reservoir further consolidated the basic market of Guizhou Moutai throughout the year, showing a steady and continuous sales trend of Moutai liquor and series liquor in the terminal market, and also adding more certainty to the current transformation of Chinese liquor.
The value of vertical and horizontal comparison is prominent, and multiple data sets a new record
Vertically, the total revenue of 46.5 billion yuan increased by 7.1 billion yuan on a year-on-year basis. While the total revenue of a single quarter hit a record high, the year-on-year growth also hit a record high. In addition, the total profit and net profit in a single quarter reached a record high.
Horizontally, the total revenue of Guizhou Moutai in a single quarter has exceeded the annual revenue of many listed companies. According to the list of Fortune 500 Chinese listed companies in 2023, the total revenue of 46.5 billion yuan has entered the top 280.
According to the 2023 list of brand values of listed companies in China's liquor industry, the revenue growth in a single quarter is expected to exceed the annual revenue of the twelfth listed liquor company in 2023, based on the total revenue growth of 7. 1 billion yuan in the first quarter of Moutai; Based on the increase of 3.36 billion yuan in the net profit of Moutai in the first quarter, the increased profit in a single quarter is expected to be equivalent to the net profit of the 10th listed liquor company in 2023.
The industry believes that the growth of major business indicators highlights the leading role of Guizhou Moutai as a leading enterprise in the industry. The high growth for two consecutive quarters is not only an intuitive reflection of the continuous increase in performance after the price increase, but also shows the basic plate of the company's strong development.
This also confirms the view put forward by the comments of the financial magazines that "the high speed of running out from the economic indicators alone and the short-term shortsighting of Moutai lacks foundation."
The main operating indicators in the first quarter are of important wind vane significance, and a good start can better grasp the initiative of the whole year's work.
Product matrix effect appears, and double-digit growth continues to be stable
The quarterly report data in recent five years shows that the revenue of Guizhou Moutai in a single quarter accounts for 25% to 27% of the whole year.
The main economic indicators in the first quarter of this year exceeded expectations, and the steady growth of the revenue of the 100 billion single brand Moutai liquor played an important supporting role. According to the first quarter report data, the revenue of Moutai liquor was 39.7 billion yuan, up 17.7%, accounting for nearly 87% of the first quarter revenue.
In addition, the rapid growth of liquor series also continued, with the revenue of 5.9 billion yuan in the first quarter, accounting for nearly 13% of the revenue of Guizhou Moutai in the first quarter, which was rated by the financial media as "another growth pole that Guizhou Moutai keeps ahead".
At the market level, in 2024, Moutai launched "Longmao", "Sanhua Feitian", "Xunfeng Liquor" and other products, and carried out a series of product promotion activities to further promote the price level of non-standard products per ton. As a high-end liquor in the series, Moutai 1935 is located at the price of 1000 yuan. It continues to carry out cultural activities such as "seeking China" to enhance its market influence. Other series of liquors are also constantly making efforts at the terminal.
Both Maotai liquor and series liquor have achieved double-digit growth in revenue, both volume and price have soared, and the products are still highly high-end.
As described in the 2023 annual report of Guizhou Moutai, the status of Guizhou Moutai Liquor as the world's only 100 billion yuan liquor product continues to consolidate, forming a pattern of 100 billion yuan, 10 billion yuan and 1 billion yuan with the 10 billion yuan Maotai 1935, as well as Maotai Prince Liquor, Han Sauce, Guizhou Daqu, Laimao, etc., and the product matrix is comprehensively constructed.
The channel layout has reached the balance and the fund reservoir has performed well
In the first quarter of this year, the direct sales channel of Guizhou Moutai achieved revenue of 19.3 billion yuan, and the wholesale channel achieved revenue of 26.3 billion yuan.
It is pointed out that Guizhou Moutai direct sales and wholesale agency channels reach a dynamic balance, so that the value of different channels can be brought into full play, especially the social dealer system can provide a strong channel push for the promotion of liquor series. By dynamically adjusting the channel proportion, we can not only increase the company's income and profits, but also effectively deal with risks.
The fight against unpredictable risks in the industry is also reflected in abundant cash flow and advance receipts.
According to the first quarterly report, the cash balance of Guizhou Moutai is 158.769 billion yuan. In addition, by the end of the first quarter, the advance receipts of Guizhou Moutai had reached 10.669 billion yuan, which remained at a high level, indicating that dealers were willing to make payments and their business performance in the first half of the year was more secure.
From the two indicators of cash flow and advance receipts, Guizhou Moutai's capital reservoir has performed well, with strong cash flow capacity and continuous operation capacity, showing a good sales trend of Moutai and its series of liquors.
From the perspective of the terminal market, all products of Moutai have maintained a benign growth trend under the weak cycle of the wine industry. The terminal price of Feitian Moutai has rebounded to a benign and stable range, stabilized at a reasonable level, and the demand is stable. With the arrival of festivals such as the "May Day Dragon Boat Festival", the demand side is expected to usher in a wave of "small peaks".
Cinda Securities The survey found that the number of people who re purchased Maotai Maotai Maotai Maotai series liquors has increased. In the context of industry price inversion and channel profit decline, Maotai Maotai Maotai series liquors still have outstanding cost performance ratio compared with other brands, and remain popular.
The steady growth of profits and abundant cash flow have become a stable source of annual dividends in Guizhou Moutai.
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