The stable development of liquor faucet Wuliangye developed the dual growth of the first half of the year's revenue

Author:Securities daily Time:2022.08.26

On the evening of August 25, the reporter Wang Lixin, a reporter from our reporter Wang Lixin, surrendered a dazzling "transcript" in the first half of 2022 in the first half of 2022. During the reporting period, the company achieved double -digit revenue and net profit growth. Continuing its growth in its upward growth since 2016, it has become a true portrayal of 6 years. Regarding Wuliangye's performance in the first half of the year, Cai Xuefei, the general manager of Zhixu Consulting and wine marketing expert, said in an interview with the Securities Daily that under multiple unfavorable factors such as the repeated epidemic and economic adjustment, Wuliangye can maintain such a stable continuous growth trend. It is the reflection of the multiple advantages of Wuliangye's own famous wine brand appeal, the strong voice of the industrial chain, the national high -quality channel network, and the high -quality word of mouth accumulated by products for many years. The steady development of various indicators of revenue and net profit growth. According to the performance report of the first half of the 2022 released by Wuliangye, during the reporting period, the company achieved operating income of 41222 billion yuan, an increase of 12.17%year -on -year; the net profit of the mother was 15.099 billion yuan , Year -on -year increased by 14.38%. In the second quarter, the single -quarter operating income was 13.674 billion yuan, and the net profit attributable to her mother was 4.276 billion yuan. It is worth mentioning that Wuliangye has maintained a growth trend for 6 consecutive years, especially since 2020, under the repeated environment of the epidemic, Wuliangye has maintained a high -quality and steady growth, becoming the only one in the industry every quarter revenue and net profit. Realize two -digit white wine listed company. In this regard, some people in the industry said that Wuliangye showed strong performance stability. In the face of comprehensive factors such as economic environment, repeated epidemic conditions, and product structure, channel structure, marketing tactics optimization and adjustment, revenue and net profit still maintain double -digit growth, which is not easy. Specifically, during the reporting period, Wuliangye's sales revenue of alcohol products was 38.513 billion yuan, an increase of 12.94%year -on -year. Among them, the distribution model revenue was 22.687 billion yuan, and the direct sales model revenue was 15.826 billion yuan. It is worth mentioning that Wuliangye continues to optimize the "1+3" product matrix. In 2022, the company completed the clearance of the brand image products such as 45 degrees Wuliangye, 55 -degree Wuliangye, 60 -degree Wuliangye, 68 -degree Wuliangye, Jiuwang Jiu, Jiu Shenjiu, etc. Uniformly recover the company's self -employment. It is learned from the channel that the sales of Wuliangye KA and new retail channels continued to increase in the first half of the year. Among them, the growth of new retail channels is the most obvious, and the sales of sales have increased by more than 20%year -on -year; the eighth -generation Wuliangye sales of the specialty store have also increased slightly. The continuous development of performance has also achieved a significant increase in cash flow in operating activities under the repeated environment of the epidemic. According to Wuliangye's financial report, in the second quarter of this year, Wuliangye's single -quarter operating activity cash flow increased significantly at 5.288 billion yuan, an increase of 65.15%year -on -year. From the perspective of people in the industry, in the face of the more repeated epidemic and the lack of consumer scenes, Wuliangye predicts the situation, take the initiative, and responds rapidly in advance. In line with market reality and regional support policies, manufacturers coordinated the steady growth of performance and the rapid growth of cash flow in business activities, reflecting the strong risk ability of Wuliangye and the positive response of the market's series of policies. "In recent years, Wuliangye attaches great importance to channel construction and market order management, and social inventory has been benign. At the same time, dealers are encouraged to interact with the city, encourage dealers to make friends with entrepreneurs, and consolidate Wuliangye's consumer entities." Wuhan Xiao Zhuqing, chairman of Jingkui Technology Co., Ltd., said in an interview with the Securities Daily. The reporter learned from the market that the sales of related products related to Wuliangye under the coordination of manufacturers are getting better. For example, the Jinji Theater promoted the special tackling work in Shijiazhuang, sank the channel layout to the township market, established two tackling teams in urban areas and townships, signed core terminals, and promoted consumer tasting and cultivation work such as "private meeting". As an example, Du Wuliangye was an example. The Shenzhen base focuses on key merchants, manufacturers linkage, and in -depth integration of resources, with high -end clubs, Guangdong -Hong Kong -Macao Entrepreneurs Business Association, well -known college alumni associations, etc., and vigorously carry out high -end circle consumer cultivation activities. Growth, among which high -end products represented by classic Wuliangye increased by 50%year -on -year. The performance is the "goldstone" of listed companies. Under the background of the suits of the liquor industry in the first half of the year, the steady growth of Wuliangye highlights the company's vitality on the road of high -quality development. In fact, the development of the leader of the leading advantage in the leading advantage of the leader is inseparable from scientific and technological innovation. According to a reporter from the Securities Daily, in the past five years, Wuliangye R & D investment has increased year by year (2018 84 million yuan, 126 million yuan in 2019, 131 million yuan in 2020, and 177 million yuan in 2021). 100 million yuan. For a long time, Wuliangye has actively created the high point of the industry's scientific research innovation system, and established the three major national technological innovation platforms: the national liquor product quality supervision and testing center, the national wine quality and security international joint research center, and the National Enterprise Technology Center. Quality development. Among them, Wuliangye State Corporate Technology Center scored the first wine enterprise in the 2021 evaluation.

In addition, while Wuliangye grasps technological innovation, the company's major project construction is also carried out simultaneously, and these projects are currently beneficial to the foundation and laid long -term long -term, which can further consolidate the foundation of Wuliangye's production capacity, improve efficiency to improve, strengthen quality guarantee, help Wuliangye, Wuliangye, sustainable development. The financial report shows that the current two key projects of Wuliangye have been fully completed and put into operation within the year. Including wine -specific grain technology warehouses and milling automation transformation projects started construction in May 2020, and completed in June 2022. After completion, it can form 50,000 tons of raw grain storage and 600,000 tons of grinding processing. The intelligent grinding base; the hook and storage wine library project has been constructed in March 2020. It is expected to be completed and put into operation by the end of 2022. After completion, it can add 360,000 tons of original wine hook reservoir capabilities. Another three key projects are accelerating construction. Including 100,000 tons of ecological winemaking projects (Phase I), and the internal technical reform of Jiangbei Park, 20,000 tons were started in 2022; the integrated project of finished wine packaging and intelligent storage distribution projects was started in March 2020. It is expected to arrive in March 2020. It is expected At the end of 2022, the finished wine storage capacity was 30,000 tons, and the annual packaging capacity of the finished wine was 100,000 tons of packaging at the end of 2023. After the completion of the project, the annual packaging capacity was about 200,000 tons, and the storage capacity of the finished wine was about 40,000 tons. "This round of production expansion is more about the category representatives and representatives of the production area representatives. Preparation. "Cai Xuefei said. During the year, 110 brokerage report published analysts have given "buy" rating "Securities Daily" reporter through Choice statistics, from January 1 to August 25, 2022, a total of 110 brokerage research reports were released. Optimistic about the future development of Wuliangye, they have given "buy" rating. Analysts of Zhejiang Business Securities said the value of Wuliangye is accelerating. "The company's new leadership team is clear, and the incentive mechanism is expected to continue to improve; the eighth -generation Wuliangye and classic Wuliangye are expected to achieve synergy. Cultural and creative products may be a growth point for performance. "These three major margins are about to appear. In the opinion of analysts, the current thousand yuan price belt is facing new changes. In the high boom cycle in previous years, the new entryrs entered the acceleration and promoted the continuous expansion of the thousand yuan price belt, but under the current new economic normal, the price belt expansion speed is expanding speed. Relatively slowing+consumer brand awareness continues to increase+has strong brand barriers to adhere to the mid -long period of the industry adjustment stage. promote. It is worth mentioning that in early 2022, he served as the new coach of Wuliangye in Wuliangye, and the new leadership team was experienced and continued to promote reform and further development based on the past. Essence Huaxin Securities analyst Sun Shanshan said that Wuliangye has now decentralized camera decision -making power, merchant assessment rights, and reimbursement of activity costs to the theater to improve the decision -making and response speed of theater. In addition, the company's channels have changed from a single sales channel to distribution channels+KA channels+group purchase channels+specialty stores+new retail channels. "In 2022, the company continued to seek progress steadily, and the two -digit number of numbers unchanged throughout the year." Cover | Wuliangye official website production | Zhang Xin Nuclear | Xu Jie Editor | Bai Baoyu Final Trial | Peng Chunlai