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Product: research Institute of Sina Finance listed Company
Author: wave Diet / Hao Xian
"the liquor industry is in the most severe and complex development point in history," Zeng Congqin, chairman of Wuliangye Group, made such a judgment at the 2023 China International famous Liquor Expo.
Since the second quarter of last year, the liquor industry has experienced some problems, such as the spring sugar meeting is not as expected, moving sales are not as expected, the channel is out of stock, dealers sell goods, products are upside down, and so on. In this case, the industry began to carry out a new round of reshuffle, the concentration of market share further increased, the losses of small and medium-sized wine enterprises increased, while the performance of famous wine and large wine enterprises was relatively stable.
20 listed liquor companies achieve 4121 in 2023Ozwincasino100nodepositbonuscodesRevenue of 1.2 billion yuan, an increase of 15% over the same period last yearOzwincasino100nodepositbonuscodes.65%, which is the same as the total revenue growth rate of 15.13% last year. The net profit was 155.146 billion yuan, an increase of 18.88% over the same period last year, and the growth rate decreased by 1.45% over the same period last year.
Under the overall stability, the undercurrent surged, the growth of high-end liquor maintained steady growth, while the nationalized sub-high-end liquor was seriously divided, and many companies showed obvious weakness in growth, such as alcoholic liquor revenue fell by 30.14%, and Shuijingfang revenue increased by only 6%. Due to the stable basic market, regional wine enterprises have made a good increase in the context of the recovery of consumer demand for public banquets. By contrast, small wine companies dominated by low-end wines, such as Golden seed Liquor and Huangtai Liquor, have fallen into losses.
Net profit: Shunxin Agriculture, Golden seed Wine and Huangtai Liquor are in deficit. The gross profit margin of Wuliangye is lower than that of Luzhou laojiao.
In 2023, the net profit of 20 listed liquor companies reached 155.146 billion yuan, an increase of 18.88 percent over the same period last year, and the growth rate decreased by 1.45 percent compared with the previous year.
Guizhou Moutai accounts for nearly half of the net profits of listed liquor companies, followed by Wuliangye, accounting for 20%. Although in terms of revenue ranking, the revenue of Yanghe shares is higher than that of Shanxi Fenjiu and Luzhou laojiao, but the net profit ranking is completely opposite. Luzhou laojiao is much higher than Yanghe shares and Shanxi Fenjiu.
This is mainly because Luzhou laojiao high-end products account for a high proportion. From the gross profit margin, Luzhou laojiao is as high as 88.3%, about 13 percentage points higher than Shanxi Fenjiu and Yanghe shares; Luzhou laojiao net interest rate is 43.95%. It is also more than 10 percentage points higher than Shanxi Fenjiu and Yanghe shares.
It is worth mentioning that, although both high-end wine representatives, the gross profit margin of Wuliangye is nearly 13 percentage points lower than Luzhou laojiao, and the net profit rate is 6 percentage points lower than Luzhou laojiao. This may be due to the large scale of income of low-end products in Wuliangye.
Last year, three liquor companies fell into losses, namely Shunxin Agriculture, Golden seed Liquor and Huangtai Liquor Industry. Among them, Golden seed Liquor and Shunxin Agriculture also lost money in 2022. These three companies are mainly low-end products. In the context of the squeezed development of the liquor industry, low-end liquor enterprises whose product upgrading is blocked will encounter development difficulties.
In terms of the growth rate of net profit, the net profits of the three companies declined, namely Huangtai Liquor Industry, alcoholic Liquor and Old White dry Liquor. In addition, the net profit growth rate of the wine industry, Shuijingfang and Yanghe shares is less than 10%.
Last year, there were 10 liquor companies with a net profit growth rate of more than 20%. Excluding the four companies with a decline in net profit in 2022, there are still 6 companies with a net profit growth rate of more than 20% for two consecutive years. They are Gujing Gong Liquor, Yingjigong Liquor, Shanxi Fenjiu, Luzhou laojiao, Tianyou de Liquor, and Shiyuan.
Gross profit margin-net profit rate: last year, the net profit rate of half of the wine enterprises declined, alcoholic wine, willing to wine industry, Lao Bai dry wine was the most serious.
In 2023, the median gross profit margin of 20 A-share listed liquor companies was 75.12%, and the median net interest rate was 24.18%. Among them, Guizhou Moutai is the only listed liquor company with a gross profit margin of more than 90% and a net profit rate of more than 50%.
From the gross profit margin ranking, TOP5 is Guizhou Moutai, Luzhou laojiao, Shuijingfang, Gujing tribute wine, alcoholic spirit, the latter three are the representatives of secondary high-end liquor, of which Shuijingfang is the most typical, in the company's previous strategy, the main promotion of high-end products, and even cut off the low-end product line. This makes its gross profit margin reach 83.16%, ranking third after Luzhou laojiao. However, the company's net interest rate is not high, 25.62% in 2023, the same as the median of the industry, mainly because in order to promote high-end products, the company has maintained an ultra-high expense rate, and the sales expense rate reached 26% in 2023, ranking in the top five of the industry.
Shunxin Agriculture has the lowest gross profit margin, only 31.8%, followed by Golden seed Liquor (40.32%) and Elite (48.23%). Last year, seven companies' gross profit margins were declining, and the most serious decline was in the wine industry, Shuijingfang and alcoholic wine.
From the perspective of net interest rate, TOP5 is Guizhou Moutai, Luzhou laojiao, Wuliangye, Yingjiagong Liquor, Shanxi Fen Liquor, and three high-end liquor enterprises are at the top. After excluding the three loss-making liquor enterprises, the lowest net interest rates are Rock shares (rights protection) (5.19%) and Tianyou de Liquor (7.67%). In addition, the net interest rates of Jinhui Liquor and Laobai dry Liquor are also less than 15%.
Last year, the net interest rate of half of the wine enterprises was falling. Excluding the loss-making Huangtai liquor industry, the most serious decline was alcoholic wine, willing wine industry and Lao Bai dry wine.
Expense rate: rock shares, alcoholic liquor sales expense rate is abnormally high
The net interest rate of listed liquor companies is directly related to the expense rate.
In 2023, the median sales expense rate of 20 listed liquor companies was 17.24%, 9 companies had a sales expense rate of more than 20%, and two companies had a sales expense rate of more than 30%, namely rock shares (44.25%) and alcoholic spirits (32.22%). The abnormally high sales expense rate greatly reduced the net interest rate, which was 5.19% and 19.36% respectively.
After these two companies are Lao Bai Gan Liquor, Gujing Gong Liquor and Shuijing Fang, among which Shuijing Fang is the representative of secondary high-end liquor, Gujing Gong Liquor is a regional liquor enterprise promoting nationalization, and Lao Bai Gan Liquor belongs to the middle and low-end liquor enterprises expanding through mergers and acquisitions. Both nationalization and product upgrading require sales investment, and in this regard, the smaller the income, the more passive the wine enterprises.
It is worth noting that among the head wine enterprises, Yanghe share sales expense rate was the highest, reaching 16.26%, an increase of 2.38 percentage points over the previous year. The sales expense rate of Shanxi Fenjiu is 10.08%, which is 2.9% lower than the same period last year. This is an important reason why the net interest rate of Shanxi Fenjiu is higher than that of Yanghe shares.
In addition, the sales expense rate of Gujing tribute wine with revenue of more than 20 billion reached 26.84%, ranking fourth. Gujing Gong Liquor is a regional liquor leader, driven by ultra-high expense rate to upgrade sub-high end and expand outside the province, but this also lowers the net interest rate of Gujing Gong Liquor.
Last year, three companies were significantly increasing the rate of sales expenses, namely, Jiugui Liquor, Huangtai Liquor Industry, and Jinshengyuan Liquor. Among them, the revenue of Jiugui Liquor dropped by 30%, and a large number of sales did not bring growth.
From the perspective of management expenses, five companies have a management expense rate of more than 10%, namely, Huangtai Liquor Industry, Tianyou de Liquor, Jinhui Liquor, Golden seed Liquor, willing Wine Industry, and Jiugui Liquor and Kouzi cellar Management fee rate has increased significantly.
Sales expenses and management expenses account for most of the expenses of wine enterprises. in these two expenses, Rock shares account for 52.82% of revenue, followed by Huangtai Liquor Industry and alcoholic Liquor, both more than 38%. In addition, Tianyou de Liquor and Laobai dry Liquor also exceed 35%.
There are two main types of companies in the forefront, one is low-end wine enterprises with small income, and the other is sub-high-end wine enterprises. the former is enough to increase the cost rate because of its small scale, while the latter has to invest heavily to promote growth in order to build brands and promote products.
