At a time when the Shanghai Composite Index fell below 2900 and the liquor sector experienced a decline across the board, Kweichow Moutai (600519.SH), the leader and indicator of liquor, finally came out with good news.
On the evening of April 26, Kweichow Moutai disclosed its first quarterly report that the company achieved operating income of 32.296 billion yuan in the first quarter of 2022, a year-on-year increase of 18.43%; the net profit attributable to shareholders of the listed company was 17.245 billion yuan, a year-on-year increase of 23.58%. Among them, the revenue contribution from direct sales channels reached 10.9 billion yuan.
Titanium Media APP noticed that after the disclosure of the first quarterly report of Kweichow Moutai , the stock price rose immediately. As of the morning of April 27, it closed at 1,801 yuan, an increase of nearly 4%. However, compared with 2,050 yuan per share at the end of 2021, it is still Still down more than 10%. Among them, the market value of Kweichow Moutai evaporated by nearly 400 billion yuan in the first quarter.
Direct sales revenue rose 127.86%
According to the specific data of the first quarterly report, during the reporting period, Kweichow Moutai achieved an operating income of 32.296 billion yuan, a year-on-year increase of 18.43%; the net profit attributable to shareholders of the listed company was 17.245 billion yuan, a year-on-year increase of 23.58%, equivalent to a daily income of 192 million yuan; The net profit for shareholders of listed companies after deducting non-recurring gains and losses was 17.243 billion yuan, a year-on-year increase of 23.43%.
Kweichow Moutai ‘s performance in the first quarter of 2022 Data source: company announcement
Compared with the same period of the previous year, the revenue growth rate and net profit growth rate of the first quarterly report have reached the highest in the past three years. The data shows that in the first quarterly reports of 2020 and 2021, the total revenue growth rate of Kweichow Moutai was 12.54% and 10.93% respectively; the growth rate of net profit attributable to the parent was 16.69% and 6.57% respectively.
In terms of products, during the reporting period, Moutai achieved a revenue of 28.86 billion yuan, a year-on-year increase of 17.36%, and a series of wines achieved a revenue of 3.428 billion yuan, a year-on-year increase of 29.7%.
In terms of channels, in the first quarter of this year, the revenue of Moutai’s direct sales channel was 10.887 billion yuan, a year-on-year increase of 127.86%, and the wholesale channel revenue was 21.401 billion yuan, a year-on-year decrease of 4.7%.
Kweichow Moutai ‘s product sales data source in the first quarter of 2022: company announcement
At the same time, the number of domestic dealers in Kweichow Moutai also decreased by 3 during the reporting period to 2,086. At the end of 2018, the number of domestic dealers in Kweichow Moutai was 2,987. That is to say, the number of domestic dealers in Kweichow Moutai has decreased by 900 in three years.
In the view of Kweichow Moutai , direct sales channels can reduce sales links and better stabilize gross profit margins. The 2021 annual report data shows that the gross profit margin of Kweichow Moutai ’s overall liquor is 91.62%, an increase of 0.14 percentage points year-on-year. Among them, the gross profit margin of the wholesale agency channel was 90.30%, a year-on-year decrease of 0.50 percentage points; the gross profit margin of the direct sales channel was 96.12%, a year-on-year increase of 0.50 percentage points. It can be said that the gross profit margin of the direct sales channel is nearly 6 percentage points higher than that of the wholesale agency channel.
The business focus of Kweichow Moutai is gradually tilted towards direct sales. In the early morning of March 31, Kweichow Moutai ‘s direct-selling e-commerce platform “i Moutai” began trial operation. As of 12 noon that day, the software has reached 550,000 downloads in the Android software market, ranking first in the e-commerce download list.
At the same time, the data shows that on the first day of the launch of “i Maotai”, more than 2.29 million people and 6.22 million people participated in the subscription subscription; from March 31 to April 18, a total of more than 49.7345 million people and 131 million people participated in the subscription.
In this regard, Cinda Securities pointed out that on “i Moutai”, an average of more than 10,000 bottles of Kweichow Moutai ‘s Year of the Tiger zodiac wine and an average of more than 1,000 bottles of colorful glaze treasures are put on the “i Moutai”. We believe that the pre-release volume of i Moutai should be shipped from the winery to the specialty store in advance. Most of the release in April is included in the first-quarter shipment volume. Although the proportion of non-standard overall sales is not high, there is still a certain increase in the proportion of direct sales. contribute.”
Market value evaporation funds choose polarization
In the annual report disclosed a month ago, Kweichow Moutai announced that its operating income exceeded 100 billion yuan, and said with confidence that its operating income in 2022 will be on a higher level, achieving a year-on-year increase of 15%. Apportioned to each quarter, Kweichow Moutai ‘s first-quarter revenue also achieved a target of more than 15%.
Subsequently, after the opening of the market on April 27, the share price of Kweichow Moutai rose rapidly. As of the close of the morning that day, it had risen by nearly 4 percentage points to 1,801 yuan per share. However, compared with 2050 yuan per share at the end of 2021, it still fell by more than 10%.
As of 10:30 am today, Kweichow Moutai ‘s share price fluctuations Data source: wind
Especially at the beginning of 2022, by the end of the first quarter, the share price of Moutai in Kweichow fell all the way, and the market value evaporated nearly 400 billion yuan. During this period, the Fund’s attitude towards Kweichow Moutai also began to appear ambiguous.
According to public information, Zhang Kun, the first 100 billion-level active equity fund manager in China and deputy general manager of E Fund Fund, manages 4 funds of E Fund Blue Chip Selection, E Fund Premium Selection, E Fund Premium Enterprise for Three Years, and E Fund Asia Selection. Among them, 3 funds reduced their holdings of Kweichow Moutai in the first quarter of this year.
Several funds managed by Invesco Great Wall star fund manager Liu Yanchun also reduced their holdings of Maotai stocks. Among them, Invesco Great Wall Dingyi reduced its holdings by 68,300 shares compared with the end of last year; Invesco Great Wall Emerging Growth Hybrid reduced its holdings by 208,100 shares compared with the end of last year; Invesco Great Wall’s domestic demand No. 2 mix reduced its holdings by 11,000 shares compared with the end of last year.
In addition, star fund manager Hu Xinwei and well-known fund manager Jiao Wei also chose to reduce their holdings in Kweichow Moutai . In the first quarter, the former management fund reduced its holdings of nearly 260,000 shares in total, while the latter reduced its holdings of Kweichow Moutai by 13,000 shares.
It is worth noting that during the period when the market value of Kweichow Moutai fell, although the above-mentioned star fund managers chose to reduce their holdings to varying degrees, Kweichow Moutai was almost still its No. 1 heavyweight stock, and even some fund managers just chose to reduce their holdings. Reload.
According to the first quarterly report of Kweichow Moutai , as of the end of the first quarter of this year, China Merchants China Securities Liquor Fund managed by well-known fund manager Hou Hao held 6.7221 million shares of Moutai, ranking the seventh largest shareholder. In the fourth quarter of 2021, Hou Hao once reduced his holdings of Kweichow Moutai by 1.67 million shares.
In this regard, Essence Securities pointed out that in the first quarter of this year, the overall position of liquor stocks was declining, and the overweight ratio increased.
Source of data on changes in positions in the liquor sector: wind Essence Securities
Kweichow Moutai ’s position change data source: wind Essence Securities
According to Essence Securities data, in the liquor sector, 7 of the top 10 funds held in 22Q1 were liquor stocks, namely Kweichow Moutai , Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Yanghe, Shede Wine and Jinshiyuan. In 22Q1, the number of funds holding Kweichow Moutai was 1,788, an increase of 72 from the previous month, and the number of shares held increased by 6.5% from the previous month.
(This article was first published on Titanium Media APP, author | Li Ruina, editor | Cui Wenguan)
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