Yanghe published its semi-annual report this afternoon. I read it twice, and I am very satisfied. It is really not easy to achieve this performance increase under the epidemic. Let me analyze the three highlights of the report in detail in the second half of the year!
First, five years of momentum, it’s time to explode!
Unexpected surprise, interpretation of Yanghe’s 2021 annual report!
When the annual report came out, Yanghe’s performance was a surprise. The semi-annual report was just to confirm the surprise again!
Let’s see that in the first half of 2022, the revenue was 18.9 billion, an increase of 21.65% over the same period last year, and the net profit was 6.89 billion, an increase of 21.7% over last year, returning to a growth rate of 20%. In fact, this is not easy! Why is it not easy? The picture below will make it clear to you!
This picture is the revenue and net profit of Yanghe in the last five years. In other words, in the last five years, Yanghe’s net profit has been fluctuating between 6.6 billion and 8.1 billion. In the last three years, its performance has been fluctuating around 7.5 billion. With the doubling of the net profit of other performances of Baijiu, I actually asked myself why I should stick to Yanghe for three years. In fact, I believe in the team of Yanghe, and even more in the management of Yanghe! Moreover, the release of this performance was prepared after five years of preparation!
Second, high-end power!
Liquor is a social product. No matter what company, it will make efforts towards the high-end. The reason is that consumer consumption is also towards high-end consumption, and secondly, for enterprises, high-end wine is more profitable!
Let’s look at the picture in the semi-annual report. In the first half of the year, mid-to-high-end wines accounted for 29% more revenue than last year, and ordinary wine fell by 10.8% from last year. This is the result of the company’s emphasis on high-end development. Mid-to-high-end wines accounted for Yanghe’s total revenue. 87% of the total, which is still a lot. Many wine companies also have high-end, but mainly low-end, so the financial indicators have not been good. The reason is that high-end accounts for less!
Yanghe also has a bullish place, that is, the product line is too wide, covering the whole line from 100 yuan to 1,000 yuan, and the sales volume of Ocean Blue around 200 is also very large, 300-500 Sky Blue and Crystal Dream are also in heavy volume, high-end handmade version Hemeng 9 is not cheaper than Wuliangye, and everyone is familiar with these brands! In the past three years, Yanghe has upgraded all products and replaced them with new packaging, which also lays a solid foundation for future growth!
Third, the management team is starting to work hard!
The train runs fast, and it all depends on the headband. Yanghe is a company that deserves more attention than this team, and it has a good reputation in the entire industry!
Let’s look at the dealers first. The number of dealers has decreased by 373. This should be to improve the strength of regional dealers. Those who do not meet the requirements will not cooperate. This can ensure the strength of large dealers. Another perspective is to ensure performance, because according to The sales of 18.3 billion dealers averaged 2.35 million, which is 373 less, which is equivalent to a loss of 880 million in revenue. This is to retain powerful dealers and lay the foundation for future performance growth!
Looking at the production and sales situation, in the first half of this year, the production was 89,000 tons, and the sales volume was 106,000 tons. The sales have already exceeded the production. This shows that the market demand has begun to recover. More importantly, the semi-finished products of 638,000 tons are enough for the future development of the enterprise!
In fact, Yanghe’s more powerful point is that the management is far-sighted, and the production capacity design is all ready. Yanghe has a production capacity of 222,000 tons, Shuanggou has a production capacity of 97,000 tons. In the first half of the year, Yanghe’s production capacity was 68,000 tons, and Shuanggou’s production capacity was 20,000 tons. , is far from reaching saturation, so as long as it is sold out, there is no need to worry about selling it, which is why Yanghe has sponsored CCTV Spring Festival Gala for several consecutive years!
Another thing worth paying attention to is the composition of selling expenses. Selling expenses increased by 10% compared with the same period of last year. However, everyone should pay attention that the salary of employees has increased by 19.8%, which means that the salary of employees has increased, but it has only increased by 57 million. A large enterprise like Yanghe can spend 50 million yuan every year to increase the treatment of grassroots employees, and then use 50 million yuan to reward teams with outstanding performance. Only when employees have high income can they attract more outstanding talents to join. The most important thing in Jiangsu and Zhejiang is Talent!
The above three points are my analysis of Yanghe’s performance in the first half of 2022. For me, I am still very satisfied, and even more happy, watching Yanghe’s step-by-step changes and breakthroughs, and then every effort has finally become Real performance, as a shareholder of this kind of enterprise, take it with confidence and be happy, and look forward to more exciting performance in the future!
$Yanghe (SZ002304)$ $Kweichow Moutai (SH600519)$ $Wuliangye (SZ000858)$
@Today’s topic @Investment alchemy season #Investment alchemy season in mid-2022#
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