zyngapokerfreechips| Moutai has reached a new high!

Source: China Fund Daily

On the evening of April 26, Guizhou Moutai released its first quarterly report for 2024. According to the financial data, revenue and net profit in the first quarter of this year reached an all-time high, while the growth rate was basically the same as that of the previous two years. With reference to the 15% growth target for 2024, Guizhou Moutai has made a good start in 2024.

As of April 26, Guizhou Moutai was up 0%.Zyngapokerfreechips.97%, at 1709Zyngapokerfreechips.43 yuan per share, with a total market capitalization of 2.1 trillion yuan.

Get off to a good start

According to the quarterly report, the total revenue of Guizhou Moutai reached 46.48 billion yuan during the reporting period, an increase of 18.04% over the same period last year.ZyngapokerfreechipsThe net profit attributable to shareholders of listed companies was 24.07 billion yuan, an increase of 15.73% over the same period last year. Guizhou Moutai's revenue and net profit reached a new high in the first quarter of 2024.

Judging from the revenue growth target of 15% in 2024, both revenue and net profit in the first quarter exceeded the target. However, the growth rate of revenue and net profit in the first quarter of this year was slightly lower than that in the same period in 2022 and 2023, and the growth rate of net profit was lower than that of revenue, or related to the increase in taxes and sales expenses.

Cash flow remains solid. The net cash flow generated by Guizhou Moutai's business activities in the first quarter was 9.187 billion yuan, an increase of 75.17% over the same period last year, and the cash balance reached 158.769 billion yuan in the first quarter.

From previous observations, during the Spring Festival holiday in 2024, the mobile sales of Maotai Liquor is relatively smooth, and the marketing work is steady. At the (enlarged) meeting of the party committee of Maotai Group after the Spring Festival in 2024, it was mentioned many times to do a good job in the construction of "one game of chess" and "four ends" of marketing and to ensure a good start. The March 1 meeting made it clear to ensure a good start to the first quarter. At present, the above goals may have been achieved.

The series of wines further develop their strength.

According to the first quarterly report of 2024, Guizhou Moutai added 17 new series wine dealers in the first quarter of this year. In 2023, the performance of Maotai series was eye-catching, Maotai 1935 jumped to 10 billion yuan, and the revenue of Maotai Prince Liquor, Han Sauce, Guizhou Daqu and Laimao all exceeded 1 billion yuan. In the first quarter of this year, the series of wine dealers increased or further expanded to expand the end market. From the perspective of sales channels, the revenue of Maotai direct sales channels in the first quarter was 19.3 billion yuan, accounting for 42%, while that of wholesale channels was 26.3 billion yuan, accounting for 58%. Judging from the report in 2023, direct selling and traditional channels have tended to be in a dynamic balance, and it is expected to continue in 2024.

"each single product of the series of wines has room for growth beyond the performance of a listed company with famous wines in the region." Xiao Zhuqing, an independent commentator of Chinese wine industry, told reporters that the production capacity of 53-degree Feitian Maotai Liquor is limited, and channel merchants and direct sales still need to make a good balance, so coverageZyngapokerfreechipsThe series of wines with different prices ranging from 200 yuan to 1500 yuan have become an important growth pole of Moutai in Guizhou.

It is worth mentioning that the quarterly report of 2024 shows that the top ten shareholders of Guizhou Moutai have changed. According to the Guizhou Moutai 2023 annual report, both Jinhui Ronsheng and Ruifeng Huibang reduced their holdings in Maotai shares in the fourth quarter of 2023, while the two private equity companies were no longer on the list of the top 10 shareholders in the first quarterly report of this year. Huaxia SSE 50ETF, Huatai Berry Shanghai and Shenzhen 300ETF, Yi Fang to Shanghai and Shenzhen 300ETF and other ETF funds entered the list of the top ten shareholders.

In addition, since entering the second quarter, Feitian Maotai terminal price dip once aroused market concern. However, from the Guizhou Moutai quarterly report, as of the end of March, Guizhou Moutai accounts received in advance of 10.669 billion yuan, to a certain extent, reflecting the strong willingness of dealers and market confidence.

It is also generally believed in the industry that the distance between the terminal price and the official guiding price of 1499 yuan per bottle is still more than a thousand yuan, and the change in the terminal price of Feitian Moutai will not have a real impact on the performance of Guizhou Moutai. At the same time, the platform market data may be different from the actual terminal price. at present, a number of dealers have told reporters that the actual terminal transaction price of 53 degrees Feitian Moutai Liquor (bulk bottles) is still more than 2700 yuan per bottle. The price of a single bottle of 53 degrees Feitian Moutai Liquor is also more than 2800 yuan per bottle.