Guizhou Moutai expects net profit of about 52 billion yuan this year to increase by 11.3% year-on-year Analyst: The performance is in line with expectations

Per reporter: Zhu Wanping Per editor: Chen Junjie

On the evening of December 31, Moutai in Guizhou (600519. SH) issued the "2021 Annual Production and Operation Announcement" said that after preliminary accounting, the company is expected to achieve a total operating income of about 109 billion yuan in 2021, an increase of about 11.2% year-on-year, and a net profit attributable to the mother of about 52 billion yuan, an increase of about 11.3% year-on-year.

"This 2021 performance report of Guizhou Moutai is in line with our expectations." Dong Guangyang, assistant to the president of Huachuang Securities and director of the research institute, told the "Daily Economic News" reporter.

"This performance report shows that Guizhou Moutai has achieved double-digit growth targets and maintained the development trend of stable growth of the company as a whole." Cai Xuefei, general manager of Zhiqu Consulting and liquor analyst, also said.

At the same time, at present, Guizhou Moutai is still the largest heavy stock of foreign capital.

Guizhou Moutai is expected to achieve a total operating income of about 109 billion yuan this year, an increase of about 11.2% year-on-year; it is expected to achieve a net profit attributable to the mother of about 52 billion yuan, an increase of about 11.3% year-on-year.

The performance growth rate of about 11% of Guizhou Moutai in 2021 is not high, but considering that the performance growth rate of Guizhou Moutai in the first three quarters of this year is only about 10%, this report card has met the expectations of the outside world. On December 31, a number of liquor analysts expressed the above views to reporters.

From a quarterly point of view, in the fourth quarter of this year, Guizhou Moutai achieved a total operating income of about 31.947 billion yuan, an increase of 12.42% year-on-year; the net profit attributable to the mother was 14.734 billion yuan, an increase of 14.48% year-on-year. This performance growth rate has rebounded compared with the third quarter of this year.

"Judging from the financial report, the product structure of Guizhou Moutai in 2021 is also being further optimized, the main brand and series of wine brands are further strengthened, and the market position of enterprises is still strong." Cai Xuefei told the "Daily Economic News" reporter.

Specifically, in recent years, Guizhou Moutai has been vigorously developing the Moutai series of wines to achieve two-wheel drive. According to the latest disclosed announcement, in 2021, Guizhou Moutai series of wines is expected to achieve revenue of about 12.6 billion yuan, compared with 9.991 billion yuan last year, an increase of about 26.11%. In 2021, Moutai wine is expected to achieve revenue of about 93.2 billion yuan, an increase of about 9.87% year-on-year.

Guizhou Moutai also recently disclosed the company's base wine production. In terms of production, in 2021, Guizhou Moutai will produce about 56,500 tons of Moutai wine-based wine and about 28,200 tons of series wine-based wine, and the company has increased in the production of base wine. In 2020, Guizhou Moutai produced 50,000 tons of Moutai liquor base wine and 25,000 tons of series liquor base liquor.

"Moutai is achieving the goal of long-term price control by increasing the production capacity of base wine, which should be said to have obvious effects." Cai Xuefei said.

Because Guizhou Moutai does not sell "new wine", the Moutai wine it now sells is made of base wine produced a few years ago, and the Moutai wine base wine produced now can only be sold after several years of storage. The market often calculates today's supply based on the base wine produced by Moutai a few years ago.

In the context of Moutai wine in short supply, the increase in the sales volume of Moutai wine will directly boost the performance. According to the recent calculation of Huachuang Securities, in 2022, the base wine available for Moutai wine will exceed 40,000 tons, an increase of more than 10% year-on-year, superimposed Moutai to increase direct sales channels, the company's performance is expected to exceed the performance growth rate in 2021.

At the market level, CICC research report shows that in 2021, the food and beverage industry will receive the largest foreign sales, but at present, Guizhou Moutai is still the largest heavy stock of foreign capital, and foreign capital holds a market value of more than 190 billion yuan in Guizhou Moutai, followed by Ningde Times and Midea Group.

On December 31, Guizhou Moutai stock price closed at 2050 yuan per share, down 1.2%.

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