Jiajiu.com: The involution of Huijiu has intensified, the status of the first brother is stable, and the battle for the list has staged a "dragon and tiger fight"|financial report

A few days ago, the third quarter reports of 2023 of 20 A-share liquor listed companies were all disclosed, among which the top four of Huijiu performed more brightly. According to the financial report, from January to September this year, the top four Hui liquors such as Gujing Tribute Liquor, Yingjia Tribute Liquor, Kouzijiao and Golden Seed Liquor achieved a total revenue of 26.275 billion yuan, a year-on-year increase of 23.74%; The total net profit was 6.816 billion yuan, a year-on-year increase of 38.94%.

Judging from the financial reports of 20 liquor listed companies, the overall revenue and net profit growth rate of the top four liquor companies in the first three quarters of this year exceeded the average growth rate of liquor listed companies. This also shows from the side that under the influence of external uncertainties this year, the top four Huijiu have shown strong anti-risk ability and development resilience.

The performance has grown rapidly, and Gujing Gongjiu has stabilized at 20 billion

According to the financial report, in the first three quarters of this year, Gujing Gongjiu achieved revenue of 15.953 billion yuan, a year-on-year increase of 24.98%; The net profit was 3.813 billion yuan, a year-on-year increase of 45.37%. With this good performance, Gujing Gongjiu not only continued to stand in the top six listed liquor companies, but also further consolidated its position as the first brother in the Huijiu sector.

If you look at it in the long term, the third quarter report of 2023 handed over by Gujing Gongjiu has a higher gold content. According to the data, in 2022, Gujing Gongjiu will achieve revenue and net profit of 16.713 billion and 3.143 billion respectively, which means that its revenue in the first three quarters of this year is close to the level of last year's annual revenue, and its net profit is more than the total net profit of last year.

Not only that, the cash flow generated by Gujing Gongjiu's operating activities also maintained a high growth rate. Cash flow is an important indicator to judge the hematopoietic ability of an enterprise, and the strong growth of operating cash flow indicates that the self-hematopoietic ability of the enterprise is strong and the financial pressure is small. According to the financial report, in the first three quarters of this year, the net cash flow generated by Gujing Gongjiu's operating activities was 5.72 billion yuan, an increase of nearly 1 billion yuan compared with the first half of the year, a year-on-year increase of 12.8%, and the sufficient cash flow highlights the healthy operation status of Gujing Gongjiu.

It is worth noting that under the realistic background of the peak season in the third quarter of this year, Gujing Gongjiu has also maintained a steady pace of development, especially the growth rate of revenue and net profit has hit the highest growth rate in the past six years. According to the data, in the third quarter of this year, Gujing Gongjiu achieved revenue of 4.643 billion yuan, a year-on-year increase of 23.39%; The net profit was 1.033 billion yuan, a year-on-year increase of 46.78%.

Some industry experts said that the continuous upgrading of product structure and the phased breakthrough of national layout are the key reasons for Gujing Gongjiu to maintain a good momentum of development. It is understood that at present, the revenue ratio of Gujing Gongjiu in and outside the province is 6:4, and it has formed three billion-level markets in Jiangsu, Henan and Shandong, as well as many billion-level markets in Shanghai, Zhejiang, Hebei and Jiangxi.

The latest research report of Founder Securities also pointed out that Gu 20 firmly promotes the strategy of "nationalization + sub-high-end", and is expected to grow into a 10 billion super single product and become the strategic fulcrum of the company's nationalization; The mainstream price of Gu 5 and Gu 8 card slots in the province has excellent chassis turnover, and the consumption scene represented by the wedding banquet has gradually switched from Gu 8 to Gu 16, undertaking the consumption upgrade dividend of Hui Liquor; The province has focused on the products of more than 8 ancient countries, and is optimistic about the gradual increase in key markets such as Henan, Shandong, and Jiangsu.

According to Gujing Gongjiu's 2022 annual report, Gujing Gongjiu's business target for 2023 is to achieve operating income of 20.1 billion yuan, an increase of 20.26% over the previous year. Combined with the revenue scale of 15.953 billion in the first three quarters of 2023, Gujing Gongjiu has completed about 80% of the established revenue target. Considering that the fourth quarter is the traditional peak season for liquor consumption and the Spring Festival stocking season, with its excellent brand power and quality power, Gujing Gongjiu can be said to have successfully completed the annual target task without pressure.

It is foreseeable that Gujing Gongjiu, which is about to enter the "Liquor 20 Billion Club", will continue to lead the entire Huijiu sector to move forward steadily while consolidating its leading position in the industry.

The involution of the Huijiu plate intensified, and the battle for the eyes of the list staged a "dragon and tiger fight"

At present, Gujing Gongjiu's status as the first brother of Huijiu is unshakable in the short term, so the competition for the position of Huijiu is becoming more and more fierce, and it can even be described as "dragon and tiger".

According to the statistics of Jiajiu.com, the position of Huijiu has changed hands many times, and from 2011 to 2016, Yingjiagongjiu has been ahead of Kouzijiao. However, since 2017, Kouzijiao has achieved overtaking and has maintained it until 2021. Later, in 2022, Yingjiagongjiu surpassed Kouzijiao and regained its position on the Huijiu list, but the revenue gap between the two was small, only about 400 million yuan. According to the data, in 2022, the revenue of Yingjiagong Liquor and Kouzijiao will be 5.505 billion and 5.135 billion respectively.

Entering 2023, the Huijiu sector continues this brand development pattern. According to the financial report, in the first three quarters of this year, Yingjia Gongjiu achieved revenue of 4.804 billion yuan, a year-on-year increase of 23.42%; The net profit was 1.655 billion yuan, a year-on-year increase of 37.57%. In the same period, Kouzijiao achieved revenue of 4.446 billion yuan, an increase of 18.18% year-on-year; The net profit was 1.348 billion yuan, an increase of 12.22% year-on-year.

Through the above data, it can be seen that in the first three quarters of this year, the growth rate of revenue and net profit of Yingjiagong Liquor was higher than that of Kouzijiao, but the gap between the two in revenue and net profit did not further expand, which also largely shows that the competition for the position of the Huijiu sector will be more fierce in the future.

In fact, judging from this year's quarterly report, the fierce competition between Yingjiagongjiu and Kouzijiao is more obvious. According to the financial report, in the first, second and third quarters of this year, Yingjiagongjiu achieved revenue of 1.916 billion, 1.227 billion and 1.661 billion respectively, and Kouzijiao achieved revenue of 1.592 billion yuan, 1.321 billion and 1.533 billion yuan respectively in the same period.

It can be seen that in the first three quarters of this year, the reason why the revenue of Yingjia Gongjiu was higher than that of Kouzijiao was mainly due to the revenue performance of Yingjiagong Liquor in the first quarter. In the second and third quarters thereafter, the revenue of Yingjia Tribute Liquor and Kouzijiao has been comparable, especially in the second quarter, the latter's revenue has even exceeded the former, which shows that the current position of Yingjia Tribute Liquor is not very solid, and once its performance cannot maintain the previous growth rate, it may be surpassed by Kouzijiao again.

From the perspective of product structure, in the first three quarters of this year, Yingjia Gongjiu's mid-to-high-end liquor achieved revenue of 3.579 billion yuan, an increase of 28.55% year-on-year, accounting for 74.5% of the total revenue. It is not difficult to judge that medium and high-end liquor is the main driving force for the growth of Yingjiagong liquor, and it is also the main reason why the profit growth rate outperforms the revenue growth rate.

In the same period, the sales revenue of high-end liquor in Kouzijiao was 4.24 billion yuan, an increase of 19.34% year-on-year, while the sales revenue of mid-range liquor decreased by 17.52% year-on-year. Judging from the data, the development of Kouzijiao's mid-range liquor has encountered certain pressure, so in order to regain the position of Huijiu Liquor, Kouzijiao needs to reverse the decline of mid-range liquor while making high-end products.

What is certain is that for a long time in the future, the competition between Yingjiagongjiu and Kouzijiao for the position of Huijiu will become the main attraction of the Huijiu sector.

In addition, as the only loss-making liquor company in the top four of Huijiu, Golden Seed Liquor is also ushering in the dawn of turning losses into profits. According to the financial report, in the first three quarters of this year, Golden Seed Liquor achieved revenue of 1.073 billion, a year-on-year increase of 31.73%, and the revenue growth rate ranked first among the top four Huijiu. In the same period, the loss of Golden Seed Liquor was 35 million, but the loss was further narrowed, quarterly, in addition to the loss in the first quarter of this year, the profit turned positive in the second and third quarters. To a certain extent, this also shows that with the support of China Resources' capital and channels, Golden Seed Liquor is gradually reversing the decline in development, and it is also worth paying attention to whether it can participate in the battle for the top of Huijiu in the future.