Weilong shares continue to be under pressure, and the future is confusing.
Text | Selling Wine Wolf Team
Ed southerly
On April 22, Weilong released its 2023 annual report. During the reporting period, the company achieved revenue of 385 million yuan, down 22.85% year-on-year, net profit attributable to the parent company of -155 million yuan, compared with 11.79 million yuan in the same period of last year, and net cash flow from operating activities of 11.25 million yuan, down 78.95% year-on-year.
Specifically, in 2023, the sales of the company's low-end (ex-factory price of a single bottle of wine does not exceed 50 yuan), mid-end (more than 50 yuan for a single bottle of wine, less than 100 yuan), and high-end (more than 100 yuan for a single bottle of wine) products will be 249 million yuan, 86.8117 million yuan, and 31.2347 million yuan respectively, with year-on-year changes of -25.47%, -21.90%, and 9.14% respectively.
On April 23, Weilong Co., Ltd. (603779) released the first quarter report of 2024, in the first quarter of 2024, the company achieved revenue of 136 million yuan, an increase of 114.89% year-on-year, and the net profit attributable to shareholders of listed companies was about 18.47 million yuan.
Although the company's revenue growth in the first quarter was larger, this was mainly due to the low base last year, and the company has not yet recovered to the revenue level of the first quarter of 2022. In addition, the turnaround is not a sign that Weilong shares have successfully walked out of the "quagmire" of declining performance.
A
Continued sluggish performance
According to data released by the National Bureau of Statistics and the General Administration of Customs, domestic wine production has been declining for ten consecutive years. In 2022, domestic wine production was 214,000 kiloliters, and in 2023 this figure has fallen to 143,000 kiloliters, a year-on-year decrease of 71,000 kiloliters.
The main reason for the decline in production is weaker demand. According to industry insiders, the domestic wine market has been affected by factors such as the economic situation, consumption downgrades, and other alcoholic beverage squeezes, and the market has continued to be sluggish.
As a wine enterprise integrating grape planting, production and sales, Weilong shares have not been able to stand out in the contrarian trend. The data shows that from 2019 to 2022, Weilong's revenue will be 667 million yuan, 392 million yuan, 474 million yuan and 499 million yuan respectively, and the net profit attributable to the parent company will be -26 million yuan, -220 million yuan, -414 million yuan and 12 million yuan respectively.
Entering 2023, the company's operating situation deteriorated again, achieving revenue of 385 million yuan, a year-on-year decrease of 22.85%, and net profit attributable to the parent company of -155 million yuan, once again falling into the quagmire of losses.
For the loss, the reason given by Weilong shares can be summarized as sluggish demand and intensified competition. However, Weilong shares still believe that with consumers' increasing attention to environmental protection and food safety, as well as the favor of domestic brands, organic wine and ecological wine, as a healthy and environmentally friendly drink, still have great market potential.
B
It is difficult to offset the risk of turning around losses in the first quarter
Weilong Co., Ltd. achieved a total revenue of 136 million yuan in the first quarter of 2024, a year-on-year increase of 114.89%. The operating cost on the cost side was 60.198 million yuan, a year-on-year increase of 68.27%, and the cost of expenses was 49.2183 million yuan, a year-on-year increase of 4.38%. After deducting operating costs and various expenses, the total operating income attributable to the parent company was 18.4671 million yuan, turning losses into profits.
Turning losses into profits is a good signal, but for Weilong shares, which are mired in losses, this good news is a little less "powerful".
From the perspective of the external competitive environment, with the successful return of Australian wine, it is bound to bring greater challenges to domestic wine companies represented by Weilong shares. Judging from the current situation of the company, the wine sales of Weilong Co., Ltd. are shrinking as a whole, and the revenue in most regions has declined year-on-year.
The most important point is that the market environment is indeed not good, from domestic economic development to international disputes, the uncertain future situation makes everything full of uncertainty and the industry confidence is seriously lacking. In this context, the possibility of Weilong shares turning around for many consecutive quarters in 2024 is not high.
Another point that needs to be noted is that, according to the new delisting regulations, the main boards of the Shanghai and Shenzhen stock exchanges respectively changed the risk warning standard for the delisting of loss-making enterprises from "negative net profit + operating income less than 100 million yuan" to operating income from the current standard of "less than 100 million yuan" to "less than 300 million yuan", and included "total profit" into the scope of loss consideration, and the revised indicator is "the lower of the total profit, net profit, and non-net profit is negative". Judging from this standard, Weilong shares are not far from the red line.
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