This is Wuliangye revenue for 23 consecutive quarters to achieve double-digit growth, on the evening of October 29, Wuliangye released the third quarter performance report, the company's first three quarters of revenue approaching 50 billion yuan, net profit of 17.3 billion yuan; at the same time, the company's net cash flow is more than 290% year-on-year, monetary funds of nearly 73.2 billion yuan. Investors are bullish, with the number of shareholders up 34% from the first half of the year.
<h1 toutiao-origin="h2" >1. Net cash flow surged nearly 3 times</h1>
According to the third quarterly report, Wuliangye continued to maintain steady growth in the first three quarters of this year, with revenue of 49.72 billion yuan, an increase of 17.01% year-on-year; net profit of 17.327 billion yuan, an increase of 19.13% year-on-year. Among them, the third quarter revenue was 12.97 billion yuan, an increase of 10.61% year-on-year, and the net profit was 4.127 billion yuan, an increase of 11.84% year-on-year. Preliminary statistics can be found that this is already Wuliangye's revenue for 23 consecutive quarters to achieve double-digit growth.
In addition, the net cash flow generated by Wuliangye's operating activities in the first three quarters of this year reached 15.398 billion yuan, up 290.47% year-on-year.
For the sharp increase in net cash flow, Wuliangye said that this was mainly affected by the increase in cash inflow from operating activities, one was the low cash base received from the sale of goods and the provision of services affected by the epidemic in the same period last year, and the second was the increase in operating income this year and the increase in cash receipts due to bank acceptance bills, resulting in an increase in cash inflow from operating activities this year.
It is worth noting that as of September 30, 2021, Wuliangye's monetary funds were 73.156 billion yuan, an increase of 7.25% over 68.21 billion yuan as of December 31, 2020. At the same time, Wuliangye's short-term borrowings and long-term borrowings are both "0". Abundant funds and no borrowing, which is not achieved by ordinary enterprises.
It is understood that since the beginning of this year, Wuliangye's cash flow has maintained a high growth rate, the sales situation has shown a good trend, and the dealers have paid back positively, highlighting the strong ability to create cash flow and self-hematopoietic function.
<h1 toutiao-origin="h2" > 20 billion investment to ensure subsequent growth</h1>
As a leading enterprise of fragrant liquor, Wuliangye has consolidated the eighth generation of Wuliangye's large single products, and this year it has focused on creating an ultra-high-end product "Classic Wuliangye".
It is reported that due to the scarcity of classic Wuliangye production, the arrival volume of specialty stores is also very small, but its channel profit margins are relatively larger, dealers are highly motivated, and the market is in short supply. Especially during this year's Mid-Autumn Festival National Day, Wuliangye's main products sold well, especially high-end personalized products. It can be said that at the price of 3,000 yuan, Wuliangye has raised a banner for strong aromatic liquor, which also helps to increase the company's revenue and increase the company's market share in high-end products.
Wuliangye does not worry about selling, but Wuliangye itself is planning for the sustained and high-quality development of the future in advance. In accordance with Wuliangye's consistent adherence to the "hierarchical selection, the best of the best" and other technical characteristics, high-end high-quality supply is relatively scarce, in order to continuously meet market demand, increase the supply of high-quality production capacity, Wuliangye launched a number of major construction projects.
In the 2020 annual report, the data disclosed by Wuliangye shows that the company's base wine design capacity is 103,800 tons, and the actual production capacity is 95,400 tons, approaching full load production, although the production capacity under construction is 20,000 tons, but the space is still limited, and it is imperative to expand production. In July 2020, Wuliangye announced the launch of the 120,000-ton ecological winemaking project (phase I) project, with an estimated investment of 1.268 billion yuan.
By the end of 2020, Wuliangye has a total of 16 major projects under construction, including "300,000 tons of Taotan Chen Distillery Warehouse Phase I Project", "Gou Storage Wine Warehouse Technical Transformation Project", "Finished Wine Packaging and Intelligent Warehousing and Distribution Integration Project" and other quality improvement and efficiency improvement projects, with a total investment budget of 13.1 billion yuan. All these will lay a solid foundation for Wuliangye to improve quality and production capacity in the future, and release potential for subsequent steady growth.
According to Wuliangye's performance report, at the end of the third quarter of 2021, the construction under construction was 2.302 billion yuan.
< h1 toutiao-origin="h2" >3.The number of shareholders increased significantly by 34%.</h1>
Investors continue to be optimistic about Wuliangye, it is worth noting that in the first three quarters of this year, many shareholders of Wuliangye's top ten shareholders significantly increased their holdings in Wuliangye.
For example, E Fangda Blue Chip Select Hybrid Securities Investment Fund has increased its holdings several times, and as of the end of June, its shareholding ratio was 0.77%, making it the eighth largest shareholder; at the end of the third quarter, its shareholding ratio reached 0.81%, and it was promoted to the seventh largest shareholder.
In the first half of the year, it was still the sixth largest shareholder, the China Merchants CSI Baijiu Index Graded Securities Investment Fund, with a shareholding ratio of 0.88%, and by the end of the third quarter, the shareholding ratio reached 1.4%, which was promoted to the fifth largest shareholder.
There is also Invesco Great Wall Emerging Growth Hybrid Securities Investment Fund, whose proportion of Wuliangye has also increased from 0.48% to 0.6%, and now holds 23 million shares.
In addition, compared with the semi-annual report, the number of wuliangye shareholders as of September 30, 2021 was 560,300, an increase of 143,300 from June 30, 2021, an increase of 34.36%.
Many institutions have also made an increase in wuliangye's evaluation. Previously, Huaxi Securities said that it continues to be optimistic about the certainty and long-term space of Wuliangye's fundamentals, and it is expected that the company will achieve operating income of 675.0/787.5/90.92 billion yuan in 2021-2023, +17.8%/+16.7%/+15.4% year-on-year; and achieve a net profit attributable to the mother of 237.7/281.6/331.0 billion yuan, +19.1%/+18.5%/+17.6% year-on-year, maintaining a "buy" rating.
China Merchants Securities recently released a research report that Wuliangye terminal flow rate inventory is low, the stock price retraced to the value range, it is recommended to increase the allocation.