Luzhou Laojiao's revenue growth rate in the third quarter improved significantly from the previous quarter entering the fast lane of price increases is expected

Financial Associated Press (Chengdu, reporter Xiong Jianan intern reporter Xiao Yajie) news, known as the "originator of the strong fragrance type" Luzhou Old Cellar (000568. SZ) performed well in the third quarter, with steady growth in revenue and net profit, of which the revenue growth rate turned from negative to positive and improved significantly. Liquor industry analysts Cai Xuefei and Yang Chengping told the Financial Associated Press that the continuous revival of high-end liquor in the industry has led to the proportion and performance improvement of the national cellar 1573, which is the main reason for the good growth of the performance of the old cellar in Luzhou, and the previous announcement of the suspension of the national cellar 1573 is its obvious price increase signal.

In addition, Cai Xuefei added to the Financial Associated Press reporter, "The improvement of product architecture and market share, the remarkable effect of the brand slimming strategy, and the intensive cultivation strategy of the national market in Luzhou Laojiao, and the recovery of the national market channels have further driven its performance growth." The price increase of Guojiao 1573 is in line with the current trend of wine consumption structure, and helps Luzhou Old Cellar to enhance the profit margin and market competitiveness of enterprises on the basis of product structure improvement. Therefore, its entry into the fast lane of price increases is expected. ”

According to the third quarterly report of Luzhou Laojiao, its operating income in the third quarter was 4.793 billion yuan, an increase of 20.89% year-on-year, an increase of 11.11% month-on-month, and a significant improvement from -0.99% and -13.8% in the previous first and second quarters. The net profit attributable to the mother in the third quarter reached 2.049 billion yuan, an increase of 31.23% year-on-year. In the first three quarters, the company's operating income and net profit attributable to the mother reached 14.11 billion yuan and 6.276 billion yuan respectively, an increase of 21.65% and 30.32% respectively.

The reporter noted that there were five liquids (000858. SZ) is far ahead, followed by Yanghe Shares (002304. SZ) to catch up, once slid out of the top three Luzhou old cellar or has begun to gradually exert force. Judging from the three quarterly reports, its operating income and net profit growth rate year-on-year are higher than yanghe shares. Cai Xuefei also told reporters, "The rapid development of Yanghe has further squeezed the national aromatic liquor market, further increasing the intensity of market competition, but this does not affect the industry status and pattern of Luzhou Old Cellar." ”

However, Yang Chengping held a reserved attitude, he told reporters, "Due to the previous problems at the strategic level of Luzhou Old Cellar, its market share is much lower than That of Wuliangye, slightly lower than yanghe is a normal phenomenon." I don't think the current strategic realignment has been successful. According to the data of the Prospective Industry Research Institute, the market share of Wuliangye in 2020 will reach 9.82%, and the market share of Yanghe Shares and Luzhou Laojiao will account for 3.62% and 2.85% respectively.

It is worth mentioning that under the original brand structure, Luzhou Laojiao has begun to develop new product lines and launched Luzhou Laojiao 1952, which is priced at 899 yuan. Cai Xuefei analyzed to the reporter of the Financial Associated Press: "The concept of Luzhou Laojiao 1952 comes from the first famous wine selection, which has a certain historical and brand cultural value and commemorative nature, and strategically belongs to the enterprise complementary and dot-like breakthrough products. However, it is difficult to see its market development prospects at present, but considering the huge market base of Luzhou Laojiao, it meets the market demand of some quality enthusiasts and collection investment. “

However, there are also reservations about the launch of this new product. Yang Chengping told reporters, "For the entire industry, it is very difficult to push new products, and it takes a long time. Consumers need a process for their taste characteristics and quality cognition. Instead of launching new products, it is better to do a good job of old products, in addition to restoring the old man's song, we should also pay attention to the product creation of Luzhou old cellar special qu, which is good for its performance. ”

In view of how the luzhou old cellar will be laid out in the future, Cai Xuefei analyzed to reporters: "The next key work of the old cellar in Luzhou should be to use its extensive consumption base and channel advantages to carry out channel integration and market intensive cultivation, mainly promote high-end products to enhance regional competitiveness, stretch the product structure between various regions, and thus ensure the rapid development of the brand." Yang Chengping also further added to reporters, "The efforts of the national cellar 1573 are only one of them, in addition, we must pay attention to the market layout of luzhou old cellar special songs, and increase efforts to restore the promotion of the core products of luzhou old cellar head song and old head song." ”