Revenue of 14.1 billion yuan, net profit of 6.28 billion, Luzhou Old Cellar three quarterly report "three major" highlights

On the evening of October 28, Luzhou Laojiao released the performance report for the first three quarters of 2021. According to the financial report, from January to September 2021, the company achieved operating income of 14.11 billion yuan, an increase of 21.65% year-on-year; net profit attributable to shareholders of the parent company was 6.276 billion yuan, an increase of 30.32% year-on-year.

Among them, the operating income in the third quarter was 4.793 billion yuan, an increase of 20.89% year-on-year, and the net profit was 2.049 billion yuan, an increase of 28.48% year-on-year.

As one of the leading enterprises in the liquor industry, Luzhou Laojiao has always been the focus of the industry. So, what are the highlights of the third quarterly report of Luzhou Old Cellar?

Three highlights of the three quarterly reports

For Luzhou Laojiao, there are three highlights in this three-quarterly report:

First, in the off-season of liquor, it can still maintain a high growth rate;

Previously, the interim report data released by Luzhou Laojiao showed that in the first half of 2021, the operating income was 9.317 billion yuan, an increase of 22.04% year-on-year; the net profit was 4.226 billion yuan, an increase of 31.23% year-on-year.

In the third quarter of the liquor industry for the liquor off-season, compared with the performance of the semi-annual report, the growth rate of revenue and profit in the third quarter continued to maintain high growth, which is relatively rare in the industry.

Second, the gross profit of Luzhou old cellar is as high as 86%, leading the industry;

It is worth mentioning that the overall gross profit margin of Luzhou Old Cellar is as high as 86%, which is rare in the industry, indicating that the performance of high-end wine represented by National Cellar 1573 has been further enhanced.

At the same time, the profit growth of Luzhou Old Cellar exceeds the revenue growth, indicating that the product structure of Luzhou Old Cellar is still improving; the peak season of liquor is concentrated in the second half of the year, and if it continues, Luzhou Old Cellar will go to a higher level this year.

Third, the contract liabilities are 1.905 billion, and the market control is strengthened;

In the operating data of Luzhou Laojiao from January to September 2021, we found that the contract liabilities were 1.905 billion yuan; the contract liabilities mean advance receipts, which is the "reservoir" of the company's funds, which also confirms that the market control of Luzhou Laojiao has been further strengthened, indicating that the growth in the fourth quarter is more secure.

"Back to the top three" is steadily accelerating!

At this year's shareholders' meeting, Luzhou Laojiao pointed out that it is implementing the regional market development strategy of "eastward, southward and rising", the orderly development of the national market, the accelerated formation of the scale expansion trend, and this year will strive to achieve revenue growth of more than 15%.

Obviously, judging from the performance of the first three quarters, the completion of the target is also a high probability event.

In the future, for Luzhou Laojiao, in addition to achieving performance goals, it is also necessary to achieve the return to the top three and the "rejuvenation" of the brand.

For Luzhou Laojiao, the return to the benign rapid development channel, the return to the tens of billions, and the firm standing of the first group in the liquor industry are only the prelude to "rejuvenation", and its fourth step is to achieve "return to the top three" and return the brand value and revenue volume to the status of China's top famous wines.

It can be said that in the past few years, Luzhou Old Cellar has created "leapfrog" high-quality growth. The overall scale of Luzhou old cellars has also exceeded 15 billion, and the national cellar 1573 has stood in the high-end top three during the "13th Five-Year Plan" period.

Luzhou Old Cellar Special Qu, Century-old Luzhou Old Cellar Age Wine, Luzhou Old Cellar Black Cover have fully completed the image and price remodeling, the volume and price have increased steadily, and the overall competitive advantage of the "pyramid" of the product system has been highlighted. The "highlight", known as the "third curve" of Luzhou Old Cellar, has steadily advanced with the core city as the commanding height, and the development situation is in line with expectations.

Looking forward to the new 5 years, Luzhou Laojiao has also reserved multiple guarantees such as brands, products, production capacity, talents and mechanisms for the impact of medium- and long-term goals. Driven by brands such as Guojiao 1573, Tequ, Gaoguang, and Luzhou Laojiao 1952, the brand "rejuvenation" of Luzhou Laojiao is steadily accelerating.

Content source: Micro wine

Text | Zhang Qiang