The semi-annual report of Kweichow Moutai reveals the truth of performance growth, sales promotion and sales channel optimization.

On the evening of August 2, Kweichow Moutai reported in its semi-annual report that its net profit for the first half of the year was 29.794 billion yuan, which was about 654.38+65 billion yuan that day. Kweichow Moutai said in the semi-annual report that the growth of the company's performance was mainly due to the growth of sales volume and the optimization of sales channels in this period, and the proportion of direct sales continued to increase substantially.

The reform of direct selling channels (referring to self-operated and Maotai channels) is one of the important reform measures since Ding Xiongjun took office. According to the financial report, the direct sales revenue of Kweichow Moutai in the first half of 2022 was 20.949 billion yuan, an increase of 65.438+020.42% compared with 9.504 billion yuan in 20021the same period, and the revenue accounted for 36.35%, reaching a new high. Among them, my Maotai contributed 65.438+0/5 of direct sales revenue in three months. At the same time, in the first half of the year, the revenue of Kweichow Moutai wholesale agency channel was 366./kloc-0.4 billion yuan, a decrease of 7.32% compared with the same period last year.

The ex-factory price of Kweichow Moutai is less than 1000 yuan, but the market retail price is close to 3000 yuan. Some abnormal sales systems have caused dissatisfaction among investors. Since the new chairman took office, he has been trying to change the past sales pattern and increase the proportion of direct sales.

On the same day, Ding Xiongjun, chairman of Kweichow Moutai, said that over the past 70 years, Maotai has kept hundreds of thousands of tons of base wine in the wine warehouse, which is trillions according to the current market value. At the same time, Ding said that Maotai ice cream is now in short supply.

However, on that day, Kweichow Moutai reported 1885.00 yuan/share, with a slight increase of 0.27%, which can be described as moderate, with a total market value of 2.37 trillion yuan.

From the product side, while Maotai liquor grew steadily in the first half of the year, the series of Kweichow Moutai liquor also achieved rapid growth, among which Maotai 1935 contributed greatly to the growth of the series of liquors.

Specifically, in the first half of the year, Maotai achieved an operating income of 49.965 billion yuan, a year-on-year increase of16.34%; The operating income of series wine reached 7.598 billion yuan, up 25.38% year-on-year. Among them, in the second quarter, Maotai realized an operating income of 21/kloc-0.05 million yuan, a year-on-year increase of14.97%; The operating income of series wine was 4,654,387+70 million yuan, up 22.04% year-on-year.

In terms of base liquor output, in the first half of the year, the output of Maotai base liquor was 42,500 tons, and the output of series base liquor was 1.07 million tons, up 36.0% year-on-year. The output and quality of base wine remained stable. Historical data show that in the past three years, the output of Kweichow Moutai in the first half of the year accounted for 67%-73%, and the output of series wines in the first half of the year accounted for 43%-46%.

I, Maotai, performed well.

In 2022, the most concerned action of Kweichow Moutai's direct channel reform was the restart of its own e-commerce business.

After the new chairman took office, on March 28th, Kweichow Moutai officially announced the launch of self-operated e-commerce platform I Maotai, and on March 3rd, kloc-0/began to sell some Moutai. During the reporting period, Kweichow Moutai realized the duty-free income of 4410.06 million yuan through the I Moutai digital marketing platform, accounting for 7.66% of the operating income and 210.08% of the direct sales channel income.

At present, there are 6 Moutai wines and 3 Maotai-flavor series wines on I Maotai. On July 22nd, I Maotai officially announced that since the trial operation on March 3rd1,I Maotai has registered more than 20 million users, with a daily life of 4 million, and its sales income has exceeded 5.6 billion yuan, equivalent to a daily income of 5.38110,000 yuan.

CITIC Securities predicts that the annual revenue of I Maotai will exceed 654.38+0.2 billion yuan, and the normalized new product listing will further increase revenue.

Huachuang Securities said that with the operation of I Maotai on the right track, on the one hand, it contributed to the growth increment, and it still exists in the form of non-standard products. It is expected that the general trade quota of some dealers will be introduced in a high probability; On the other hand, I, Maotai, focused on the smooth operation of the platform this year and built a mature digital marketing infrastructure, laying the foundation for the subsequent market-oriented reform.

The fund's largest heavyweight stock returned to public offering.

As for shareholders, by the end of the second quarter, the total number of shareholders in Kweichow Moutai was146,000, a decrease of 1.9 1.58% compared with the previous period (March 3, 2022).

But overall, Public Offering of Fund increased its holdings of Kweichow Moutai in the second quarter of this year. According to the second quarterly report of Public Offering of Fund, compared with the end of the first quarter, the number of funds holding Maotai increased from 1397 to 1629 at the end of the second quarter, and the market value of heavy positions was133.5 billion yuan, which also enabled Kweichow Moutai to replace contemporary Amperex Technology Co, Limited and return to the largest heavy position in Public Offering of Fund.

A number of star fund managers increased their positions in Kweichow Moutai in the second quarter, including Glen, Zhang Kun and Zhu Shaoxing.

In the second quarter, China-Europe Alpha Hybrid, managed by a public offering sister, Gulen, increased its holdings of Kweichow Moutai on a large scale, becoming the new list of the top ten awkwardness stocks and the fourth largest awkwardness stocks. By the end of the second quarter, * * * held 355,300 shares, with a stock market value of 727 million yuan; Zhang Kun's E Fund Blue Chip Selection is the active equity fund that holds the most shares in Kweichow Moutai. As of the end of the second quarter, it held 3.02 million shares, with a stock market value of about 665,438+76 million yuan, ranking the fourth largest awkward stock in the fund; Zhu Shaoxing's Guo Fu Tianhui Select continued to add liquor during the second quarter of its growth, among which the number of shares holding Kweichow Moutai reached 6,543.8+0.4 million, with a market value of 2.863 billion yuan, ranking first.

In addition, according to the latest data of Morningstar, in June this year, Allianz Shenzhou A-share Fund, the largest overseas stock fund in China, also increased its position in Kweichow Moutai 100%, and the market value of its position at the end of the month reached 261000,000 US dollars, equivalent to about RMB17.63 million yuan. After the purchase, Kweichow Moutai became the fourth largest awkward stock of the fund.

Zhongtai Securities said that Maotai is gradually solving the problem of limited volume and price growth through reform, and its performance growth point is increasingly rich, which is expected to accelerate its growth. At the same time, management upgrading and accelerated growth are also expected to boost Maotai's valuation. It is estimated that its net profit in 2022-2024 will be 648/762/892 billion yuan respectively, up by 23.52%/17.67%/16.95% respectively, and the corresponding EPS will be 51.58/60.70/70 respectively.

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