On the evening of October 16, Kweichow Moutai (600519) disclosed the third quarter report, the first three quarters of 2022 to achieve 87.16 billion yuan of operating income, an increase of 16.77%; Net profit was 44.4 billion yuan, up 19% year-on-year; Basic earnings per share 35.34 yuan. During the reporting period, Kweichow Moutai's direct sales channel revenue increased significantly, exceeding 30 billion yuan.

In addition, a number of listed wine companies recently disclosed the first three quarters of performance forecast, generally bright performance.

Moutai increases direct sales

Quarterly report shows that in the first three quarters of this year, Kweichow Moutai achieved operating income of 87.16 billion yuan, an increase of 16.77%, and net profit attributable to shareholders of listed companies was about 44.4 billion yuan, an increase of 19.14%; Among them, the company achieved net profit of about 14.6 billion yuan in the third quarter, an increase of 15.81%, compared with the growth rate of the first and second quarters of this year.

During the reporting period, Kweichow Moutai's net cash flow from operating activities decreased by about 70% year-on-year. The Company pointed out that the decrease in the net increase of financial customer deposits and interbank deposits of Kweichow Moutai Group, the Company's holding subsidiary, as well as the increase in the net increase of central bank deposits and interbank deposits; The company's contract liabilities increased by nearly 30% year on year, a significant increase from the second quarter.

In the first three quarters of this year, among Kweichow Moutai wine varieties, the sales growth rate of series wines exceeded that of Moutai. According to statistics, the company's sales of Moutai liquor in the current period slightly increased to about 74.4 billion yuan, and the series liquor reached 12.54 billion yuan, an increase of about 30% over the same period last year.

In addition, Kweichow Moutai increased the direct channel investment, the first three quarters of this year, the direct channel amount reached 31.882 billion yuan, more than doubled over the same period last year, while the wholesale channel slightly decreased to 55.059 billion yuan; Domestic Moutai dealers also reduced by 5, the latest is 2084, the change is consistent with the first half of the year, the third quarter did not add new dealers.

In terms of market performance, Kweichow Moutai's stock price fell by 8.44% in the third quarter, and further fell in the near future, with the latest offer of 1737.61 yuan/share, but the company's northward funds and private equity, known as "smart funds", continued to increase positions.

As of the end of the reporting period, Shanghai Stock Connect increased its holdings of Kweichow Moutai by 1.1 million shares, ranking the second largest circulating shareholder by holding 7.31% at the end of the period; Jinhui Rongsheng No. 3 Private Equity and Ruifeng Huibang No. 3 Private Equity increased their holdings again, reaching 0.6% and 0.51% respectively.

Liquor enterprises in the first three quarters of performance to improve

In addition to Kweichow Moutai, the performance of listed wine companies in the first three quarters generally increased, and a number of profit growth rates were about 30%.

Luzhou Laojiao said that with the growth of core product sales revenue, the company's profit in the first three quarters of this year is expected to reach 8.052 billion yuan to 8.257 billion yuan, an increase of about 28% to 32% over the same period last year.

Gujing Gong Wine Express shows that in the first three quarters of this year, the company achieved a total revenue of 127.65 billion yuan and a net profit of 2.623 billion yuan, an increase of about 30%.

Compared with Laobaigan wine profit growth rate, the company is expected to net profit in the first three quarters of this year reached 533 million yuan, an increase of about 113% year-on-year; Net profit after deduction rose by about 40% year on year. According to reports, thanks to the company's continuous optimization of product structure, deepening market construction, the company's main business income growth in the first three quarters of this year; In addition, in January this year, the company received land acquisition and storage compensation, non-recurring profit and loss increased by about 180 million yuan over the same period last year.

In addition, the operating data of a number of liquor companies show a good performance from January to September.

According to Yanghe Stock statistics, in the first three quarters of 2022, the company is expected to achieve operating income of about 26.44 billion yuan, an increase of about 20.5%; The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was about 8.665 billion yuan, an increase of about 26.5% year-on-year.

Shanxi Fenjiu is expected to achieve a total revenue of 22.1 billion yuan from January to September, an increase of 28%. It is expected to achieve net profit of about 7 billion yuan, an increase of about 42%. Shanxi Fenjiu said that the company continued to optimize the product structure, blue and white Fenjiu series and other high-end products to achieve substantial growth.

According to the statistics of Shui Jing Fang, from January to September, the company achieved operating income of about 3.8 billion yuan, an increase of about 10%. Net profit was about 1.1 billion yuan, an increase of about 5%, of which the company's net profit in the third quarter increased by about 10%. It is expected that the total operating income of the first three quarters will be about 6.518 billion yuan, an increase of 22.18%, and the net profit attributable to shareholders of listed companies is expected to be about 2.081 billion yuan, an increase of about 20%.

Since the second half of this year, the liquor sector index has continued to fall, falling by about 16%, and the price-earnings ratio of the sector has fallen to a near three-year low. Institutional analysis pointed out that the overall liquor sales in the peak season still showed a weak recovery, but the fundamentals of the sector are generally good. Demand improved quarter-on-quarter, and the current valuation is low, the future with the economic recovery, demand further pick up, or usher in valuation repair. The demand for high-end liquor is strong, and it is expected that the moving pin will be stable and upward, and the growth rate of the liquor enterprise will be upward throughout the year, and the price is high after the recent adjustment. The current valuation of the high-end sector is reasonable, the short-term improvement is under the banquets and other scenes, and the long-term national development space is promising, which is expected to usher in a valuation recovery.