The low and high national cellars are shining, and the big white horse Luzhou Laojiao has become the dark horse of liquor performance this year? | See Wisdom Research

time:2022-12-09 11:09:26source:chakarski.com author:Aviation stock
The low and high national cellars are shining, and the big white horse Luzhou Laojiao has become the dark horse of liquor performance this year? | See Wisdom Research

On the afternoon of August 28, Luzhou Laojiao announced its 2022 semi-annual report: 2022 H1 achieved revenue of 11.66 billion yuan, a year-on-year increase of 25.2%; realized net profit attributable to the parent of 5.53 billion yuan, a year-on-year increase of 30.9%; Revenue was 5.35 billion yuan, a year-on-year increase of 24.1%, and net profit attributable to the parent was 2.66 billion yuan, a year-on-year increase of 29.0%; Q2 revenue and performance exceeded expectations. The original market expected that the revenue side would increase by 20% at the highest, and the performance side would increase by 20%-25 %. The Q2 gross profit margin was 85.3%, a year-on-year increase of 0.1pct; the net profit margin attributable to the parent reached 49.7%, a year-on-year increase of 1.9pct. Q2 revenue exceeded expectations mainly due to: 1) The sales of low-grade national cellars exceeded expectations; the growth rate of H1 low-grade national cellars exceeded 40%, especially in North China, where the volume was rapidly increasing, and the scale was significantly ahead of the sub-high-end price band of 600 yuan; The ratio of Du Guojiao has increased from 6:4 to 5:5 2) In the same period last year, 2021 Q2 had a low base, with a year-on-year growth of only 5.7%. The higher-than-expected Q2 results were mainly due to the fact that the sales expense ratio fell by 1.7pct compared to the same period last year, which was 10.1%. Jianzhi Research (public account: Jianzhi Research Pro) believes that Laojiao deserves close attention this year; from the product side, in addition to the impressive sales growth of the low-level Guojiao mentioned above, which is ahead of the 600 yuan sub-high-end price band, The expected growth rate of Guojiao this year is also around 30%, which is the fastest growing single product among high-end wines. In addition, from a market perspective, Laojiao released equity incentives in September last year, and there is enough momentum to release performance this year. This article is from Wall Street News, welcome to download the APP to see more
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