Luzhou Laojiao (000568) High cost-efficiency ratio to improve profitability Two-wheel drive releases potential energy

time:2022-09-29 05:30:24 source:clevelanddrifters.com author:Technology stocks
Luzhou Laojiao (000568) High cost-efficiency ratio to improve profitability Two-wheel drive releases potential energy

In 2022H1, Luzhou Laojiao achieved revenue of 11.664 billion yuan, an increase of 25.19%; net profit attributable to the parent was 5.532 billion yuan, an increase of 30.89%. Among them, Q2 realized revenue of 5.352 billion yuan, an increase of 24.09%; net profit attributable to the parent was 2.656 billion yuan, an increase of 28.97%. Revenue: The company achieved revenue of 11.664 billion yuan in 2022H1, an increase of 25.19%. ①By quarterly: In 2022Q1/Q2, the company achieved revenue of 6.312 billion yuan/5.352 billion yuan, an increase of 26.15%/24.09% respectively; ②By product, the revenue of medium and high-end alcohol was 10.372 billion yuan, an increase of 26.21%, of which The sales volume/ton price increased by +22.47%/+3.05% respectively, and the volume and price of mid-to-high-end wines rose together; other wines achieved revenue of 1.177 billion yuan, a year-on-year increase of 20.47%, of which the sales volume/ton price was -11.28%/+35.79 year-on-year. %; ③ By region, domestic/overseas revenue was 11.570/0.94 billion yuan, an increase of 24.89%/78.86%; ④ According to sales model, traditional channels/emerging channels realized revenue of 10.837 billion yuan/712 million yuan, a year-on-year increase of + 25.09%/+33.88%. As of the end of 2022H1, the number of domestic/overseas dealers of the company was 1526/112 respectively, a year-on-year change of -19.64%/+3.70%, of which H1 had a net decrease of 257/36 respectively. Gross profit margin increased slightly, and efficient expense placement improved profitability. ① In 2022H1, the company's gross profit margin was 85.92%, an increase of 0.25pct; Q1/Q2 gross profit margins were 86.43%/85.32%, an increase of 0.39/0.08pct, respectively; the gross profit margins of mid-to-high-end wines/other wines were 90.37%/49.31%, respectively, YoY -0.23/+1.9pct respectively. ②The expense ratio during 2022H1 is 14.61%, a decrease of 1.83pct, of which the sales expense ratio is 10.41%, a decrease of 2.29pct, mainly due to the decrease in investment in promotion expenses; the management expense ratio is 4.65%, a decrease of 0.07pct; the R&D expense ratio is 0.64%, The same increase of 0.25pct, the financial expense ratio -1.09%, the same increase of 0.28pct. ③ In 2022H1, the net profit attributable to the parent company was 5.532 billion yuan, an increase of 30.89%, of which Q1/Q2 achieved 2.876 billion yuan/2.656 billion yuan, an increase of 32.72%/28.97%; the net profit margin of sales in 2022H1 was 47.79%, an increase of 2.00pct. The sales collection was good, and the Q2 contract liabilities increased month-on-month. In 2022H1, the net cash flow from operating activities was 4.077 billion yuan, an increase of 48.89%, of which Q1/Q2 were -13.63%/+106.24% year-on-year, of which, cash received from sales of goods and provision of labor services was 15.086 billion yuan, an increase of 39.01%, Q1 /Q2 increased by 16.30%/72.24% respectively, which brought an increase in net cash flow from operating activities. At the end of 2022H1, contract liabilities were 2.330 billion yuan, an increase of 65.44%, of which Q2 increased by 567 million yuan. The company is determined to "return to the value of Chinese famous wines", focusing on the strategy of "dual brands, three varieties, and large single products", and Guojiao 1573 has firmly established itself in the high-end, special qu and jialing wines in key price ranges. In terms of marketing, the company has fully launched the "Hundred Cities Plan", the national market layout has been advanced in depth, and the marketing coordination ability has been continuously improved; in terms of production, the brewing digital intelligence project, the Luzhou Laojiao intelligent brewing technology transformation project, and the intelligent packaging center technology transformation project A series of major projects have been fully promoted, and the layout of smart production has been accelerated. We expect the company to achieve revenue of 250.39/304.22/35.899 billion yuan in 2022-2024, +21.3%/+21.5%/+18% year-on-year, and net profit attributable to the parent of 99.93/124.74/14.963 billion yuan, year-on-year +25.61%/+ 24.83%/+19.95%, EPS was 6.79/8.48/10.17 yuan/share, maintaining "buy" rating.

(Responsible editor:Stock market)

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