The polarization of the liquor industry is intensifying

The results of the third-quarter big test of 19 listed liquor companies have all been released a few days ago

Combing through the third quarterly reports of this year, the hard power of liquor companies under the epidemic is clearly demonstrated

Liquor Three Quarterly Report Fragrance

Kweichow Moutai achieved a total operating income of 69.

Affected by the revival of the third-quarter results, on October 29, the overall increase in the liquor sector reached 2.

With the stabilization of epidemic prevention and control, the liquor industry has improved strongly and generally performed strongly.

According to the report cards of 19 listed liquor companies in the third quarter, the liquor industry rebounded strongly, with 13 companies with double growth in revenue and profit, 16 companies with positive revenue growth, and 13 companies with positive profit growth

According to the analysis of the Kaiyuan Securities report, there are three reasons for the recovery of the liquor industry’s performance in the third quarter: first, liquor companies cleaned up their inventory during the Spring Festival in the third quarter; Recovery, the severely damaged mid-to-high-end liquor gift attributes were released, and both sales and product structure improved significantly; third, the internal enthusiasm and urgency of the winery were high, and more attention was paid to the third quarter compared with previous years.

The accelerated development in the third quarter can not only effectively make up for the decline in the first quarter and improve the overall performance of the year, but also prove that the upward potential of the liquor industry has not changed

The low-end recovery is slow

It is worth noting that among the 19 listed liquor companies, the performance of several liquor companies focusing on mid- and low-end liquor sales was not satisfactory in the first three quarters

Data show that in the first three quarters of this year, the revenue of two low-end liquor companies in Anhui, Golden Seed Wine and Kouzijiao, fell by 4.

In this regard, industry insiders believe that low-end wine has an obvious feature, that is, with the arrival of the peak season, the mass consumption and self-drinking consumption represented by low-end wine will increase, but it will not appear as high-end and sub-high-end products.

　　Guotai Junan believes that from the recent communication with the market, the awareness of the volume and price of high-end liquor is relatively full, and the confirmation and stability are further highlighted

Increased industrial concentration

　　In the first three quarters, the total revenue of 19 listed liquor companies reached 190.

　　Industry insiders said that the development of first-tier liquor companies will simultaneously drive the overall liquor sector to improve; at the same time, with the increasing concentration of the industry, the advantages of first-tier liquor companies will become more prominent, which will further squeeze small and medium-sized regional liquor companies.

　　Since the arrival of the industry adjustment period in 2013, while the listed liquor companies have grown year by year, the industry concentration has become more and more obvious.

　　According to Xiao Zhuqing, an expert in the liquor industry, Maowuyang Lufen has become the first echelon of national brands in China's liquor industry, and there is almost no opportunity for new liquor brands to become national brands in the current market environment

　　Judging from the data in the third quarter, the epidemic has accelerated the reshuffle of the liquor industry
.
Mao and Wu’s revenue is in the tens of billions range, and Yanghe, Luzhou Laojiao and Fenjiu, which are also in the first echelon, also achieved strong growth
.
At the same time, regional strong brands also achieved a strong rebound in the core market
.
Industry insiders believe that under the dual pressure of industry adjustment and the impact of the epidemic, many listed wine companies can quickly stabilize performance fluctuations
.
Comparing wine companies with unfavorable adjustments and bewildered in the face of the epidemic may further widen the gap
.

　　Xiao Zhuqing said that with the skyrocketing real estate prices in the past ten years, the rents of restaurants, hotels and supermarkets and liquor stores, the traditional sales terminals of liquor, have also skyrocketed, so the terminals are forced to pass on the rising costs to the wineries
.
The front-end cash subsidy, display fee and promotion fee of the terminal have forced the major wineries to increase their prices one after another.
By increasing the price, they will increase the cash cost input in the terminal market and enhance the enthusiasm of the terminal to promote the designated brand
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It is difficult for wineries without brand premium capabilities or wineries with oversupply to increase prices to meet the ever-increasing demand for terminal expenses and increase in terminal gross profit margins
.

　　Zhu Danpeng, an analyst with China's food industry, said that this year's performance highlights the conclusion that the strong are always stronger and the weak are weaker
.
In addition to the top six famous liquor companies in the industry, other low-ranking and regional liquor companies will be under greater pressure
.

　　　(Comprehensive arrangement by Gu Yufei)