What trends are hidden in the third quarterly report data of Piaohong Liquor across the board?

With the continuous strengthening of alcohol investment attributes, the performance of listed liquor companies has also attracted attention from all parties

Overall strong recovery of the industry

Although it only reflects the performance of the first nine months of this year, it can be predicted that this year will be a profitable year for liquor

In addition to Shunxin Agriculture (Niulanshan), the 18 listed liquor companies in the first three quarters achieved a total revenue of 216.

Specifically, in terms of revenue, Jiugui Liquor and Shede Liquor doubled with an increase of 134.

In terms of profit margins, except for Golden Seed Wine and Huangtai Winery, which are still in a loss state, only Hengshui Laobaigan’s net profit margin has not reached double digits (9.

If we say that in the context of the outbreak of the new crown pneumonia last year, the consumption base was low, and the data lacked certain representativeness

Industry concentration increases again

Judging from the data of the first three quarters, there are 6 wine companies in Guizhou Moutai, Wuliangye, Yanghe Co.

It is not difficult to see that the liquor industry is accelerating into the era of oligarchy

It is worth noting that among the six tens of billions of wine companies, the revenue of the two giants Moutai and Wuliangye reached 124.

Since the beginning of this year, the strengthening of brand concentration is the epitome of the entire industry

In the eyes of industry insiders, the disclosed results of the three quarterly reports confirm that the trend of high-end wines with outstanding anti-risk capabilities and strong demand-side certainty has not changed.

　　"The third quarter of liquor companies is to prepare for the distribution of goods in the fourth quarter.

High-end wine has strong hematopoietic ability

　　Some people in the industry believe that in recent years, the liquor industry has gradually entered a mature stage, and the industry pattern has become stable

　　Such a statement is not unreasonable

　　The main operating data for the third quarter disclosed by Yingjia Gongjiu showed that the sales revenue of mid-to-high-end liquors, including the Eco-Dongzang series, Yingjia Venus series, Yingjia Yinxing series, etc.

　　Shuijingfang is no exception.

　　Under the two-wheel drive strategy, Jiuguijiu continues to deepen the nationalization process
.
The announcement shows that in the first three quarters, the revenue growth of Jiuguijiu was mainly due to the increase in the revenue of internal reference series and Jiugui series
.
With the continuation of consumption upgrade, Jiuguijiu has achieved rapid growth based on the high-quality characteristics of Fuyuxiang, led by high-end internal reference, and assisted by sub-high-end Hongtan
.
According to channel research data, in the first three quarters, the income of Jiuguijiu series exceeded 500 million yuan, and the income of internal reference exceeded 200 million yuan
.

　　In addition, the highland barley wine also stated that, taking the application of the "big country brand" IP as the entry point, adjusting the price system of core products and optimizing the product structure, the proportion of mid-to-high-end products has increased significantly, which has boosted the performance improvement
.

　　Founder Securities believes that from the perspective of product structure, brands with high-end products have gained more market opportunities.
With the trend of consumption upgrading, the branded and rational consumption of liquor has become stronger
.
In the long run, the trend of "consumption upgrading, head concentration, and price-driven" in the liquor industry remains the same
.

Regional leading performance shows high flexibility

　　In addition to the still stable high-end performance, the high elasticity of regional leaders is also the highlight of this year's third quarterly report of liquor
.
The data shows that the regional leading brands represented by Jinshiyuan, Kouzijiao and Jiuguijiu achieved good performance in the first three quarters of this year, and achieved double growth in revenue and net profit as a whole
.
Among them, Jinshiyuan has grown year by year since 2014, with revenue of 5.
119 billion yuan in 2020 and 5.
333 billion yuan in the first three quarters of this year; Jiuguijiu's revenue in the first three quarters of 2.
6 billion yuan, far exceeding the peak period of 2020.
The full year of 1.
826 billion yuan
.

　　Such performance is in sharp contrast to the general decline of regional leaders in the third quarter of last year
.
In the third quarter of last year, the revenue of Kouzijiao was -35.
12%, the revenue of highland barley wine was -34.
65%, the revenue of Yingjia Gongjiu was -27.
32%, and the revenue of Laobaigan liquor was -23.
79%.
In terms of profits, the revenue of highland barley wine was -333.
6%.
, Golden Seed Wine-46.
65%, Shunxin Agriculture-34.
78%, Kouzijiao-33.
35%, Yilite-33.
05%
.
To a certain extent, this means that regional wine companies have begun to step out of the shadow of the epidemic and usher in new development
.

　　"The seven major regional leading enterprises achieved total revenue of 20.
556 billion yuan and total profit of 5.
289 billion yuan in the first three quarters
.
These enterprises are the backbone of China's liquor and the backbone of the development of provincial enterprises.
Their development is particularly impressive.
Pay attention
.
" There are cheers from the industry: Judging from the performance of the third quarter, the regional leaders have sounded the market counterattack rally, including Jinshiyuan, Jiuguijiu, Yingjia Gongjiu, and Jinhui liquor in their respective regions.
, The momentum is like a rainbow
.
Although the gap between this group and Baijiu's tens of billions of legions is still relatively large, the improvement in confidence has allowed them to regain the feeling of being like a duck to water in the region, and stimulated their pan-regional and pan-national development ambitions.
Among them, Jiuguijiu, Yingjia tribute wine and Jinhui wine have obvious performances, and they are becoming an important force that cannot be ignored on the road of nationalization of liquor brands
.

　　(Comprehensive arrangement by Gu Yufei)

  "China Food News" (November 08, 2021 Edition 04)

　　(Editor-in-charge: Gu Yufei)