The 2022 annual report released by Chinese liquor listed companies shows that the overall operating income and net profit of the industry have doubled significantly.
According to the China News Agency on May 4th, according to the statistics of Shen Wanhongyuan Securities, the A -share liquor sector achieved operating income of more than 337.8 billion yuan in 2022 (RMB, the same below, about S $ 65 billion in S $ 65 billion), A year -on -year increase of about 17%, achieving net profit of more than 131.2 billion yuan, an increase of about 21%year -on -year.
From the perspective of the annual report, the "Matthew effect" of the liquor industry has exacerbated, and the performance of head companies is significantly better.In 2022, Guizhou Maotai realized operating income of approximately 124.1 billion yuan, an increase of 16.87%year -on -year; net profit was about 62.72 billion yuan, an increase of 19.55%year -on -year.The revenue of Wuliangye achieved a revenue of 73.97 billion yuan, an increase of 11.72%year -on -year; net profit was about 26.69 billion yuan, an increase of 14.17%year -on -year.
In contrast, the brand with relatively inferior brand of Yilitt, gold seed wine and other brands, which encountered "double drop" in revenue and net profit last year.
Shen Wanhongyuan analyst Zhou Yuan believes that in the past three years, despite the large uncertainty and testing of the external environment, the head brand of the liquor industry has still achieved steady growth, reflecting the strong anti -risk capabilities of anti -risk capabilitiesThe ability to resist pressure has fully verified that the white wine head brand has the ability to grow long -term sustainable growth.In terms of industry as a whole, the fundamentals have improved.After adjustment, the current valuation of the sector has returned to a reasonable and low range.
Zhang Jinyi, an analyst at Ping An Securities, believes that from the disclosed annual reports and first quarter reports, the development potential of liquor companies is good and fundamentals.It is expected that with the gradual digestion of the inventory in March and April, the comprehensive recovery of the consumer scenario is superimposed, and the recovery trend in the liquor industry is expected to continue.The current liquor sector has a low valuation, and consumption recovery and sales acceleration are expected to provide sustainable performance support.
