2024.043

Number of words in this article:1257, reading time is about 2 minutes

introduction：茅台酒自2018年以来首度出现毛利率下滑。

** Author| ** First Finance and Economics Lin Zhiyin

On the evening of April 2, Kweichow Moutai (600519.SH, hereinafter referred to as "Moutai") released its 2023 annual report, with a performance growth rate of 19.16% higher than previously expected.

According to reports, in 2023, Kweichow Moutai achieved total operating income of 150.560 billion yuan, a year-on-year increase of 18.04%; net profit attributable to shareholders of listed companies was 74.734 billion yuan, a year-on-year increase of 19.16%.

Previously, Kweichow Moutai expected to achieve a net profit growth rate of approximately 17.2% attributable to shareholders of listed companies in 2023.

This annual report shows that in 2023, Moutai achieved a total profit of 103.663 billion yuan, a year-on-year increase of 18.20%. This is the first time that the company has achieved the goal of "double hundred billion" in revenue and profit.

Moutai said in its annual report that the company has achieved its annual strategic goals with high quality. Kweichow Moutai Liquor's status as the only large-scale liquor product in the world has continued to be consolidated. Moutai 1935 has created an "industry miracle". In just two years after its launch, it has become a large-scale liquor product with a revenue of 10 billion. The revenue of Moutai Prince Liquor products exceeds 4 billion yuan. Yuan, the revenue of Han Sauce, Guizhou Daqu, and Laimao products exceeds 1 billion yuan respectively, forming a pattern of large-scale liquor products of 1,000, 100 and 1 billion levels, and the product matrix is fully constructed.

The overall product income of Moutai is mainly divided into two parts, one part is the income of Moutai liquor, and the other part is the income of other series of wines.

Moutai liquor's revenue still dominates. In 2023, Moutai liquor will achieve operating income of 126.589 billion yuan, with a gross profit margin of 94.12%; other series of wines will achieve operating income of 20.63 billion yuan, with a gross profit margin of 79.76%.

In terms of revenue growth and gross profit margin growth, other series of wines performed well in these two indicators, with 29.43% and 2.54% respectively, while Moutai liquor was 17.39% and-0.07% respectively.

According to the First Financial Reporter, this is the first time that Moutai has experienced a decline in gross profit margin since 2018. In 2023, the gross profit margin of Moutai will be 94.12%.

It should be mentioned that starting from November 2023, Moutai has officially raised the ex-factory price of 53-degree Moutai Liquor (Feitian, Five-Star), with an average increase of about 20%. This is the second time after nearly six years, the company has raised the ex-factory price of Moutai liquor, and the price increase exceeds market expectations.

From the perspective of Moutai channel revenue, it is mainly divided into wholesale agency income and direct sales income. Wholesale agency channels refer to social distributors, supermarkets, e-commerce and other channels. Direct sales channels refer to self-operated and digital marketing platform channels such as "iMoutai",

In 2023, Moutai's wholesale agency channel will achieve revenue of 79.986 billion yuan, and its direct sales channel will achieve revenue of 67.233 billion yuan, a difference of 12.753 billion yuan. The gross profit margin of wholesale agency channels is 89.29%, which is less than the gross profit margin of 95.46% in direct sales channels. However, the gross profit margin of the wholesale agency channel increased by 0.07%, while the gross profit margin of the direct sales channel declined, down 0.74% year-on-year from the previous year.

In 2023, Moutai's "iMoutai" digital marketing platform achieved sales revenue of 22.374 billion yuan, an increase of 10.491 billion yuan from 11.883 billion yuan in 2022, a year-on-year increase of 88.29%. The platform's gross profit margin is 96.09%.

While the gross profit margin of direct sales channels has declined, Moutai's overall sales expenses in 2023 will be 4.649 billion yuan, a year-on-year increase of 40.96%. This increase is higher than that in 2022, which will increase by 20.47% during the same period.

Moutai said that the company's sales expenses will increase in 2023, mainly due to the increase in advertising and market development expenses in this period.

Moutai said in its annual report that since 2016, the national liquor industry has entered a period of "stock competition". Although it faces many difficulties, the favorable conditions are stronger than the unfavorable factors, and the overall development trend of the industry is improving. The main business goals for 2024 are:Total operating income increased by about 15% compared with the previous year, and fixed asset investment was 6.179 billion yuan. Focusing on the annual goal, one of the tasks the company plans to carry out is to focus on improving industry leadership, brand influence, and channel management and control, continue to consolidate Moutai's status as a 100 billion-level single product, and continue to enhance the "leadership" of the high-end market; Strengthen the branding of Maotai-flavor series wine companies and consolidate the cultivation and promotion of large single products brands.

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