（图说：贵州茅台酒 财联社记者 朱万平摄）① In 2024, Kweichow Moutai produced about 0.0563 million tons of Maotai-based liquor, a year-on-year decrease of 1.58%. ② Last year, the Maotai wine series increased marketing investment and increased its share, lowering the company's overall net interest rate. The company's net interest rate may have fallen to less than 50% last year, the lowest level in 2018. ③ At a time when the stock price was weak, Kweichow Moutai officially launched a buyback of nearly 0.3 billion yuan on the first day.
Finance Association, January 2 (Reporter Zhu Wanping) In 2024, production of Maotai liquor declined slightly, and the company's revenue increased by more than 15%, reaching the target guidelines set at the beginning of last year. At a time when the stock price was weak, Kweichow Moutai (600519.SH) also officially launched a repurchase of nearly 0.3 billion yuan on the first day, accounting for about 5%-10% of the repurchase amount (3 billion-6 billion yuan).
This evening, Kweichow Moutai issued an announcement. According to preliminary accounting, in 2024, the company expects to achieve total operating income of about 173.8 billion yuan, an increase of about 15.44% year on year; net profit to mother is expected to be about 85.7 billion yuan, an increase of about 14.67% year on year.
(Photo: Kweichow Moutai Liquor Finance Association reporter Zhu Wanping)
This net profit growth rate is basically in line with market expectations, and the company's revenue growth rate also reached the 15% target target set at the beginning of last year. According to Wind data, since August last year, 56 brokerage firms have predicted Kweichow Moutai's net profit for 2024, with an average forecast value of 86.071 billion yuan.
Since 2020, the net profit from Kweichow Moutai's annual report has all been higher than the company's preliminary accounting data, and the difference is between 0.1 billion and -1.3 billion yuan. Taking into account the above situation, it is still not ruled out that Kweichow Moutai's final reporting results may have exceeded the average expected value of brokers' average (86.071 billion yuan).
By product, in 2024, Maotai Liquor achieved revenue of about 145.8 billion yuan, an increase of 15.18% over the previous year; Maotai Liquor achieved revenue of about 24.6 billion yuan, an increase of 19.24% over the previous year. The growth rate of Maotai wine series is still faster than the growth rate of Maotai liquor, and its role as an “important growth pole” is becoming more and more prominent.
However, due to the volume and promotion of the Moutai series last year, the overall net interest rate of Kweichow Moutai also came under pressure. Roughly calculated, the net interest rate of Kweichow Moutai may fall to less than 50% in 2024, the lowest level since 2018. This year, the market investment in the Maotai series will be further increased. The market investment cost will increase by 1.5 billion yuan compared to 2024, an increase of more than 50%. Currently, the price of Maotai series wine is under pressure, but against the backdrop of an increase in revenue share, the company's overall net interest rate may be further reduced.
On a quarterly basis, in Q4 of last year, Kweichow Moutai is expected to achieve total operating income of about 50.677 billion yuan, an increase of about 12.01% year on year; net profit to mother is estimated to be about 24.872 billion yuan, an increase of about 13.79% year on year, and net income to mother of about 49.08% in a single quarter. Overall, Kweichow Moutai's net profit growth rate in Q4 last year was faster than the revenue growth rate during the same period. This was mainly due to the volume of Maotai liquor and other products. Last year's Q4, Maotai Liquor and Maotai Liquor achieved revenue of 44.674 billion yuan and 5.207 billion yuan respectively, up about 13.62% and 3.40% year-on-year respectively.
In terms of base wine production, Kweichow Moutai produced about 0.0563 million tons of Maotai liquor last year, down 1.58% year on year, and produced about 0.0481 million tons of Maotai series wine base wine, up 12.02% year on year. It should be pointed out that in October of last year, Maotai's new production workshop, the 31st Liquor Production Workshop, was opened and officially put into grain and wine brewing. In the context of the opening of the new workshop, why did Maotai liquor production drop slightly last year?
According to the Financial Services Association reporter, the production cycle for Maotai liquor is one year. The 31st workshop, which was newly put into operation last year, will not show production until next year. “According to our understanding, production of Maotai liquor was in a normal and orderly range last year.” A person close to Kweichow Moutai told the Financial Federation reporter.
