On January 7, Wuliangye (SZ:000858) issued an announcement stating that the company expects its 2020 operating income to be about 57.2 billion yuan, an increase of about 14% over the same period in 2019; the estimated net profit is about 19.9 billion yuan, an increase over the same period in 2019 Around 14%.
Data show that Wuliangye's 2019 revenue was 50.118 billion yuan, and its net profit was 17.402 billion yuan. Wuliangye stated in the announcement that in 2020, the company's operating income and net profit attributable to shareholders of listed companies will achieve growth over the same period in 2019, mainly due to the increase in sales of the company's core products.
According to Beduo Finance, Wuliangye’s previously announced 2020 third quarter report showed that its operating income for the first three quarters of 2020 was 42.5 billion yuan, a year-on-year increase of 14.53%; net profit attributable to shareholders of listed companies was 14.56 billion yuan, a year-on-year increase of 15.96%.
In quarterly terms, in the first quarter, second quarter, and third quarter of 2020, Wuliangye's revenue was 20.238 billion yuan, 10.529 billion yuan, and 11.725 billion yuan; net profits were 7.704 billion yuan, 3.151 billion yuan, and 36.9 billion yuan. 100 million yuan. Among them, the first quarter's revenue and net profit were approximately the sum of the second and third quarters.
The data also showed that Wuliangye’s net cash flow from operating activities in the first three quarters of 2020 was 3.943 billion yuan, a year-on-year decrease of 75.64%. Among them, the cash flow in the third quarter of 2020 was 2.775 billion yuan, a year-on-year decrease of 64.53%. Wuliangye believes that the main reason is that a large amount of cash received from the first quarter was reflected at the end of the previous year.
The research report released by Oriental Fortune Securities shows that Wuliangye’s performance in the third quarter of 2020 will accelerate, and the eighth-generation general five will continue to increase its volume. Oriental Fortune Securities said that it is speculated that the eighth-generation general five has a considerable growth rate. The third quarter of the series is mainly to digest inventory, and income is under pressure.
Oriental Fortune Securities believes that Wuliangye's growth rate is leading among the three high-end liquors, highlighting the company's brand power. However, after the double festival, the fourth quarter was the off-season for sales. “It is speculated that Q4 control of goods and prices is the company’s main business strategy. We expect that the general price of the five batches is expected to reach 1,000 yuan by the end of the year.”
However, it lowered its 2020 operating income forecast for Wuliangye to 57.912 billion yuan and raised its net profit forecast to 20.118 billion yuan. Oriental Fortune Securities also said that in the coming year, Wuliangye is expected to gain stronger channel driving force and its performance is expected to continue to grow.
From the current point of view, Wuliangye's expected performance in 2020 is lower than the data predicted by Oriental Fortune Securities. Similarly, the comments on Wuliangye's 2020 three-quarter report released by Guosen Securities show that Wuliangye's 2020 revenue is about 57.345 billion yuan and a net profit of 20.393 billion yuan.
It is worth noting that Wuliangye also responded to the Shenzhen Stock Exchange's letter of concern on January 7. According to Wuliangye, Wuliangye Group covers a large number of industries, with different industry cycles and large changes in the performance of subsidiaries in various industries. With Wuliangye Group’s operating income exceeding 110 billion yuan, it is difficult to accurately infer the company’s operating performance data.
According to Beduo Finance, Wuliangye Group held a 1218 joint construction and sharing conference on December 18, 2020, saying that the group's revenue from January to November 2020 reached 110.3 billion yuan, a year-on-year increase of 13.5%, and the group's annual revenue is expected to exceed 1,200. It is expected that the annual double-digit revenue growth target will also be successfully achieved.
In terms of production capacity, the 80,000-ton Taotanchen winery was officially completed and put into production. In terms of brand matrix, the classic Wuliangye was launched to complement the 2000+ price range products. The series of wines introduced new products of Jianzhuang, Wuliangol and Special Qu, and 12 brands were removed 577 products.
According to Wuliangye, the industrial layout of Wuliangye Group covers five major sectors: wine and large machinery, large packaging, large logistics, large finance, and large health, involving 10 major industry sectors. From 2015 to 2019, the revenue of listed companies accounted for 33.2%-46.4%, and net profit accounted for 87.1%-95.6%.
Wuliangye believes that the information involved in the "Wuliangye Twenty-fourth 1218 Conference on Co-construction and Sharing" did not have a significant impact on the company's stock trading during the aforementioned period. At the same time, there is no case of leaking inside information or using inside information to trade Wuliangye stock.