Source: time Finance
Author | Special correspondent Xing Wenwen
The liquor sector, which has always been regarded as a high-quality asset, has not been significantly reduced, but in the current industry adjustment cycle, many funds choose to "abandon ship and go ashore".
On the evening of May 6, Gansu Liquor Enterprise Jin Huijiu announced that its shareholder Jinan Tiesheng No. 3 Investment Partnership (Limited Partnership) (hereinafter referred to as "Tiesheng No. 3") intends to reduce its holdings by no more than 1521.Playingbaccarat.780,000 shares of the company.
In fact, in the first quarter of this year, 18 listed wine companies were reduced to varying degrees by institutional shareholders. Shen Wanhongyuan pointed out that 2024 will be the year of repairing the expectations and valuations of the liquor sector, and the overall demand of the industry is still under pressure in the short term.
Institutions are also reducing their holdings of liquor stocks.
Jinhui Liquor notice said that because of its own capital needs, Tiesheng on the 3rd intends to reduce its holdings by no more than 1521 according to the market price through bidding transactions or bulk transactions.Playingbaccarat780,000 shares, with a reduction proportion of no more than 3% of the total share capital of the company.
Time Finance noticed that Tiesheng No. 3 has been a shareholder for less than a year. On July 24, 2023, Tiesheng transferred 25.363 million shares of Jinhui Liquor from Yuyuan shares of compound Galaxy to the top 10 shareholders of Jinhui Liquor by means of an agreed transfer of 599 million yuan per share. After the share transfer, Yuyuan still holds 20% of Jinhui Liquor, making it the second largest shareholder of the company.
According to Tianyan check information, Tiesheng No. 3 controlling shareholder is Shandong Railway Development Fund Co., Ltd. (hereinafter referred to as "Shandong Railway Development Fund"), behind which is Shandong state-owned assets.
According to the official website, the Shandong Railway Development Fund was approved to be established in May 2016, raising a total of 100 billion yuan, focusing on the construction of high-speed railway projects in Shandong Province. business sectors include railway investment, financial investment, industrial operation, equity investment, fund management, asset management and so on. According to the investment cases shown on the official website, the listed companies invested by the Shandong Railway Development Fund include BYD, Tianqi Lithium Industry, Gu Home, etc., covering mainly science and technology and energy, and not much investment in consumption areas such as liquor.
Shen Wanhongyuan said in a research report on May 6 that 2024 will be the year for the expected and valuation of the liquor sector to be repaired. Affected by the macro-economy, the overall demand of the liquor industry is still under pressure in the short term.
And the institutional shareholders of wine companies have already taken action. According to wind data, the number of institutional shares held by 20 A-share listed wine companies in the first quarter of this year is compared with that at the end of last year, exceptPlayingbaccaratWuliangye (000858.SZ) increased, Huangtai Liquor Industry (000995.SZ) remained flat, and the remaining 18 were reduced.
The differentiation of local wine enterprises has intensified.
Among the listed wine enterprises, Jinhui Liquor is a typical local wine enterprise.
Jinhui Liquor, formerly known as Kangqingfang, Yongshengyuan and other old Huizhou liquor workshops, is a provincial state-run large liquor enterprise, which is located in Huixian County, which has a long liquor-making history and rich liquor culture accumulation.
In March 2016, Jinhui Liquor landed in A shares and became one of the 20 listed liquor companies in China. Its main products are Jinhui vintage series and Jinhui laojiao series. Its business focus is on the northwest market. According to sales data, Jinhui Liquor accounted for 76.67% of its total revenue in Gansu Province in 2023.
The scale of Jinhui wine is not outstanding in the industry. In 2023, Jinhui Liquor achieved a revenue of 2.548 billion yuan, ranking 15th among 20 listed liquor enterprises, with a net profit of 329 million yuan. In the first quarter of this year, Jinhui Liquor ranked two places, with operating income of 1.076 billion yuan, an increase of 20.41% over the same period last year, and net profit of 221 million yuan, an increase of 21.58% over the same period last year.
At the same time, from the results of listed wine enterprises in the first quarter of 2023 and 2024, we can see that in addition to the stable performance of head brands such as Guizhou Moutai and Wuliangye, you can chase secondary high-end wines and local wine companies.PlayingbaccaratI'm in a hurry and I'm stuck in competition.
The further aggravation of Matthew effect in liquor industry has become a consensus in the industry.
In November 2023, Qin Shuyao, secretary general of the China Liquor Circulation Association, said at an industry summit that the national liquor industry pattern is concentrated to the core producing areas, and within the producing areas to dominant head brand enterprises. this effect is likely to be greater in the next few years.
Huaxin Securities also pointed out in a research report on May 7 that the performance of high-end wine industry and real estate wine enterprises remained stable, while the performance of sub-high-end wine companies was divided. Among them, the sub-high-end wine is too dependent on the channel store, so it is not only greatly affected by the environment, but also tested by the maturity of channel operation and the degree of consumer cultivation.
In addition, Huaxin Securities also said that differentiation is also reflected in profit growth, sales expenses, business tax rate and other profitability. According to the previous statistics of time Finance, from 2019 to 2022, the total sales expenses of 20 listed liquor companies increased from 28.19 billion yuan to 35.321 billion yuan, an increase of 24.94%. From the point of view of the branch, the liquor enterprises that have the highest sales expense rate and continue to increase marketing investment are mostly second-and third-tier brands, such as Gujing tribute wine, Shuijingfang, alcoholic wine, Laobai dry wine, etc., with the highest sales expense rate. Guizhou Moutai's sales expense rate remains below 5% all the year round. According to the 2023 financial report, the sales cost of Jinhui Liquor during the period was 535 million yuan, an increase of 27.4% over the same period last year, accounting for more than 20% of revenue.
Xiao Zhuqing, an independent commentator of the Chinese liquor industry, said in an interview with time Finance on May 8 that the differentiation of performance is a signal of the structural adjustment of the liquor industry, and the trend of differentiation will accelerate.
As for the development of local liquor enterprises such as Jin Hui Liquor, Xiao Zhuqing believes that the current market competition in the liquor industry is fierce, Jin Hui Liquor lacks national brand genes, and the construction of markets outside the province is not as expected. Moreover, now the national first-line famous liquor channel sinks and squeezes the regional famous liquor living space, Maotai-flavor liquor squeezes the living space of other flavor liquors, and the Jinhui liquor industry is under great pressure to break the situation.
As for the future development direction of Jinhui wine industry, Xiao Zhuqing suggested that Jinhui wine industry should start from two aspects: capital going out and talents being brought in. "now is the best time for low-cost mergers and acquisitions of regional wineries. On the one hand, we should give full play to the advantages of listed companies and actively carry out mergers and acquisitions of national regional leading wineries." On the other hand, we should also pay attention to the introduction of national excellent brand management talents and capital operation and M & A professionals, so that talents can drive enterprises to expand to a wider market.
As of May 8, Jinhui Liquor fell 1.04% to 21.89 yuan per share. At the same time, since the end of the first quarter of this year, the secondary market performance of listed wine companies has also changed.
Except for Jinshiyuan (603369.SH), Rock Shares (Rights Protection)(600696.SH) and Huangtai Liquor, the market value of other wine companies has increased to varying degrees. Especially after the May Day holiday ended, Kweichow Moutai was bought in large quantities by foreign capital. On May 6, the single-day turnover exceeded 10 billion yuan. As of May 8, the total market value of Kweichow Moutai reached 2.22 trillion yuan, firmly occupying the A-share market. King. In addition, in terms of market value ranking, Laobaigan Liquor (600559.SH) overtook Jiugui Liquor (000799.SZ), and Jinhui Liquor also surpassed Jinseed Liquor (600199.SH).