Kweichow Moutai (贵州茅台) SHA: 600519盈利增速5年最慢 投资者仍看好前景
(北京1日讯)贵州茅台公布2021年利润增长11.3%,增速为五年来最低,因其超高端白酒系列定价依然谨慎,以避免引起监管部门注意。
该公司周五在上海证交所公告称,经初步核算,2021年度净利润约为520亿元人民币(约346.6亿令吉)。利润增速逊于彭博调查得到的12.3%的分析师预测。
全年营收增长11.2%至1090亿元(约726.7亿令吉),增速超过茅台年初初步预估的10.5%。
尽管需求强劲,但茅台一直不愿涨价,招牌产品飞天茅台出厂价自2017年底以来保持平稳,同时该公司致力于直销渠道建设,以应对监管机构对分销商囤货提价问题的不满。
因此,尽管茅台核心产品仍是中国精英阶层和不断壮大的中产阶层的首选,但控价趋势一直是利润增长的拖累因素。
不过据当地媒体报道,竞争对手五粮液计划提高高端系列出厂价,这可能让茅台的控价压力得到一些缓解。
在茅台新任董事长丁雄军,9月份强调了分销渠道和定价市场化改革的决心后,分析师与投资者看好茅台的长期盈利能力。
掌门改革增盈利
面向消费者的直营销售比例持续上升,提升了这家高端白酒企业的前景。
“在新任董事长带领下,公司或针对茅台零售价、经销商配额分配、直营渠道占比等方面进行系列营销改革,旨在管控价格、 完善渠道结构、增厚利润。”浙商证券分析师马莉在11月22日报告中写道。
“整体渠道改革进度及力度均或超预期。我们看好明年公司渠道改革落地速度及力度。”
因受白酒价格管控和消费税征收等政策不确定性影响,这个长期以来的市场宠儿从2月高点到8月低点下跌高达40%。
自8月份丁雄军被任命为董事长后,该股强劲反弹并收复失地,录得4%年涨幅。
http://www.enanyang.my/%E5%9B%BD%E9%99%85%E8%B4%A2%E7%BB%8F/%E8%8C%85%E5%8F%B0%E7%9B%88%E5%88%A9%E5%A2%9E%E9%80%9F5%E5%B9%B4%E6%9C%80%E6%85%A2-%E6%8A%95%E8%B5%84%E8%80%85%E4%BB%8D%E7%9C%8B%E5%A5%BD%E5%89%8D%E6%99%AF
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