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on august 29, liquor stocks rebounded in early trading. as of press time, lao baigan liquor rose by more than 6%, wuliangye rose by more than 3%, and gujing gongjiu, jinhui liquor, jiugui liquor and others rose to varying degrees.

wuliangye's semi-annual report shows double-digit growth in revenue and net profit for 9 consecutive years

wuliangye released its 2024 semi-annual report yesterday. the company achieved operating income of 50.648 billion yuan in the first half of the year, an increase of 11.3% year-on-year; net profit attributable to shareholders of listed companies was 19.057 billion yuan, an increase of 11.86% year-on-year. basic earnings per share was 4.910 yuan.

since 2016, wuliangye’s operating income and net profit attributable to shareholders in the first half of the year have achieved double-digit year-on-year growth for nine consecutive years, continuing to maintain steady growth.

wuliangye stated in the announcement that while focusing on its own development and improving the company's performance, it actively shares the company's development results with all shareholders. the company's total cash dividend for 2023 is 18.127 billion yuan, with a cash dividend ratio of 60%. both the dividend scale and dividend ratio have hit a new high since its listing, and have been implemented on july 12, 2024.

huatai securities' latest research report pointed out that in the second quarter, the company was resolute in controlling inventory and holding prices. the price of the eighth-generation general fifth-generation batch has steadily recovered, channel confidence has been restored, and the annual target task has exceeded half. it is expected that in the third quarter, the company will pay equal attention to sales and prices, insist on steady progress, continue to focus on improving brand value, and continue to maintain double-digit growth in total revenue for the whole year. from a medium- and long-term perspective, the company has a clear strategic plan, and its core products have outstanding brand power at the price of 1,000 yuan, and high-quality development is expected to continue.

liquor companies intensively disclose their interim reports; institutions: stock prices are weaker than actual fundamentals

according to statistics, as of now, 16 listed liquor companies have disclosed their 2024 semi-annual reports, and 12 of them have recorded an increase in net profit attributable to their parent companies. among them, most liquor companies such as kweichow moutai, wuliangye, and shanxi fenjiu achieved double-digit growth in net profit attributable to their parent companies in the first half of the year.

china merchants securities pointed out that the recent intensive disclosure of interim reports showed that the performance of liquor in the second quarter was more stable, but under the depressed sentiment, the market requirements became more stringent, overreacted to issues such as speed reduction and prepayment, and the stock price performance was weaker than the actual fundamentals. wuliangye communicated with distributors about the new price for 1019, and the demand in the second half of the year was more supported than the off-season, and the channel confidence was also expected to increase month-on-month, which was beneficial to the improvement of the sentiment of the sector.

zheshang securities believes that moutai's performance in the first half of the year exceeded expectations and its dividends delivered development dividends. with the recent upward trend in moutai's wholesale prices reflecting the resilience of demand for festive liquor and pessimistic expectations for second-quarter performance, the sector may see a rebound from oversold levels. at the same time, the company remains optimistic about the future growth of the liquor sector and continues to be optimistic about the sector's medium- and long-term investment opportunities.

a research report by everbright securities pointed out that the current valuation of the sector is at a historical low and the allocation value has increased. the interim report is expected to be released smoothly, and the subsequent improvement in sales is expected to raise the valuation. the logic of market share concentration under stock competition is expected to strengthen the company's strategic direction, and overall planning and implementation will become more important.