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haitong sec: baijiu companies jointly cope with slowing down, beer volume and price are under pressure, waiting quietly for a recovery.
baijiu actively slows down to relieve pressure due to weak demand, exacerbating differentiation and highlighting the Matthew effect; beer Q3 demand is weak, leading to pressure on volume and price in the peak season, with cost benefits continuing to support profitability.
zheshang Securities: In Q3 24, liquor companies take the initiative to control speed, while leading liquor companies still have resilience.
In the third quarter of 2024, liquor enterprises took the initiative to control speed, striving to resolve the supply-demand contradictions and inventory pressure in their development, with revenue/profits of kweichow moutai, anhui gujing distillery, shanxi xinghuacun fen wine factory, sichuan swellfun, hebei hengshui laobaigan liquor meeting expectations.
Anhui Yingjia Distillery (603198) company quarterly report review: Product structure continues to upgrade, actively adjusting income under pressure.
Event. The company released the third quarter report of 2024: Q1-3 2024, the company achieved revenue of 5.513 billion yuan, an increase of +13.8% year-on-year, and a net profit attributable to the mother of 2.006 billion yuan, an increase of +20.2%; including Q3 2024.
Anhui Yingjia Distillery (603198): Actively slowing down in the third quarter to release channel pressure and prepare for the new fiscal year.
In the third quarter of 2024, the company's revenue increased by +2.32% year-on-year, and net income increased by +2.86% year-on-year. In the first three quarters of 2024, the company achieved a total operating income of 5.51 billion yuan, an increase of +13.8% year-on-year; achieving a net income attributable to the parent company of 20 billion yuan.
Anhui Yingjia Distillery (603198): The Dongcang series in 3Q24 continues to drive the local trend, while facing pressure from outside the province.
In Q3 2024, the company's performance was lower than market expectations. The company announced its Q3 2024 results: revenue in Q3 2024 was 1.71 billion yuan, +2.3% year-on-year, and net income attributable to the parent company was 0.625 billion yuan, +2.9% year-on-year. (Revenue and income as disclosed by the company.
A-share baijiu stocks fell, with shanghai guijiu plummeting more than 8%.
On October 30th, Shanghai Guijiu fell more than 8%, with Anhui Yingjia Distillery, Anhui Gujing Distillery, Gansu Huangtai Wine-Marketing Industry, Shede Spirits, Jiangsu King's Luck Brewery Joint-Stock, Anhui Kouzi Distillery, and Jinhui Liquor following the decline.
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