Original title: The Q2 performance was significantly lower than market expectations, and the gross profit margin of the wine industry fell sharply or there were other hidden reasons | See Zhi Research
On the followingnoon of August 17, Shede Wine Industry announced its 2022 semi-annual report: 2022 H1 achieved revenue of 3.03 billion, a year-on-year increase of 26.5%; realized net profit attributable to the parent of 840 million, a year-on-year increase of 13.6%; in terms of split quarters, Q2 achieved revenue of 11.4% 100 million, a year-on-year decrease of 16.3%, and a net profit attributable to the parent company of 300 million yuan, a year-on-year decrease of 29.7%.Q2 revenue was lower than the bottom line of market expectations, and performance was significantly lower than the bottom line of market expectations; the bottom line originally expected by the market was that both revenue and performance fell by single digits.
In terms of split products, in 2022 H1 mid-to-high-end wine revenue was 2.41 billion, a year-on-year increase of 28.2%, low-end wine revenue was 410 million, a year-on-year increase of 31.0%; Q2 mid-to-high-end wine revenue was 830 million, a year-on-year decrease of 21.1%, low-end wine revenue Revenue was 210 million, down 2.5% year-on-year.
The Q2 gross profit margin fell by 5.9pct year-on-year to 73.8%. There is no doubt that under the disturbance of the Q2 epidemic, some core markets of willingness were affected, and scenarios such as business banquets and parties were restricted, which largely led to a sharp drop in sub-high-end revenue, which affected the Gross profit margin declined, resulting in a 5.1 pct year-on-year decline in Q2 net profit margin;But see wisdom research (public account: see wisdom researchpro) believes that in general, the sub-high-end of the Shede wine industry is very heavy, and the decline in the proportion of sub-high-end revenue may not be enough to explain the sharp decline in gross profit margins.
Q2 revenue and performance were both below expectations,willing to cut offThe contract liabilities at the end of Q2 were 430 million, compared with 390 million at the end of Q1, and only an increase of 40 million month-on-month also triggered a decline in the confidence of some investors in the company. Financial pressure and ensuring inventory is under control.
Jianzhi Research believes that Shede’s mid-term report will temporarily make the market doubtful regarding Shede’s future growth abilityAmong the wine companies that have announced their 2022 H1 results, Gujing Gongjiu’s Q2 performance increased by 45% year-on-year, exceeding market expectations; Maotai remained stable; Shuijingfang’s Q2 profit also turned losses.At present, Shede needs to prove in the future whether it can do a good job of refined operations in all aspects to achieve long-term stable growth following the high growth brought regarding by large-scale investment promotion in the future, and completely gain a firm foothold in the sub-high-end competition. The performance is the next test.Return to Sohu, see more
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