In the last issue of the book, we focus on the industry positioning and competition pattern of Maotai, especially the powerful corporate moat of Maotai. I don't see that my friends can subscribe to view.
Ok, let's get down to business. Let's analyze Maotai's financial report and corporate valuation.
financial statement analysis
1, total assets-growth capacity
The total assets of Maotai are increasing year by year, and the scale of the company is also expanding, and the growth trend is relatively stable. Compared with the average assets of the industry, life is a little higher, very good!
2. Asset-liability ratio
The average asset-liability ratio of Maotai in recent five years is 26.38%, and there is still a downward trend. Very strong solvency! Generally speaking, the asset-liability ratio of 50% is moderate, and the asset-liability ratio of enterprises is around 45%.
As can be seen from the figure, the asset-liability ratio of Maotai Company is far below the average, indicating that the company's long-term solvency is still at a good level.
Nevertheless, it also reflects the conservative management attitude of Maotai. The main problem is that the surplus part of current assets is not effectively utilized, which affects the efficiency of capital use and increases the opportunity cost and financing cost.
3, cash flow-hematopoietic capacity
20 16 by 2020, maotai has a good hematopoietic capacity! However, the decline of 20 17 is very severe. According to the annual report of Maotai 20 17, find the reason.
The net increase in customer deposits and interbank deposits decreased, mainly due to the decrease in the increase in funds belonging to other member units of the group company of Kweichow Moutai Group Finance Co., Ltd., a holding subsidiary of the company;
The increase in cash interest, handling fee and commission is mainly due to the increase in interest income of Kweichow Moutai Group Finance Co., Ltd., a holding subsidiary of the company; The problem is not big.
4. Return on net assets
20 16 By 2020, the return on net assets of Maotai will remain above 20%, and the overall profitability of the company is very strong. The profitability of the industry continues to increase, and the leading enterprises in Maotai liquor industry make it a well-deserved profit king in this industry.
5. Gross profit margin
As can be seen from the table, the gross profit of Maotai has been rising slowly year by year in recent five years, and has been stable above 9 1%. It shows that the operating cost of the enterprise has been steadily increasing in the past five years, and its competitiveness is very strong!
6. Dividends
The stock has paid dividends for 20 times since its listing, and the accumulated dividend amount is 9.71.1.70 billion yuan. The dividend rate is over 40%, which is very good for shareholders!
Management evaluation
1, reasonable price-earnings ratio
Maotai has cost advantages and brand advantages, among which Maotai's powerful brand, unique technology, unique geographical environment and location are difficult for ordinary enterprises to imitate, which is also the most important moat of Maotai!
According to the outstanding performance of market share and various financial indicators, conservative estimation can give a price-earnings ratio of 30 times!
2. Net profit of Maotai in recent five years.
Calculated with reference to the five-year compound growth rate.
The compound growth rate of net profit of Maotai in recent five years is 29.28%, which is calculated as 25% for the sake of conservativeness. It is estimated that the net profit will increase in the next three years.
At present, the total market value of Maotai is 2.7159 billion.
Summary:
As the leader of domestic liquor manufacturing industry, no matter after the global economic crisis in 2008, or constantly challenged by Wuliangye, Fenjiu, Yanghe and other industries, all financial indicators are firmly in the first place!
It fully proves that Maotai itself has superior operation ability, development strategy and anti-risk ability.
Although Kweichow Moutai no longer has the characteristics of a fast-growing enterprise, it will still play a significant role in the future liquor industry!
The above is a simple analysis of the blue ocean house.
For the record, ha! This article is for reference only and does not make any investment basis!
The data is inaccurate and the logic is not smooth. Please forgive me. I will continue to strive to improve in the future!
The founding history of Kweichow Moutai
Kweichow Moutai was founded by Wang Lifu in Guangxu five years (1879), with a history of 142 years.
Since Wang Lifu's grandfather Wang Zhenfa made a fortune by making salt, Wang Jiacheng met the richest man in Maotai Town. Wang Lifu began to learn to do business when he was young. By the time he got it, the salt business was already bad, but Maotai soju was quietly famous because of the gathering of businessmen from all walks of life. Everyone who drank it praised it and bought some gifts to take home for the party and when he came back.
Wang Lifu saw the business opportunity of wine making. In the fifth year of Guangxu (1879), he negotiated with Sun Quantai, a Xishui man, and Shi Rongxiao, the core figure, and set up a burning house in Yangliuwan in partnership.
Wang Lifu took the house he burned as a share, and the other two each offered two hundred and twenty pieces of silver. Each family took a word and set up a "Rong Tai and" burning house. Wang Lifu is in charge of production and sales, and Shi Rongxiao is in charge of accounting.
But before long, Sun Quantai forgot Xishui's business and withdrew his shares on the grounds that Shi Rongxiao's accounts were unclear. After Sun Quantai withdrew his shares, the liquor reform was named "Ronghe" to burn the house.
In the early days, Maotai Shao was packed in a container called Zhi Zi. "Zhi Zi" was woven with bamboo pieces, then mixed with glutinous rice, purple pit mud and pig blood and pasted on a bamboo basket, and later changed into a pot-bellied jar made of pottery.
In the fourth year of the Republic of China (19 15), Maotai Shao brewed by Ronghe and Chengyu in Maotai Town was selected by the Ministry of Agriculture and Commerce of Guizhou Province, and both of them participated in the Panama Tournament sponsored by the United States in the name of Maotai Brewing Company.
Elvis Presley's cylindrical pottery bottle was rough and simple, which did not attract the attention of the participants after the exhibition. An accidental opportunity made the participants sit up and take notice of Moutai.
The aroma of wine completely conquered the judges and all the participants. "Maotai" was rated as a world famous wine and won a gold medal, making it famous all over the world!
Since Wang Lifu family established the "Tianhe Burning House" in Daoguang period, it has passed through six generations and passed on its skills 180 years. It is one of the oldest brewing families in Maotai Town, with well-documented and orderly circulation.
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