3. LU ZHOU LAO JIAO CO.,LTD Co., Ltd.: In the second quarter of 200210, the company's total operating income was 431300 million, up 5.67% year-on-year; Gross profit is 3.333 billion yuan and net profit is 20.5 1 100 million yuan. One of the leading domestic high-end liquor enterprises, the originator of Luzhou-flavor liquor, was awarded the title of "Four Famous Liquor" in China and the first wine tasting in China 1952. It owns two core brands, LU ZHOU LAO JIAO CO.,LTD Co., Ltd. and Guojiao, and its leading product is "52 Degrees Guojiao 1573", with annual sales of1420,000 tons and related business income of 19/56 billion yuan, including 8.6 billion yuan of high-grade liquor.
4. Yanghe shares: The quarterly report of 20021second quarter shows that Yanghe shares achieved revenue of 5.023 billion yuan, up by 20.74% year-on-year; Gross profit is 2.856 billion yuan, and net profit is 65.438+35.7 billion yuan.
1, GF Securities also summarized the "rising law" of sub-high-end liquor, and believed that the performance of sub-high-end liquor enterprises often accelerated in the third year of each liquor bull market. After repeating the rules of two rounds of liquor bull market in 2009~20 12 and 20 15~20 18, it was pointed out that in the third year of each round of liquor bull market, the performance of sub-high-end liquor enterprises tended to accelerate. For example, from 2009 to 2011year, the performance of secondary high-end liquor enterprises was significantly accelerated compared with 20 10; During the liquor bull market from 20 15 to 20 18, the performance of most secondary high-end liquor enterprises also accelerated. For the logic of the accelerated growth of the performance of sub-high-end liquor, GF Securities believes that the main reason is that the price increase of high-end liquor has left a large market space. "202 1 is the third year of the fourth round of liquor bull market, and the performance of sub-high-end liquor is expected to accelerate.
2. In sharp contrast to the weak performance of high-end liquor "Maowulu" this year, sub-high-end liquor stocks with a market value of less than 100 billion continue to exert their strength. Typical companies include Shede Liquor, Jiugui Liquor and Fang Shuijing. Behind the strong performance of sub-high-end liquor, or related to its high performance growth elasticity. In the view of the organization, the next high-end liquor will continue to grow and its performance is expected to accelerate. It is worth mentioning that tens of billions of private placements are constantly adding sub-high-end liquor, and even low-end liquor has attracted their attention.
3. Sub-high-end liquor stocks with market value below 100 billion, represented by Fang Shuijing, Kouzijiao and Yingjia Distillery, saw the most obvious increase. It is worth mentioning that since the second quarter, the "leading performance" of sub-high-end liquor stocks has continued. Statistics show that as of the close of May 2 1 (the same below), since the second quarter, the shares of Shede Liquor, Jiugui Liquor and Fang Shuijing have all increased by more than 50%, while the increase of liquor head company "Maowulu" is mostly below 20%, especially the increase of Kweichow Moutai since the second quarter is only single digits.