One-quarter revenues to positive net profit Shuijingfang continued to decline - Shuijingfang, liquor

Affected by the high-end Spirit The impact of declining sales, in the first half, operating income and net Shuijingfang year decline in both the situation there. In the just released third quarter earnings report, Shuijingfang third quarter revenue decline to reverse the situation, but still a drop in net profit, and the year the first three quarters of revenue and net income still fell. The investment adviser Food Chen Chen, chief researcher at the industry that the high-end Shuijingfang Wine The market has not fully recovered, leading to falling profits, the fourth quarter is expected to Spirit Sell Season, the annual growth target will be achieved security.

Filing shows the first 9 months, Shuijingfang operating income 845 million yuan, down 3.48%, to achieve net profit attributable to parent company 152 million yuan, down by 34.56 percent. Among them, the third-quarter operating income of 404 million yuan, up 23.23%, achieved 48.69 million yuan net profit attributable to parent companies, down 50.51 percent. The first three quarters, the company gross margin fell 6.75 percentage points, up 74.19%, the third quarter gross margin fell 8.87 percentage points, up 13.81 percentage points from the chain, as 73.75%.

Shuijingfang said that the main line of business cost the company to increase sales of current Di Dangjiu substantial increase over last year, while its sales of lower gross profit margin, resulting in total operating costs due to the increase over last year; attributable to parent company shareholders of the company net profit decreased mainly due to the current period operating income decreased, and Di Dangjiu sales ratio higher than the same period the year; another company's input costs increased due to the market.

This year, Financial Crisis in the high-end liquor Shuijingfang adversely affect product sales, resulting in the low-end market to, making Shuijingfang gross margin declined. Investment Advisor in the food industry, Chen Chen, chief researcher believes that the high-end wine market Shuijingfang not fully recovered, resulting in lower profits, liquor sales in the fourth quarter is expected to peak season, its annual growth target will be achieved security.

Present, two systems Shuijingfang product structure: one high-end brand "Shuijingfang" Shuijingfang under the brand system, Shuijingfang collection, day number, and Qiong Chen and past family altar family; second, middle and low brand "GSK" brand system. Pre-September, product sales Shuijingfang form high-alcohol wine sales decline Shuijingfang series, the low end wine sales up situation. Although high-end wine sales in the third quarter compared to the first half of Shuijingfang has improved, but still to affect their performance.

Investment adviser in the food industry's chief researcher Chen Chen believes that the arrival of each year in November to 2 years of menstruation traditional liquor sales season, sales of liquor companies generally occupy about 30% of annual sales. Third quarter earnings from the point of view, there Shuijingfang revenue growth, which shows its high-end wine sales and began to recover. With the season in the fourth quarter to bring liquor sales, revenue and net profit is expected Shuijingfang be further improved.

Investment adviser in the release of "2009-2012 China Liquor Market Investment Analysis and Prediction of the report" shows that in 2009 industrial output value of Chinese liquor manufacturing industry will reach 196.02 billion yuan, an increase of 18.7%; product sales revenue will reach 170.81 billion yuan, an increase of 21.0%; total profit will reach 24.51 billion yuan, an increase of 31.5%. In 2009 industrial output value of Chinese liquor manufacturing industry will reach 196.02 billion yuan, an increase of 18.7%; product sales revenue will reach 170.81 billion yuan, an increase of 21.0%; total profit will reach 24.51 billion yuan, a growth rate of 31.5% .



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