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  转自:港湾商业观察

  《港湾商业观察》王璐

  有着“酒类流通第一股”的华致酒行(300755.SZ)交出了2016年以来的最差业绩。

  华致酒行近期公布的2024年年报显示,公司实现营收94.64亿,同比下滑6.49%;归母净利润4445万,同比下滑81.11%;扣非净利润2517万,同比下滑85.97%。

  不仅如此,2024年华致酒行净资产收益率(加权)1.23%,上年同期为6.32%;毛利率为9%,上年同期为10.75%;归属于上市公司股东的净资产为31.56亿元,同比下滑16.94%。

  1

  多核心指标普遍下滑

  华致酒行表示,酒类行业面临周期性调整,主销名酒市场价格呈下降趋势,公司毛利率因此降低,收入也略有下滑,同时公司基于谨慎性原则对部分存货计提了存货跌价准备,导致净利润同比减少。

  具体到收入构成来看,无论是主业酒类,还是分产品,或是分地区,华致酒行近乎都清一色下滑。

  2024年,华致酒行白酒和葡萄酒营收分别为87.60、4.20亿元,分别同比下降6.77%、13.68%。白酒方面,2024年销量和均价分别同比下降2.05%、4.81%。换言之,最重要的产品、销量和均价,都没有正增长。

  实际上,华致酒行业绩的大败多少在市场预期之内。

  公司此前就预计,2024年第四季度归母净利润为-1.30--1.16亿元,去年同期为0.04亿元;扣非归母净利润预计为-1.28--1.21亿元,去年同期为0.03亿元。对于当时的亏损,华鑫证券曾指出,1,行业整体需求疲软,五粮液等名酒批价下行,公司毛利率下降;2,公司基于谨慎性原则对部分存货进行存货跌价准备,净利润同比减少。

  据悉,截至2024年末华致酒行的存货跌价准备为6083.73万元,同比增长超过110%。

  当然,看得出来,华致酒行2024也在缩减成本:销售费用同比下滑21.81%,管理费用同比下滑14.40%。

  华致酒行在年报中表示,酒水行业进入新一轮产业调整期,头部效应进一步凸显。上游供应商方面,受宏观经济形势影响,我国酒水市场总体规模增长速度有所放缓,具有较强品牌力的头部企业体现出更刚性的市场需求。伴随酒类消费从政务消费向商务消费、大众消费的持续转型,消费者的消费意识趋于理性,对品牌和品质的要求不断提升。白酒品牌分化日趋明显,市场份额持续向茅台、五粮液、汾酒等头部企业集中,消费者对品牌的忠诚度亦持续提升。葡萄酒行业品牌化发展的趋势也日益明显。

  下游销售渠道方面,由于消费者对酒类即时性和保真性消费要求较高,包括连锁门店、烟酒店、卖场、社区便利店等在内的线下门店仍为主流购酒渠道。此外,随着互联网时代数字化营销的持续发展,消费者在追求产品质量之余,对配送效率、用户体验、便捷程度也提出了更高的要求。酒类流通行业面临新的挑战,优胜劣汰的发展变化凸显,竞争格局呈现集中化态势,品牌连锁业态的优势愈加明显。

  2

  需求承压下,业绩创多年来新低

  在年报发布后,华鑫证券研报认为,2024年白酒行业需求整体承压,名酒产品价格下行,精品酒所在次高端价位带商务场景仍未恢复,对公司利润端影响较大。

  不过,华鑫证券也表示,2024年公司与奔富深化合作并获得多款红酒产品独家代理权,扩充品类覆盖更多价位段,推动销量增长。2024年四季度以来,公司主动调整变革内部架构与战略方向,以“去库存、促动销、稳价格、调结构、强团队、优模式”为行动方针,提升公司核心竞争力;同时梳理未来业务重心,做好名酒保真的渠道品牌和供应链服务平台两大工作,将名酒产品纳入体系管理,做好门店与消费者服务。

  华鑫证券给出的盈利预测是,公司供应链服务平台的搭建有利于稳固核心竞争力,同时三大渠道业态满足多元消费需求与环境。短期行业需求整体承压,公司作为渠道商利润调整较多,预计公司2025-2027年EPS分别为0.26/0.42/0.60元,当前股价对应PE分别为61/37/26倍,维持“买入”投资评级。

  事实上,拉长时间来看,华致酒行2024年业绩创下多年来新低。

  2016年-2023年,华致酒行从未出现过营收净利润双降的情况,公司营收增速分别为38.45%、10.18%、13.06%、37.38%、32.20%、50.97%、16.73%和16.22%,归母净利润增速分别为351.58%、79.38%、10.94%、42.06%、16.82%、81.03%、-45.77%和-35.78%。

  上述年份,公司毛利率分别为17.24%、20.30%、21.36%、21.39%、19.07%、20.96%、14.03%和10.75%。

  有白酒观察人士认为,我国白酒行业历来受消费等大环境影响较大,而渠道销售方也直接受到影响,同时在“卖方”销售渠道上,无论线上还是线下,竞争都非常激烈,华致酒行因而业绩波动剧烈。

  华致酒行年报中指出,据ParkStreet的数据显示,美国酒类流通第一巨头SGWS市占超30%,前三巨头SGWS、RNDC和BBBG市占达55%,相比之下,我国酒类流通行业集中度仍有很大的提升空间。

  外界还关注到,华致酒行的存货自2021年至今,普遍保持在30亿左右。2020年-2024年,存货分别为18.92亿、30.48亿、34.29亿、33.55亿和32.59亿。

  华致酒行财务总监胡亮锋在业绩说明会上表示,“目前公司存货结构已趋于合理,未来将进一步加强库存管理,提升存货周转率。”(港湾财经出品)

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