Third-quarter results across our premium baijiu coverage diverged. Kweichow Moutai returned to growth, with net profit rising 4% year on year, while Luzhou Laojiao's earnings deteriorated further as net profit plunged 57%.
Kweichow Moutai’s iconic status in Chinese drinking culture is extremely difficult for its competitors to duplicate, giving it strong pricing power, the benefits of which are reflected in its industry-leading profitability.
China's anticorruption campaign could add pressure to Moutai’s revenue growth.
Metric | 600519 | DGE | 002304 |
|---|---|---|---|
Price/Earnings (Normalized) | 21.38 | 21.41 | 771.51 |
Price/Book Value | 6.46 | 5.14 | 1.18 |
Price/Sales | 10.06 | 2.89 | 4.21 |
Price/Cash Flow | 16.34 | 13.15 | — |
Metric | 600519 | DGE | 002304 |
|---|---|---|---|
Quick Ratio | 5.52 | 0.49 | 2.15 |
Current Ratio | 7.19 | 1.60 | 4.63 |
Interest Coverage | 2,102.31 | 3.15 | 50.05 |
Metric | 600519 | DGE | 002304 |
|---|---|---|---|
Return on Assets (Normalized) | 26.33% | 7.53% | 0.30% |
Return on Equity (Normalized) | 31.63% | 32.87% | 0.37% |
Return on Invested Capital (Normalized) | 30.32% | 11.69% | 0.09% |
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