日赚2亿元！毛利率91.8%！很多人爱喝……
<p style="margin-top: 5px; margin-bottom: 5px; text-indent: 0em; text-wrap: wrap; outline: 0px; letter-spacing: 0.544px; text-align: justify; visibility: visible;font-family: -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;" align="justify"><span style="font-size: 16px; letter-spacing: 0.544px; caret-color: red;font-family: system-ui, -apple-system, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;">8月2日晚间，白酒龙头贵州茅台公布半年报。上半年，贵州茅台营收和归母净利润分别达到695.76亿元和359.8亿元，同比均增长20.76%。按照359.8亿元的归母净利润看，贵州茅台上半年日赚近2亿元。此外，其系列酒销量上半年也突破百亿元。</span>
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<span style="font-size: 16px;">不过，相比于一季度，贵州茅台二季度单季营收和归母净利润均出现环比下滑，在多家机构看来，系因茅台主动控制投放节奏所致。</span>
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<span style="font-size: 16px;">值得注意的是，在市场消费不振的情况下，贵州茅台上半年毛利率进一步提升至91.8%，直接推升的动力则来自直销比例大幅提升。较去年同期，茅台直销占比上升近9个百分点至45.15%。以此看来，茅台直销销量超过批发代理并不遥远。</span>
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<span style="outline: 0px;color: #021EAA;font-size: 16px;"><strong style="outline: 0px;">系列酒销售额破百亿</strong></span>
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<span style="font-size: 16px;">在半个多月前，贵州茅台曾披露一份初步核算的上半年经营数据。公司当时预计，上半年营收为706亿元左右（其中茅台酒营业收入591亿元左右，系列酒营业收入99亿元左右）。同时预计实现归母净利润356亿元左右。</span>
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<span style="font-size: 16px;">对比半年报，贵州茅台实际实现的营收略低于当时预期为695.76亿元，不过今年数据仍较去年同期增长20.76%。而从归母净利润方面看，贵州茅台实际实现归母净利润为359.8亿元，略高于此前预估，同比增速与营收一致。</span>
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<span style="font-size: 16px;">从细分看来，上半年茅台实现系列酒销售额已经突破百亿元，达到100.74亿元，占比已经达到14.48%。去年全年，茅台系列酒销售额为159.39亿元。</span>
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<span style="font-size: 16px;">但从单季来看，茅台系列酒一季度曾实现销售额50.14亿元，同比增长46.26%。以此计算，茅台系列酒二季度销售额为50.6亿元，相比去年二季度增长21.32%，增速有所放缓。</span>
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<span style="font-size: 16px;">有市场人士分析认为，今年Q2茅台对发货稍有控制，以稳定茅台系列酒的市场价格，尤其是茅台1935的价格。受今年上半年消费不振等因素压制，茅台1935的市场价一度跌破1188元/瓶的官方零售指导价。目前，茅台1935批价稳定在1020元/瓶左右。</span>
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<span style="font-size: 16px;" >据了解，茅台1935是茅台系列酒推出的高端战略单品，自去年面市后一度受到热捧。今年，茅台1935的销售目标为100亿元左右。</span>
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<span style="outline: 0px;color: #021EAA;font-size: 16px;"><strong style="outline: 0px;">直销占比大幅提升</strong></span>
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<span style="font-size: 16px;">今年中报中，贵州茅台一大亮点是直销渠道占比继续扩大。数据显示，茅台上半年直销渠道实现销售额为314.19亿元，而在去年同期，这一数据为209.49亿元，今年同比增长接近50%。从占比上看，直销渠道已经上升至45.15%，去年同期这一比例为36.36%。</span>
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<span style="font-size: 16px;">茅台直销比例近年来一直稳步提升。从2020年-2022年三年看，直销占比分别为13.96%、22.66%和38.71%，与之相对应的，批发代理渠道占比则逐年下降。</span>
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<span style="font-size: 16px;">值得一提的是，茅台经销商数量也一直在下降。截至今年6月底，茅台国内经销商数量为2082家，半年内减少两家。而在去年全年，经销商数量减少5家。</span>
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<span style="font-size: 16px;">直销占比提升，也令茅台毛利率有所提升。数据显示，上半年其毛利率已经达到91.8%，而在去年全年，这一指标为91.78%。</span>
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<span style="font-size: 16px;">实际上，直销占比快速提升，与其数字营销平台“i茅台”功不可没。半年报显示，今年上半年，贵州茅台通过“i 茅台”平台实现酒类不含税收入93.39亿元，同比增长114.8%。而截至6月底，“i茅台”累计注册用户已突破4200万。</span>
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<span style="font-size: 16px;">不过，一季度“i 茅台”已经贡献了49.03亿元营收，以此来看，二季度“i 茅台”的营收环比略有下降，为44.36亿元。</span>
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<span style="color: #888888;font-size: 14px;letter-spacing: 0.544px;">来源：中国基金报</span><br/>
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</section> 已读 这个利润简直了 每天看新闻
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