一文速覽貴州茅台的2019年
4月21日盤後，A股“股王”——貴州茅台發佈2019年“成績單”。據財報顯示，去年總營收為854.3億元，同比增長16.01%，歸母淨利潤為412億元，同比增長17.05%。
單看四季度，營收為253.46億元，同比增長14.02%，歸母淨利潤僅僅增長2.69%，環比三季度下滑14.42%。這個利潤增速跟2018年三季度2.71%的微小增速有得一拼。
（來源：Wind）
2019 年度，公司完成茅台酒及系列酒基酒產量 7.50 萬噸,同比增長 6.88%。茅台酒單品銷售額、盈利能力持續穩居國內酒業、全球酒業第一。其中，系列酒實現營業收入 95.42 億元, 同比增長 18.14%。茅台王子酒完成銷售收入 37.80 億元，繼續 保持公司產品第二大單品地位，賴茅酒、漢醬酒為 10 億元級單品。
（來源：茅台年報）
2019年貴州茅台毛利率91.3%，與過往幾年持平。淨利率為51.47%,比2018年微增0.1%。淨資產收益率（ROE，加權）為33.09%，相比2018年下滑1.37%。
截止2019年末，茅台賬上現金僅為132.5億元，相比2018年的1120.7億元，減少988.2億元，降幅為88.18%。而少的資金調整至拆除資金項目，作為其他金融類流動自殘，該數據為1173.78億元。
截止年末，茅台應收票據15.49億元，應付賬款15.14億元，而預收賬款137.4億元。在產業鏈上，依然非常強勢。
現金流量表中，經營活動產生的現金流量淨額為452.11億元，要高於淨利潤的439.7億元，説明盈利質量耿耿的。
再看分紅，2019年計劃分紅213.87億元，分紅比例為51.9%，比17-18年小幅增加，總體是比較平穩的。
(來源：茅台年報)
從3月19日以來，貴州茅台從960元一路上衝至1200元以上，累計漲幅19%，差一些再創歷史新高。年報公佈之後，茅台股價何去何從，值得繼續關注。
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