瀘州老窖一季度業績“變臉”，盤中一度跌近3%
4月28日，瀘州老窖發佈2019年全年和一季度“成績單”。受此影響，瀘州老窖低開1.8%，盤中一度跌近3%，截止發稿前，暫報81.28元，跌幅1.48%。
瀘州老窖2019年年報數據亮眼。去年總營收為158.17億元，同比增長21.15%，歸母淨利潤為46.42億元，同比增長33.17%。
（來源：Wind）
不過，一季度並沒有延續去年的良好的增長勢頭。一季度公司總營收為35.53億元，同比大幅下滑14.79%；淨利潤為17.07億元，同比增長12.72%。
對於一季度營收下降，瀘州老窖表示，商品銷售收入減少主要是受新冠肺炎疫情影響。要知道，此前瀘州老窖接連兩次發文取消了2月和3月的配額，為經銷商“減負”。
再看綜合毛利率，2019年為80.62%，同比增加3個百分點。今年一季度更是提升至86.85%。
最近幾年來看，瀘州老窖高檔酒類佔收入比重一直在穩步提升。2017年，瀘州老窖旗下高檔酒類收入佔比為44.72%；2018年高檔酒類收入佔比為48.85%；2019年進一步提升至54.35%，與2018年相比，中檔與低檔酒類在總營業收入中的佔比都出現了下滑，而高檔酒類佔比，比2018年的48.85%提升了近7個百分點。
另外，2019年淨資產收益率（攤薄ROE）為23.92%，同比2018年提升3.37個百分點。這也側面證明瀘州老窖的盈利能力逐步回升。
（來源：Wind）
此外，一季度公司經營活動產生的現金流量淨額為-3.16億元，而去年同期為5.61億元。該數據為負，瀘州老窖上市以來，此前僅有兩次——2015年的一季度和二季度。對此，公司表示，這主要系報告期內銷售商品收到現金減少影響所致。
對於2020年的經營規劃，瀘州老窖表示，2020年是公司“十三五”戰略達成之年。由於新冠肺炎疫情仍具有較大的不確定性，公司難以預計準確的量化經營目標，但要繼續維持良好發展勢頭，確保行業排位不下降，併力爭縮小與前列企業的差距。
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