Wuliangye (000858): Q2 continues to grow at high prices
The event company released main performance data for the first half of 2019. The company achieved operating income of approximately 271 from January to June.
50,000 yuan, an increase of 26 in ten years.
At 5%, the net profit attributable to mothers was about 9.3 billion yuan, an annual increase of 31%.
Brief comment on H1 revenue and profit growth in line with expected H1 revenue appreciation26.
2%, of which the first quarter / second quarter increased by 26.
6% / 26.
4%; H1’s mother net profit increased by 31%, of which Q1 / Q2 increased by 30 respectively.
6% / 32.
Q2 continued Q1’s rapid growth trend, mainly due to the adjustment of the company’s alcohol product structure and the increase in the volume and price of Wuliangye, its core product.
In terms of quantity, according to the company’s sugar and wine meeting’s disclosure of the 2019 plan, the top five plans for Wuliangye will be 2.
3 minimum value, with an annual increase of 15%; among them, Pu Wu 1.
5 inches (8400 tons of the seventh generation Puwu, 1350 tons of collector Wuliangye, 5250 tons of the eighth generation Puwu), 1618, low-grade, Jiao cups and other Wuliangye about 8,000 tons.
It is expected that at least all seventh-generation shipments have been completed in the first half of the year, with a small number of collector’s editions and eighth-generation shipments.
In terms of price, the price of the Puwu lot is strictly based on the company’s guide price, and the current price is stable.
Grassroots research has learned that the recent Wuliangye batch pricing has been implemented in accordance with the company’s guidance price under the company’s vigorous rectification (violating dealers). At present, the replacement price of the eighth generation Wuliangye is stable above 959 (decreased), and the seventh generation Wuliangye inventory is insufficient.A month.
Air Force’s series of very cost-effective measures have achieved good results.
The core products’ price and price both rose and continued to improve.
Since the early days, the volume and price of Wuliangye have risen together. The seventh-generation Wuliangye batch price has increased from about 800 in the early period to about 940-950 at present, and the dealers have achieved smooth sales at a fair price, and channel confidence has increased.
In the short-to-medium term, Wuliangye’s price-performance ratio is prominent through the rising price of Moutai, and it is expected that the current volume and price trend will continue.
It is expected that the sales volume of products above the Pupu five will increase rapidly, the structure will increase rapidly, and the gross profit margin will increase.
19H1 net profit margin was 34.
4%, increase by 1 every year.
It is estimated that the volume and price of the products above the general level of the Fifth Grade will rise at the same time, which will rapidly improve the overall product structure. The increase in profit margin is mainly due to the increase in gross profit margin.
In terms of expense ratio, it is expected that the company’s expense utilization efficiency will be improved in the future through the company’s efforts to rectify its product system (focusing on the removal of high imitation products in the first half 苏州夜网论坛 of the year).
The target for 2019 is stable, and the target for 2020 is positive.
In 2019, the company aims to achieve a total operating income of 50 billion yuan, maintaining a growth rate of about 25%.
Sales of high-end wine (Wuliangye) are expected to reach 2.
3 Growth rate, 15% per year.
In 19 years, the company proposed the introduction of a control panel distribution model, a digital system to strengthen channel control, and the development of a high-end product matrix to increase product prices and solve the problem of channel profits.
In 2019, the company will “make up for the shortcomings and stretch the board” and strive to achieve double-digit revenue growth.
According to the company ‘s 1218 conference in 2017, it is estimated that by the end of the “Thirteenth Five-Year Plan” period, the company ‘s wine revenue will exceed 60 billion U.S. dollars, among which Wuliangye Wine will contribute 40 billion U.S. dollars, and its series of wine will exceed 20 billion U.S. dollars.
Fundamentally, the company adjusts the channel structure, speeds up the development of the marketing system organization, and continuously optimizes and adjusts the product structure to help the company gradually return to its brand value.
The company, as a strong fragrance leader, has excellent brand power. Under the improvement of management, the scale and performance expansion can significantly improve the room.
Profit forecast and investment recommendations for companies expected in 2019?
In 2021, the income will be 500.
12 ppm, an increase of 25 in ten years.
2%; net profit is 171.
67 ppm, an increase of 28 in ten years.
3%; corresponding EPS is 4 respectively.
The company’s latest guidelines 121.
28 yuan, corresponding to 2019?
The dynamic PE in 2021 is 27.
Risks prompt sharp fluctuations in high-end wine prices