Wuliangye (000858) Interim Review: Reforms Smoothly Report Growth
Event: The company released the semi-annual report, and the company realized revenue of 271 in the first half of 2019.
500 million, an increase of 26 every year.
8%; net profit attributable to mother is 93.
4 ‰, an increase of 31 per year.
3%; of which Q2 achieved revenue of 95.
60,000 yuan, an increase of 27 in ten years.
1%; Q2 net profit attributable to mother is 28.
60,000 yuan, an increase of 33 in ten years.
7%, the interim report performance is consistent with the previous notice.
Investment points: Wuliangye’s volume and price rose in the first half of the year, and the price stood firm at 1,000 yuan worth looking forward to.
1H19 Wuliangye liquor is estimated to ship 1.
5 Initially, the volume increased by 15% + compared with the same period of the previous year. Among them, the seventh generation and eighth generation Wuliangye strictly controlled the scheduling rhythm in 2Q19. It is expected that the scheduling rhythm of low-level isometrics will accelerate in 1618.
At the same time, 1618 and other Wuliangye have increased their prices by 10% compared to the same period last year, and the ex-factory prices of collector’s editions and the eighth generation have increased by about 10%, driving the overall price to increase by more than 5%.
At present, the company still strictly controls the pace of shipments and cracks down on low-price channeling. The winery has expanded 20 dealers in July. The eighth generation began to implement a recommended circulation price of 1006 yuan in August. Dealers cooperate actively.
In the third quarter, we plan to release about 5,000 tons of the eighth generation, control the scheduling rhythm, and cooperate with corresponding supervision to drive the policy to a very high price. It is expected that the terminal transaction price will further increase and it is a high probability event to stand firm in the thousand yuan price band.
Report budget growth, advance receipts, and beautiful cash flow indicators.
At the end of the second quarter, the advance receipts decreased by 500 million from the previous month, which was related to the eighth-generation Wuliangye controlling the pace of delivery and requiring dealers to make monthly payments.
Sales receipts in the second quarter were US $ 103 trillion, an increase of 51% per year, mainly due to the decrease in bills receivable.
Q2 operating cash flow 4.
4 trillion, compared with negative to positive during the same period.
The volume and price of Wuliangye have all risen, and a steady price of 1,000 yuan is worth looking forward to.
Gross 合肥夜网 profit margin fell in the second quarter of 19, and the decline in the expense ratio during the period pushed the net interest rate to increase significantly.
The gross profit margin in the second quarter of 19 was 70.
2%, a decline of 2pc per year, which is considered to be a drag on the non-alcohol business.
The gross profit margin of alcoholic beverages increased by 1 from the first half of the year.
6pct predicts that the gross profit margin of alcoholic beverages in the second and second quarters should also improve. It is expected that the price increase effect will appear in the second half of the year and the gross profit margin can still be optimistic.
Q2 business tax and surcharge is 14.
3%, flat for one year, sales expenses 14.
4%, 1pc down in one year. It is expected that the number of marketing 无锡桑拿网 personnel will increase in the second half of the year, rewards, membership expenses will increase, the sales expense ratio will rise slightly, and management expenses will decrease.
3% (including R & D expenses), a decrease of 2 from the previous.
5pct, scale effect appears.
The net interest rate is 31.
3%, an increase of 1 pct a year, resulting in faster performance growth than revenue growth.
Make up for the shortcomings, stretch the board, and strive to promote the “second venture.”
In terms of production, we refined the management of the entire production process, strictly enforced industrial regulations, and continuously improved the first-rate wine rate.
In terms of brand, the product structure was optimized and a new product management system was introduced. Wuliangye 1 + 3 and series wine 4 + 4 product systems became clearer.
In terms of marketing, adjust the organizational structure, accelerate the digital transformation, and strengthen the execution of market insight and precision services.
Earnings forecast and rating: It is expected that the product approval price will increase steadily in the second half of the year, and the dealer channel profit will improve.Looking forward to next year, the volume of Maotai is tight and the price is high, and Wuliangye’s control and scheduling rhythm will stabilize after a thousand yuan to promote volume.
In the next 3-5 years, the brand concentration will increase, and consumption will continue to upgrade. Wuliangye, as a strong fragrance faucet, has a broad space for volume and price.
The company’s 19/20/21 revenue growth rates are expected to be 27%, 18%, and 15%, respectively. The net profit attributable to the parent company will be 32%, 23%, and 20%, respectively.
The current market value of PE is 31X, 25X, 21X, maintaining the “recommended” level.
Risk warning: Macro fluctuations exceed expectations, food safety issues