Wuliangye (000858): Performance forecast in line with expected reform dividends continued to be released

Wuliangye (000858): Performance forecast in line with expected reform dividends continued to be released

The company issued a 19H1 performance forecast, and the company achieved operating income of 271 in 19H1.

50,000 yuan, an increase of 26 in ten years.

At 5%, the net profit attributable to mothers was approximately 9.3 billion yuan, an increase of 31% year-on-year; corresponding to 19Q2 revenue of US $ 9.6 billion, an annual growth rate of 27%, and the net profit attributable to mothers was US $ 2.8 billion, exceeding the growth rate of 32%.

The performance of key investment points was in line with expectations, and the implementation of controlled distribution was smooth: According to the performance forecast, the company expects to achieve revenue of 9.6 billion yuan in 19Q2, an increase of 27%.

Wuliangye raised its price after changing the packaging in May, and the ex-factory price of the eighth-generation Puwu was raised to 889 yuan (+12).

7%), and a small amount is strictly controlled, with only 5250 tons remaining. Q2 visited multiple terminals to show that channel inventory is tight, the company has effective control over volume and price, and the general inventory is less than one month, and the approval price continues to rise.

According to grassroots analysis and feedback, the seventh-generation Wuliangye batch price has stabilized at 930-950 yuan, and the channel profit level has rebounded significantly, and the thrust has accelerated; the eighth-generation general five batch price has been 959 yuan, and the channel also reflects that the thrust is more sufficient after the price.

In addition to the promotion of channel pricing, the distribution of control disks also implements inventory management, cargo flow supervision, and consumer data collection through the scanning system. It delivers goods on a monthly basis and escorts for long-term development.

Reform dividends are promoted, and staff expansion is integrated.

Less than a month after Wuliangye proposed a 北京夜生活网 series of three-in-one wines on June 11, the company’s series of wine integration continued to advance.

At the beginning of July, the management structure of Wuliangye Series Liquor Company was completed. Zou Tao was the chairman of Wuliang Luxiang Series Liquor Company, and the heads of the core regions of Sichuan, Chongqing, Henan, Shandong, Jiangsu and other regions were divided by the series of liquor companies.Director, general manager and deputy general manager are also concurrently appointed. The person in charge of the non-core region is also almost served by the deputy general manager of the original series of liquor, Tetoqu and Wuliangol.

At the same time, the company released a sales staff recruitment plan to build a series of wines.

We believe that the purpose of the Wuliangye series of wine integration is to 夜来香体验网 solve the lack of unified planning for the series of wine plates, backward marketing models, and too many brands.

After the integration, the Wuliangye wine series will ensure that it is different from the main brand in terms of recognition, and further “strengthen the self-owned brand, enlarge the regional brand, and be the best general distribution brand”, creating the Wuliang Luzhou-flavor series wine “4 + 4The brand matrix and the main brand are developed in coordination (Wuliangchun, Wuliangol, Jianzhuang, Wuliang Tetoqu 4 traditional national classic strategic singles, and choose to create “Wuliang people”, “you wine”, “100 feasts”, “hot” 4 personalized key products with channel characteristics).

The number of sales staff, the company’s major recruitment, is expected to continue to strengthen manufacturers’ control over the channel.

Profit forecast and investment grade: It is estimated that the company’s revenue in 19-21 will be 485/582/694 billion, which is longer + 21/20/19%; the net profit attributable to the mother will be 174/213/261 billion, which is longer +30/23/ 22%, PE is 26/21 / 17X, maintain “Buy” rating.

Risk warning: the risk of falling demand, the increased risk of liquor competition, and the macroeconomic growth is not up to expectations.