\u3000\u3000 Wuliangye Yibin Co.Ltd(000858) (000858)
Events
The company issues announcements related to personnel changes of management.
On February 18, 2022, the company issued an announcement on the changes of members of the board of directors and senior managers. Due to job changes, Mr. Li Shuguang applied for resignation from the company’s director and relevant special committees under the board of directors, and Mr. Zou Tao applied for resignation from the company’s director, vice chairman and general manager. After resignation, Mr. Li Shuguang and Mr. Zou Tao no longer hold other positions in the company. Elect and appoint Mr. Jiang Wenge as vice chairman and general manager.
According to Chuanguan news, comrade Zeng Congqin took over as party secretary and chairman of Yibin Wuliangye Yibin Co.Ltd(000858) Group Co., Ltd; Comrade Zou Tao took over as the Deputy Secretary of the Party committee of Yibin Wuliangye Yibin Co.Ltd(000858) Group Co., Ltd. and was recommended as the general manager of Yibin Wuliangye Yibin Co.Ltd(000858) Group Co., Ltd.
Brief comment
The second start-up of the personnel settlement relay is passed down from generation to generation, and Wuliangye Yibin Co.Ltd(000858) opens a positive cycle. Since the two venture, the company has launched a comprehensive reform in terms of products, organization and channels. The dividend has been gradually released, and the company’s business has been improving continuously. In the past 2017-2020 years, the sales of high-end liquor Baijiu from the 16 thousand tons to 28 thousand tons. The core price of the single product five has been raised from 750 yuan / bottle to the current 975 yuan / bottle, and the Wuliangye Yibin Co.Ltd(000858) price volume is rising. After Zeng Congqin, the chairman of the company, is also the chairman of the group company, the management will be more centralized. General manager Zou Tao is promoted to the general manager of the group company, which is expected to continue to promote the reform of the company’s management and marketing at the group level. General Manager Jiang Wenge has served in the company for many years and is familiar with the company’s operation. After the routine personnel adjustment, the new leadership is expected to continue to lead Wuliangye Yibin Co.Ltd(000858) to strengthen the potential of secondary entrepreneurship, Open a new chapter in the development of the king of Luzhou fragrance.
“New era, new journey and new action” in the 14th five year plan, and the value of leading brands returns.
In December 2021, Zeng Congqin, chairman of the company, released the marketing policy for 2022 at the dealer conference. From the perspective of the company’s marketing policy, the company will continue to deepen reform and further consolidate the achievements of secondary entrepreneurship in the past 22 years. Strengthening consumer service and cultivation will help puwu maintain the trend of increasing volume and price, and make efforts in high-priced cultural wine. In addition, in 22 years, the brand will take the lead in launching classic 30 in super first tier cities, further improve the layout of classic series products positioned at 2000 + price band, cultivate new performance growth points for the company, and realize the return of brand value at the same time.
During the Spring Festival peak season Wuliangye Yibin Co.Ltd(000858) , the dynamic sales are good, and the channel ecology remains healthy.
During the Spring Festival, although there were local outbreaks in Henan, Guangdong and other places, from the overall dynamic sales feedback of the country, Wuliangye Yibin Co.Ltd(000858) as a high-end leader, the demand in the peak season is still relatively strong, and the main provinces still increased to varying degrees year-on-year. According to the latest payment collection progress, Wuliangye Yibin Co.Ltd(000858) dealers generally complete more than 40%. At present, the channel inventory level remains at a low level for about 20 days. The rating performance is relatively strong during the Spring Festival. With the continuous digestion of inventory after the festival, the rating has increased.
The king of Luzhou flavor has excellent fundamentals, long-term and healthy development has been started, and continuous key recommendations have been made
After the second venture, the company took the initiative to adjust its market operation ideas, ensured resource focus through product structure Sorting and channel policy adjustment, helped channel profits recover, steadily increased the rating, and gradually turned to the long-term healthy development model of “booming supply and marketing and demand driving the rise of rating”. In the short term, the company will adjust the price and proportion beyond the plan of the general five year plan in 22 years, which is expected to contribute about 6% of revenue growth. The recent personnel adjustment has also been gradually implemented, and the problem of team stability worried by the market is gradually solved. Looking forward to the future, the 1000 yuan price belt has obvious demand expansion, supporting the rise of the general five volumes and prices. In the past 21 years, classic Wuliangye Yibin Co.Ltd(000858) marketing adjustment + brand cultivation have gradually improved. 2000 + has formed Luzhou flavor influence. In the past 22 years, the model has been optimized + classic 30 has been launched, and the product structure has been optimized. After upgrading and channel combing and reconstruction, the series of liquor is also expected to contribute to the company’s performance growth in the future, and the long-term operation is still stable.
Profit forecast and valuation
It is estimated that the company’s revenue from 2021 to 2023 will be 66.824 billion yuan, 77.368 billion yuan and 89.343 billion yuan respectively, with a year-on-year increase of 16.58%, 15.78% and 15.48%; The net profit was 23.615 billion yuan, 27.851 billion yuan and 32.685 billion yuan respectively, with a year-on-year increase of 18.34%, 17.94% and 17.35%; The corresponding EPS is 6.08, 7.18 and 8.42 yuan respectively. On February 18, 2022, the dynamic PE from 2021 to 2023 was 32.71, 27.73 and 23.63 times respectively. Maintain the “buy” rating.
Risk tip: industry competition intensifies and the expansion of high-end demand is slower than expected.
