Anhui Gujing Distillery Company Limited(000596) ( Anhui Gujing Distillery Company Limited(000596) . SZ) shares fell today, closing at 210.50 yuan, down 3.44%.
On January 5 and 6, 2021, Anhui Gujing Distillery Company Limited(000596) hit the highest point since listing, with an average intraday high of 295.00 yuan, while Huaxi Securities Co.Ltd(002926) , Zheshang Securities Co.Ltd(601878) issued a research report before and after Anhui Gujing Distillery Company Limited(000596) .
On January 3, 2021, Kou Xing, a Huaxi Securities Co.Ltd(002926) researcher, published the Research Report “acquisition of Mingguang liquor industry to improve the diversity of categories”, which said that the acquisition of Mingguang liquor will not bring significant changes to Gujing in the short term, and the main logic of the enterprise is to continue to grow around the original pulp of the year. After completing the continuous upgrading from gifts to ancient 5, then to ancient 8 and ancient 20, the enterprise further launched the new year’s Eve to enter the 1000 yuan price and continuously improve the competition pattern. The diversified layout, self classification and other measures continuously promoted by the enterprise open more imagination space for the strategic distance of the enterprise. For Anhui Gujing Distillery Company Limited(000596) , which gives consideration to short-term, medium-term and long-term development, we continue to be optimistic about the certainty of its long-term sustainable growth. It is estimated that the revenue growth of the company in 2020, 2021 and 2022 will be 7.6% / 21.1% / 17.8% respectively, the growth rate of net profit attributable to the parent company will be 0.7% / 26.6% / 20.8% respectively, and the corresponding PE will be 65.11/51.43/42.57 times respectively. Keep the profit forecast unchanged and continue to maintain the buy rating.
On January 6, 2021, Zheshang Securities Co.Ltd(601878) researcher Mary dynamically released the Research Report “tracking: the realization path of endogenous growth plus epitaxial M & A of 20 billion” which said that in the medium and long term, the company has strong combat effectiveness, clear internal and external routes, and steady improvement of share structure: 1) on the product side, the company has increased the brand potential by arranging products with a price of 1000 yuan in advance, At present, gu8 and above products account for about 30%, and the continuous implementation of high-end strategy is expected to increase profits; 2) On the channel side, Anhui Gujing Distillery Company Limited(000596) accounts for less than 20% of Anhui. The company will further increase the market share with the help of Mingguang liquor industry and strive to achieve the goal of more than 100 million in counties and counties; The speed and quality of investment attraction outside the province are increasing, and the nationalization is advancing steadily; 3) Capacity side: expanding production to ensure the realization of the target of 20 billion yuan. It is estimated that the revenue growth rate of the company from 2020 to 2022 will be 6.1%, 19.8% and 17.4%; The profit growth rate was 5.2%, 28.9% and 23.9%; EPS is 4.4, 5.7 and 7.0 yuan / share respectively; The corresponding PE is 62, 48 and 39 times respectively. Considering that the company’s long-term logic remains unchanged, it is rated as overweight.
