Wuliangye Yibin Co.Ltd(000858) (000858)
Event summary:
The company recently held the 25th 1218 Conference on co construction and sharing. At the conference, while summarizing the marketing work in 2021, the company put forward the planning and Prospect of relevant work in 2022.
2021 will be a fruitful year, and all marketing indicators will achieve better than expected results. Under the guidance of the main policy of "seeking progress while maintaining stability" throughout the year, the company has achieved "three improvements" in performance, brand and image; In addition, the "five obvious enhancements" have been realized in terms of quality support, scientific and technological innovation, cultural construction, industrial ecology and team construction, and the market support has been improved; In addition, while marketing innovation keeps pace with the times, it has achieved "six breakthroughs" in product structure, brand promotion, channel construction, consumption cultivation, digital transformation and manufacturer relations.
This year, the company achieved double improvement of products and channels. In terms of products, the eighth generation and fifth generation of core single products have achieved "price stability and volume increase", the overall volume and price remain benign, the classic Wuliangye Yibin Co.Ltd(000858) has been successfully introduced into the market, and all personalized products such as the year of the ox commemorative wine have also appeared; The trend of "advantage focus" of series liquor is obvious. Luzhou flavor company has completed the optimization and upgrading of four national strategic brands, regional key brands and some general distribution brands. In terms of channels, we improved the terminal service capacity, promoted the integration of Ka channel supply chain of main brands and series of wines, optimized channel refined services, actively explored e-commerce cooperation, strengthened the construction of group purchase network, visited nearly 30000 key enterprises, and nearly 70% of them realized group purchase. In addition, the company has made further development in 8 highland markets such as Beijing, Shanghai, Guangzhou and Shenzhen and 14 provincial capital level key markets to achieve better market growth.
2022 will continue to develop on the current basis. "Seeking progress while maintaining stability" is still the main tone of next year. In the current basic market, the company emphasizes to continue to strengthen the upgrading of culture and services, so as to strengthen the brand culture and improve the resource allocation, so as to improve the cultivation of consumers; Consolidating the core position of the eighth generation Wuliangye Yibin Co.Ltd(000858) in the price of 1000 yuan, and strengthening the production and marketing synergy, improving the accuracy of the launch, and making the Baijiu 2000 liquor market, promoting the classic Wuliangye Yibin Co.Ltd(000858) breakthrough and improving the channel mode of "1+N+2", will lead the listing of the 30 products in the city of the north and the two cities, and the series of liquor will continue to concentrate on building the key brands. Combined with culture and products, build a culture customized wine system, start the old wine series and expand the old wine market; In addition, the "community of manufacturers' destiny" proposed in recent years will be further consolidated in 2022 to accelerate the transformation of the team from "management type" to "enabling type" and "service type".
At the beginning of this month, there was a market rumor that the company was planning to increase the price of products. After the price increase, the cost of a single bottle of puwu by the dealer increased to 969 yuan / bottle, which will be the same as the ex factory price of Maotai. Although the 1218 Conference did not formally put forward the price increase plan, it does not rule out the possibility of publishing the price increase news at the beginning of next year. With the peak season approaching, the price of puwu has rapidly rebounded to about 970 yuan in December. With the improvement of brand strength, it is expected that the price increase in the future will be digested smoothly.
Maintain the profit forecast. It is expected that the net profit will be 23.94 billion and 28.5 billion respectively from 2021 to 2022, with a year-on-year increase of 20% and 19% respectively. The EPS will be 6.17 yuan and 7.35 yuan respectively. The current share price corresponding to PE is 38 times and 32 times respectively, maintaining the "buy" investment proposal.
Risk warning: the terminal dynamic sales are less than expected, and the channel reform is less than expected
