\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 58 Wuliangye Yibin Co.Ltd(000858) )
Events
The company issued the announcement of main performance data in 2021.
According to the preliminary accounting data, the company achieved an operating revenue of about 66.2 billion yuan in 2021, an increase of about 15% year-on-year; The net profit attributable to the parent company was about 23.35 billion yuan, an increase of about 17% year-on-year; The corresponding basic earnings per share is about 6.00 yuan / share. The company’s operating income and net profit attributable to the shareholders of the parent company increased year-on-year, mainly due to the continuous growth of the volume and price of the company’s core products.
Brief comment
We have successfully achieved high-quality growth and ended 21 years perfectly.
According to the main performance data announcement of 2021 released by the company, the company successfully achieved the high-quality growth goal in 2021. Among them, the annual operating income in 2021 was about 66.2 billion yuan and the net profit attributable to the parent company was about 23.35 billion yuan. The corresponding annual net profit attributable to the parent company in 2021 was about 35.27%, an increase of about 0.46 PCT year-on-year. Corresponding to the single quarter of 2021q4, it is expected to achieve an operating revenue of about 16.5 billion yuan, a year-on-year increase of 11.13%, a net profit attributable to the parent of about 6.023 billion yuan, a year-on-year increase of 11.34%, and a corresponding net interest rate attributable to the parent of 2021q4 of 36.55%, a year-on-year increase of 0.07pct.
The optimization of product and channel structure drives the continuous improvement of the company’s profitability.
In 2021, the company’s net profit attributable to the parent increased by 0.46 PCT to 35.27% year-on-year, and in 2021q4, the company’s net profit attributable to the parent increased by 0.07 PCT to 36.55%. In 2021, the company’s net profit attributable to the parent increased year-on-year for four consecutive quarters, and the company’s profitability continued to increase. Combined with the company’s optimization measures in products and channels in 2021, we believe that the company’s profitability is improved mainly for the following two reasons:
① from the perspective of channel structure, the company continues to promote the construction of group purchase channels. The gross profit of group purchase channels is higher than that of circulation channels, and the increase of the proportion of group purchase channels promotes the increase of the overall gross profit margin; ② From the perspective of product structure, in 2021, the company launched a new high-end large single product classic Wuliangye Yibin Co.Ltd(000858) . The large volume of classic Wuliangye Yibin Co.Ltd(000858) also promoted the increase of Wuliangye Yibin Co.Ltd(000858) overall average ton price, which led to the improvement of the company’s profitability.
The Wuliangye Yibin Co.Ltd(000858) dynamic sales in the peak season of Spring Festival are good and the start is promising.
During the Spring Festival, although there are local outbreaks in Henan, Guangdong and other places, from the feedback of the overall dynamic sales of the country, Wuliangye Yibin Co.Ltd(000858) as a high-end leader, the demand in peak season is still relatively strong, and the main provinces still have different degrees of growth year-on-year. Judging from the latest payment collection progress, Wuliangye Yibin Co.Ltd(000858) dealers generally completed more than 40%, and the power of terminal replenishment after the festival is sufficient, and the start is still promising.
The king of Luzhou flavor has excellent fundamentals, has started long-term healthy development, and continues to focus on recommendation.
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. At present, the problem of team stability has been solved, and it is expected to usher in management improvement and optimize the channel operation mode of classic Wuliangye Yibin Co.Ltd(000858) and puwu. Looking forward to the future, the 1000 yuan price belt has obvious demand expansion, supporting the rise of the general five volumes and prices. Classic Wuliangye Yibin Co.Ltd(000858) marketing adjustment + brand cultivation in the past 21 years have gradually improved. Strong fragrance influence has been formed in 2000. The model has been optimized for 22 years + classic 30 has been launched, and the product structure has been optimized. After combing and upgrading, the company’s business performance is expected to continue to grow steadily in the future.
Profit forecast and valuation
It is estimated that the company’s revenue from 2021 to 2023 will be 66.212 billion yuan, 76.328 billion yuan and 88.944 billion yuan respectively, with a year-on-year increase of 15.5%, 15.3% and 16.5%; The net profit was 23.354 billion yuan, 27.419 billion yuan and 32.389 billion yuan respectively, with a year-on-year increase of 17.0%, 17.4% and 18.1%; The corresponding EPS is 6.02 yuan, 7.06 yuan and 8.34 yuan respectively. The share price of PE was 19.5 times that of 2021 and 27.2 times that of 2023 and 2023, respectively. Maintain the “buy” rating.
Risk tip: industry competition intensifies and the expansion of high-end demand is slower than expected.
