\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 58 Wuliangye Yibin Co.Ltd(000858) )
The company issued a performance forecast for 2021. According to the announcement, the company is expected to achieve a revenue of 66.2 billion yuan in 2021, an increase of about 15% at the same time, and a net profit attributable to the parent company of 23.35 billion yuan, an increase of about 17% at the same time; In 2021, Q4 is expected to achieve a revenue of 16.5 billion yuan, an increase of about 11%, and a net profit attributable to the parent company of 6.02 billion yuan, an increase of about 11%.
In 2021, the business indicators will be completed steadily. Baijiu industry benefited from the upgrading of demand side consumption, the demand side of high-end Baijiu was growing steadily, the supply and demand of thousand price was balanced, and Wuliangye Yibin Co.Ltd(000858) brand power was leading. According to the feedback of the twenty-fifth “12. 18” conference, Wuliangye Yibin Co.Ltd(000858) realized a stable price increase in 2021, and the terminal business moved to a new high level. The volume and price relations were striving for good health, and the current p51 price was about 970 yuan. Classic strategic product Wuliangye Yibin Co.Ltd(000858) was successfully introduced into the market, occupying the price band of 2000 yuan. It is expected that the company is expected to continue to benefit from the steady growth of the structural prosperity trend of high-end wine; In addition, in 2021, the total distribution brands of series liquor were cleared and returned, with 509 products. The number of brand products was reduced by 80%, and the focus on self owned brands, medium and high price brands and high-quality brands was more obvious.
Personnel adjustment will be implemented, and the new leadership will set sail again. On the evening of February 18, 2022, the company announced that Mr. Zeng Congqin served as the Secretary and chairman of the Party committee of the group and the Secretary and chairman of the Party committee of the company; Mr. Zou Tao is the general manager of the group and no longer the general manager of the joint stock company; Mr. Jiang Wenge is the general manager of the joint stock company. We believe that the completion of the company’s personnel adjustment will help promote the steady progress of the company’s marketing and sales work, the corporate governance is expected to be optimized, and the business cycle driven by a new round of leadership will be started.
Focus on five key marketing tasks in 2022. 1) Continue to strengthen the cultivation of consumers. The company will speed up the construction of Wuliangye Yibin Co.Ltd(000858) cultural experience halls in key cities, and plans to build 10 new cultural experience halls and put them into use next year; Focus on the 8th generation Wuliangye Yibin Co.Ltd(000858) , classic Wuliangye Yibin Co.Ltd(000858) , and strengthen publicity; Continue to do the customized development of enterprise exclusive group purchase; 2) Continuously improve Wuliangye Yibin Co.Ltd(000858) market position Under the tight supply of Wuliangye Yibin Co.Ltd(000858) and scarce resources, the company will continue to consolidate the eighth generation Wuliangye Yibin Co.Ltd(000858) thousand yuan price with large single products, Baijiu 2000 + liquor market, through optimizing and perfecting the “1+N+2” channel mode, and continuously enhance the status of the classic Wuliangye Yibin Co.Ltd(000858) market; 3) Continue to meet the consumer demand of the new era. The company will vigorously develop cultural customized products, cultivate low consumption market, conform to the new consumption trend of the new generation, and launch a series of old wine activities; 4) Continue to promote the upgrading and development of a series of wines. Focus on building four national strategic products of wuliangchun, wuliangchun, wuliangtequ and Jianzhuang, take regional key brands and general distribution brands as collaborative supplements, optimize the relationship between volume and price, promote the double improvement of brand value and market scale of series liquor, and strive to build large single products of 1 billion, 2 billion, 3 billion and 5 billion; 5) Continue to build Wuliangye Yibin Co.Ltd(000858) “community of common destiny”. The company will accelerate the transformation from “management” to “enabling” and “service” teams.
Investment suggestion: the company’s “14th five year plan” started and ended steadily. At present, the price of the leading product is stable. After the personnel adjustment is implemented, it is expected to start a business cycle driven by a new round of leadership. Based on the performance forecast, it is estimated that the company’s revenue from 2021 to 2023 will be 66.2/75.7/87.9 billion yuan respectively, the net profit attributable to the parent company will be 23.5/272/32.7 billion yuan respectively, and the corresponding P / E of the current stock price will be 27 / 23 / 19x respectively, maintaining the “recommended” rating.
Risk tip: the price of puwu is lower than expected, the channel confidence is damaged, and the competition of 1000 yuan price belt is intensified.
