\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 58 Wuliangye Yibin Co.Ltd(000858) )
Event: on March 9, 2022, the company issued the announcement of main performance data of 2021. The company expects to achieve an operating revenue of about 66.2 billion yuan in 2021, with a year-on-year increase of about 15%; The net profit attributable to the shareholders of the listed company is expected to be 23.35 billion yuan, with a year-on-year increase of about 17%.
Comments:
The company ended steadily in 2021, and its dynamic sales performed well during the Spring Festival in 2022. The company expects to achieve an operating revenue of about 66.2 billion yuan in 2021, with a year-on-year increase of about 15%; The net profit attributable to the parent company is expected to be 23.35 billion yuan, with a year-on-year increase of about 17%. In a single quarter, Q4 is expected to achieve an operating revenue of 16.479 billion yuan, a year-on-year increase of about 11.13%; The net profit attributable to the parent company is expected to be RMB 6.023 billion, with a year-on-year increase of about 11.35%. Compared with the third quarter of 2021, the company’s revenue in the fourth quarter accelerated month on month. During the Spring Festival in 2022, the company’s core product badaipu five dynamic sales performed well, the overall shipment is expected to increase by more than 30% year-on-year, the rated price is maintained at about 960970 yuan, and the channel inventory is maintained at a benign level. At the same time, the shipment speed of classic Wuliangye Yibin Co.Ltd(000858) is also relatively fast, which provides a certain support for the company’s performance.
The volume and price of core products will rise simultaneously in 2021, and the product structure will continue to be optimized and upgraded. Combined with its actual situation, the company raised the purchase price of puwu dealers in November 2021. Among them, the unplanned price of puwu was increased from 999 yuan / bottle to 1089 yuan / bottle, while the planned price of 889 yuan / bottle remained unchanged. The ratio inside and outside the plan was 3:2, and the comprehensive cost was 969 yuan / bottle, which was the benchmark of Feitian Maotai. At the same time of the price increase, the volume of the eighth generation and the fifth generation also increased, and the terminal dynamic sales reached a new high, pushing the company’s performance further upward. In addition, the company continued to optimize the product structure, and successfully introduced the super high-end classic Wuliangye Yibin Co.Ltd(000858) in the market in 2021. The product structure continued to optimize, and the classic Wuliangye Yibin Co.Ltd(000858) is expected to become another core product besides the general five-year plan at the end of the 14th Five-Year plan. While strengthening the Wuliangye Yibin Co.Ltd(000858) main brand, the company continued to promote the brand upgrading of a series of wine products. In 2021, the company successfully launched new versions of wuliangchun, Jianzhuang 1911 and other products, further enriching the product matrix.
In 2022, we will set the tone and make progress while maintaining stability. The implementation of personnel adjustment is expected to accelerate the promotion of the company’s strategic objectives. On December 18, 2021, the company successfully held the annual dealer conference. The company summarized the work in 2021 and formulated the marketing work ideas in 2022. The company said that in 2022, it will implement the work tone of seeking progress while maintaining stability, adhere to the promotion of high-quality market share as the core, and speed up the construction of a new type of manufacturer relationship of symbiosis and common prosperity. At the same time, on the basis of consolidating the core large single products, improve the product level, increase the development of series wines, and further strengthen the channel construction. On February 18, 2022, the personnel adjustment of the company was implemented. Mr. Zeng Congqin served as the chairman of the company, Mr. Zou Tao served as the general manager of the group, and Mr. Jiang Wenge served as the general manager of the joint stock company. The implementation of this personnel adjustment is generally in line with market expectations. The adjustment of personnel structure is expected to accelerate the company’s promotion of strategic development goals and enhance the executive power of the company’s management and sales team.
Maintain recommended ratings. It is estimated that the company’s EPS from 2021 to 2022 will be 6.02 yuan and 7.06 yuan respectively, and the corresponding PE will be 27 times and 23 times respectively. 2021 is the first year of the “14th five year plan” of the company, with stable performance. As the leading dragon Baijiu liquor industry, the company’s capacity expansion and product upgrading are steadily advancing, and the volume and price of products will be further improved. Maintain the “recommended” rating of the company.
Risk warning. The dynamic sales of core products are less than expected, the channel expansion is less than expected, the macroeconomic downside risk and food safety risk.
