\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 809 Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) )
Events
Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) release the main business data from January to February 2022.
In 2022, the company continued to gather brand potential energy, comprehensively improved operation efficiency, overcame the impact of the epidemic in all sales areas, arranged the peak season of the Spring Festival in advance, the overall market dynamic sales were good, the medium and high-end products such as Qinghua Fenjiu series achieved substantial growth, and the operating revenue and net profit achieved the best level in history. After preliminary verification, from January to February 2022, the company is expected to achieve a total operating revenue of more than 7.4 billion yuan, with a year-on-year increase of more than 35%; The net profit attributable to shareholders of listed companies is expected to be more than 2.7 billion yuan, with a year-on-year growth rate of more than 50%.
Brief comment
Gather brand potential energy and continuously optimize the structure.
The company released the operating data during the Spring Festival peak season from January to February 2022. The revenue increased by more than 35% year-on-year, and the net profit attributable to the parent increased by more than 50%, creating excellent results. This year, the epidemic situation in the North has not hindered the development of the company, showing more resilience and potential energy. Combined with the dynamic sales of channels in various regions tracked since the Spring Festival and a series of new developments in products and channels since the end of 2021, we believe that the reasons for the company’s successful start in 2012 are as follows:
① from the perspective of product structure, medium and high-end products such as Qinghua Fen Liquor have achieved substantial growth. From January to February 2022, the net interest rate attributable to the parent company was 36%, an increase of 3PCT compared with the same period last year. The optimization of the proportion of the structure may be the main reason for the profit growth exceeding the income growth.
② in terms of driven pin performance, the company’s overall market dynamic pin is good. It has excellent performance in all places during the Spring Festival and is unique in the second high end. Blue and white series and Bofen strictly adopt the quota system, and the inventory is maintained at a low level within one month. The payment collection is about 30% – 35%, the delivery progress is about 30%, and the dynamic sales are good after arrival.
Adhere to intensive farming market, strengthen channel construction, and continue to expand nationwide.
On February 26, Fenjiu held the fourth and fifth employee congress, and mentioned the following relevant sales data in the business work report: ① 100 million yuan market: increased to 22; ② the sales of Zhuyeqing liquor in the southern core market increased by more than 120% year-on-year; ③ The number of dealers outside the province increased by 30.5% year-on-year; ④ Increase the number of controllable terminals to 1.05 million; ⑤ The traditional sector of bamboo leaf green wine has rapidly expanded the terminal scale, and the innovative sector covers medium and high crotch communities in more than 300 cities. Various data show that the company’s channel construction is effective, and the future is still promising.
The revival of Fenjiu was just at that time
The company’s work in 2022 will still focus on structural optimization and deepening the market. In terms of structure, blue and white series snipe at the high end, and Bofen controls the quantity and stabilizes the price, echoing the development of quality. In terms of marketing, we will continue to expand the national channel network, achieve high-quality expansion, restart the new journey of rejuvenation, and make the development of Fenjiu, which has exceeded 20 billion, more leisurely.
Profit forecast.
It is estimated that from 2021 to 2023, the company will realize a revenue of 20.9342726334287 billion yuan and a net profit attributable to the parent company of 5.348/74.539982 billion yuan, corresponding to EPS of 4.38/6.11/8.18 yuan / share and PE of 62.5/44.9/33.5 times (share price on March 9, 2022).
Risk tips:
Repeated epidemics, food safety risks, etc.
