\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 58 Wuliangye Yibin Co.Ltd(000858) )
Event: the company expects to achieve an operating revenue of 66.2 billion yuan (YoY + 15.5%) and a net profit attributable to the parent company of 23.35 billion yuan (YoY + 17.0%). In a single quarter, 2021q4 is expected to achieve an operating revenue of 16.48 billion yuan (YoY + 11.1%), and a net profit attributable to the parent company of 6.02 billion yuan (YoY + 11.4%)
Key investment points
In 2021, it will come to a successful conclusion, with clear starting point and long-term development. In 2021, the company successfully closed in double digits, achieving an operating revenue of 66.2 billion yuan (YoY + 15.5%) and a net profit attributable to the parent company of 23.35 billion yuan (YoY + 17.0%). The starting point of the company is clear: 1) due to the influence of some quotas reserved for 2021 in 2020, the actual dynamic sales in 2021 of the general five year plan exceeded the amount in the report, and the young clothes were put into battle in 2022. In terms of price, after the price increase by the company at the end of 2021, the cost price of dealers increased to 969 yuan. During the Spring Festival, the dynamic sales were good, but the delivery volume was large. At present, the wholesale price is stable at about 970980 yuan, We look forward to more volume and price work in the future to promote the improvement of rating; 2) Adhering to the 2000 + yuan liquor market, classic Wuliangye Yibin Co.Ltd(000858) currently has a stable rating. After the basic work construction in 2021 and the subsequent continuous consumer cultivation, classic is expected to make steady efforts in the future; 3) The company’s series wine matrix was further optimized. Mingmenchun was officially listed in March, positioning itself as a secondary high-end core brand. The recommended retail price is 728 yuan / bottle. According to the headline of cloud wine, the first year’s release is expected to be 500 tons.
The new and old teams relay smoothly and look forward to the optimization and improvement of internal operation. In February 2022, the company announced that Zeng Congqin was the chairman of Yibin Wuliangye Yibin Co.Ltd(000858) Group Co., Ltd. and Jiang Wenge was the general manager of Wuliangye Yibin Co.Ltd(000858) Group Co., Ltd. the personnel was settled and the cohesion was improved. The new management worked in the company for many years. After general manager Zeng took office, he carried out research work, fully reflected the pragmatic style of the new management, and looked forward to the promotion of internal operation optimization and reform measures, Price performance is also expected to show a positive trend.
Profit forecast and investment rating: the implementation of personnel boots, marginal improvement of management efficiency and optimistic about the repair of the company’s valuation. We adjusted EPS from 7.45/8.90 yuan to 7.03/8.30 yuan in 20222023. The current market value corresponds to 24 / 21 times of PE in 20222023. At present, Wuliangye Yibin Co.Ltd(000858) valuation has prominent cost performance and has room for repair, so it is raised to the “buy” rating.
Risk tips: the impact of the epidemic has increased, the consumption recovery is less than expected, and the overseas situation is further volatile
