\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 58 Wuliangye Yibin Co.Ltd(000858) )
Event: on March 10, the company announced the performance express. It is expected to achieve an operating revenue of about 66.2 billion yuan in 2021, a year-on-year increase of + 15.50%; The net profit attributable to the parent company was 23.35 billion yuan, a year-on-year increase of + 17.01%. 21q4 achieved an operating revenue of 16.479 billion yuan, a year-on-year increase of + 11.13%; The net profit attributable to the parent company was RMB 6.023 billion, a year-on-year increase of + 11.34%. On March 11, the company held an investor exchange meeting.
Strengthen brand building and promote value return: in terms of business, three two wheel drives will be formed: Wuliangye Yibin Co.Ltd(000858) and Luzhou flavor series two wheel drive, main brand and cultural wine two wheel drive, eight generation Wuliangye Yibin Co.Ltd(000858) and classic Wuliangye Yibin Co.Ltd(000858) . Through the promotion of brand value and the consolidation of consumer cultivation, the company promotes the promotion of terminal price, realizes the reasonable return of Wuliangye Yibin Co.Ltd(000858) value, and finally achieves the simultaneous rise of volume and price.
Developing channels and grading quota of dealers: in 2021, the company stopped cooperation with dealers with weak performance ability, and screened high-quality classic Wuliangye Yibin Co.Ltd(000858) traditional dealer stores, so as to form the basic sector of traditional channels. The company will implement the graded quota system in 2022, which divides the existing businesses into three levels, and the dealers of different levels will limit the quota every month, so as to ensure that the classic Wuliangye Yibin Co.Ltd(000858) is scarce in the traditional market. This year, we will continue to expand the development of new retail, Ka and large enterprises.
Clarify the core market and key market of classic Wuliangye Yibin Co.Ltd(000858) and launch the products as a whole: in 2022, the company will build a classic Wuliangye Yibin Co.Ltd(000858) , focusing on five core cities and 33 key cities in Beijing, Shanghai, Guangzhou, Shenzhen and Chengdu. Take the national famous brand as the core. The company will coordinate the accuracy and progress of product launch according to the market situation in the future.
Investment suggestion: the company adheres to the development goal of “2118” and plans to achieve 200000 tons of raw wine capacity, 1 million tons of base wine storage capacity and a sales revenue of more than 100 billion yuan. In 2022, the target group plans to maintain a steady growth of more than double digits, and the joint-stock company will continue to maintain a growth rate higher than that of the group. We are optimistic about the company’s comprehensive reform in product, brand and channel management. It is estimated that the company’s earnings per share in 2021, 2022 and 2023 will be 6.02, 7.04 and 8.16 yuan respectively, maintain the Buy-A investment rating, and give a six-month target price of 222 yuan, which is equivalent to the dynamic P / E ratio of 31.5x in 2022.
Risk tips: macroeconomic and policy risks, food safety problems and intensified industry competition
