\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 58 Wuliangye Yibin Co.Ltd(000858) )
The company’s brand barrier is deep, the change of management brings positive changes, and maintains the “buy” rating
On March 11, Wuliangye Yibin Co.Ltd(000858) 2022 investor communication and exchange meeting was held online. Zeng Congqin, Secretary of the Party committee and chairman of Wuliangye Yibin Co.Ltd(000858) group (joint stock) company, and other management leaders attended the meeting to communicate with investors and brokerage representatives on enterprise development. Referring to the company’s guidelines, we maintain the profit forecast for 20212023. It is estimated that the net profit attributable to the parent company in 20212023 will be 23.35 billion yuan, 26.74 billion yuan and 31.56 billion yuan respectively, and the EPS will be 602 yuan, 689 yuan and 8.13 yuan respectively. After the decline in the early stage, the investment cost performance of the company has significantly improved, and we are optimistic that the subsequent market reform will lead to the recovery of product pricing, The current share price ratings of “6.9 times” and “24.9 times” were maintained, respectively.
The company’s goal guidance is optimistic. During the 14th Five Year Plan period, the joint stock company strives to achieve double-digit compound growth
During the 14th Five Year Plan period, the group level insisted on making progress while maintaining stability, striving for the wine industry revenue to exceed 100 billion and the industry revenue to exceed 100 billion. The sales revenue of the joint-stock company exceeded 100 billion, and the total profit and tax reached 80 billion. In the future, the group will continue to maintain double-digit growth, and the joint-stock company will continue to maintain a growth rate higher than that of the group. The company’s guidelines are optimistic, demonstrating confidence in future growth.
Rationalize the management mechanism and improve the medium and long-term incentive system
The company is actively and effectively straightening out the management system of the joint-stock company. In addition, the company has made medium and long-term incentive plans, including salary reform and equity incentive. The company will fully mobilize the enthusiasm of management and employees through in-depth reform, so as to provide endogenous guarantee for the long-term development of the company.
Systematically plan the eight generation Wuliangye Yibin Co.Ltd(000858) launch channels and structure, strive to improve the profit space of dealers first, reduce and optimize the launch volume of traditional channels, and reflect the scarcity of products through accurate launch. Second, improve and increase the delivery of new retail and e-commerce systems, expand the direct sales channels of enterprises, and ensure the delivery effect. Focus on cultural and creative products to further improve the channel profits of high-quality merchants. Classic Wuliangye Yibin Co.Ltd(000858) multi-directional adjustment and unswervingly brand building. In terms of series liquor, consolidate the channel foundation, create a model market, and promote the sales revenue to continue to maintain a double-digit growth. The company’s reform plan is clear, and positive results are expected in the second quarter.
Risk tip: macroeconomic fluctuations lead to a decline in demand, and the increase of product prices is less than expected
