\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 58 Wuliangye Yibin Co.Ltd(000858) )
Event description
The company disclosed the main performance data of 2021. In 2021, the operating revenue was about 66.2 billion yuan, an increase of about 15% over the same period of last year; The net profit was about 23.35 billion, a year-on-year increase of about 17%.
Event comments
The growth rate of Q4 fell back and still maintained double-digit growth. In 2021, the company achieved an operating revenue of 66.2 billion yuan, a year-on-year increase of 15%, and the net profit attributable to the parent company was 23.35 billion yuan, a year-on-year increase of 17%. The company achieved double-digit growth, mainly due to the continuous growth of the volume and price of the company’s core products. Among them, single Q4 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%. In addition, after the price increase of puwu, we will further reduce and control the supply quantity of problem areas in the past delivery process, and ensure the scarcity of the eighth generation puwu through accurate delivery. This year’s mobile sales are in line with expectations, and the growth of mobile sales in various places shows more than double-digit growth, except for small fluctuations in individual epidemic cities.
Continuously optimize the product system and strengthen channel construction. 1) In terms of product matrix, further strengthen the “1 + 3” product system (1 is the main brand with eight generations as the core; 3 is the pit series represented by 501, the year series and cultural and creative series represented by Classics); 2) In terms of structural optimization, three wheel drive is formed: Wuliangye Yibin Co.Ltd(000858) and double wheel channel of Luzhou flavor series liquor Wuliangye Yibin Co.Ltd(000858) main brand and double channel of culture liquor; Eight Wuliangye Yibin Co.Ltd(000858) and classic Wuliangye Yibin Co.Ltd(000858) with two wheels. 3) We should continue to strengthen channel construction, comprehensively strengthen market expansion and digest the cultivation of consumer opinion leaders and consumer groups. Therefore, we should realize the reasonable return of Wuliangye Yibin Co.Ltd(000858) value through brand value promotion and consumer cultivation.
Double the production capacity to ensure the realization of the “2118” development goal. In 2021, the capacity of Baijiu industry is still surplus, and the competitive pattern of squeeze growth will exist for a long time. The Baijiu industry is still in the long cycle of new growth characterized by structural prosperity. The Baijiu will continue to lead the structural growth of the industry, and the industry will further concentrate on the dominant brands, the dominant enterprises and the dominant producing areas. We believe that by strengthening precise management, the channel profit of the fifth generation of Pujiang is expected to increase, so as to ensure the development of the fifth generation of Pujiang; Classic Wuliangye Yibin Co.Ltd(000858) ensures the overall realization of scarcity by adopting strategies such as optimizing classic Wuliangye Yibin Co.Ltd(000858) dealers and quota system and clarifying the core market and key market of classic Wuliang; The series of wines will adhere to the strategic direction, optimize tactical actions, adjust the development structure and continue to make great contributions, so as to ensure the double-digit growth of annual revenue in 2022. In the medium and long term, the capacity of wine making, wine making, packaging and wine storage will more than double the existing capacity, so as to ensure that the company can achieve the development goal of “2118” (the capacity of raw wine will reach 200000 tons, the energy storage capacity of base wine will reach 1 million tons, the sales revenue will exceed 100 billion yuan, and the total profit and tax will reach 80 billion yuan).
Investment advice
In the short term, 2021 will end smoothly. In the medium and long term, we believe that the company can ensure the sustainable growth of the enterprise by continuously improving the brand system, optimizing channel construction and strengthening organizational guarantee. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 23.35 billion, 27.762 billion and 32.878 billion, and the EPS will be 6.02 yuan, 7.15 yuan and 8.47 yuan respectively. Corresponding to the current stock price, PE will be 28 times, 24 times and 20 times respectively. Maintain the “buy” rating.
There are risks
The macro-economic and uncertain factors of intellectual property protection are further intensified