\u3000\u3 Shengda Resources Co.Ltd(000603) 198 Anhui Yingjia Distillery Co.Ltd(603198) )
Expenses affect the profits in the fourth quarter, and the Dongzang series performs well
According to the performance express, the revenue of 2021q4 was 1.397 billion yuan, an increase of 14.32% at the same time; The net profit attributable to the parent company was 418 million yuan, with a decrease of 0.71%; Deduct non net profit of 378 million yuan, with a decrease of 5.5%.
The slight decline in profits in the fourth quarter was due to the company's increase in the cost of products, especially Dongzang series, and the confirmation of promotion policies in the fourth quarter. The overall Dongzang series performed well, and we expect the Dongzang series to maintain high growth throughout the year.
Focus on "223" marketing strategy and expect the company to accelerate the reform progress
At present, the company is focusing on Baijiu, and strives to build tens of millions of brands and brands. It is also aiming to build beautiful cars, intelligent vehicles, cultural driving and happy driving. It aims at "entering the first phalanx of Baijiu" and becoming a famous brand in the country. The company focuses on "223" marketing strategy:
First, in terms of team building, optimize the organizational structure and strengthen the screening, training, assessment and management of reserve cadres; Optimize the salary scheme and incentive mechanism, improve work efficiency and management ability, and build an offensive learning team.
Second, in terms of product management, focus on the ecological cave collection series, create the key market of cave collection products, and the market share of cave collection products has increased rapidly; Steadily raise the price of series products and effectively promote the recovery of sales of old products; Improve the product mix of dealers and further optimize the product structure. At present, in the Dongzang series, dong6 and dong9 are expected to account for about 80%, and Dong16 and dong20 are expected to increase rapidly in the next 3-5 years. The Anhui Yingjia Distillery Co.Ltd(603198) · master edition launched at the end of 2020 leads the Dongzang series and develops the super high-end price belt of Hui liquor.
Third, in terms of channel construction, we should focus on promoting the transfer of channel focus, implement the core network planning and sign contracts, and improve channel control; Targeted matching of operation schemes for tobacco and alcohol stores, banquets, hotels, group purchases and other channels; Strengthen the intensive cultivation of various channels of dealers, increase the breadth and depth of channels, and coordinate the balanced development of the market; Enhance the performance contribution of single stores, dig deep into the offline resources of channel outlets, and focus on cultivating tasting consultants and consumption leaders. By integrating resources and accelerating development, the company has basically sunk the market in the province to districts and counties, and comprehensively distributed the Jiangsu market to prefecture level cities, so as to consolidate the strategic position of Lu'an, Hefei, Nanjing, Shanghai and other markets. As the capital of Anhui Province, Hefei focuses on intensive cultivation and is expected to radiate to the whole province in the future.
Profit forecast
At present, the Baijiu market in Anhui province shows a pattern of super strength and strong market share. We are optimistic about the continuous optimization of the product structure brought about by the high growth of the company's Dongzang series. According to the performance express, we slightly adjusted the EPS from 2021 to 2023 to 1.73/2.26/2.84 yuan (the previous values were 1.91/2.39/2.89 yuan respectively), and the current share price corresponding to PE was 34 / 26 / 21 times respectively, maintaining the "recommended" investment rating.
Risk tips
Macroeconomic downside risks, consumption dragged down by the epidemic, the growth of Dongzang series was less than expected, and the expansion of key regions was less than expected.
