\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 55 Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) )
Events Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) released the first quarterly report of 22 years. During the reporting period, the operating revenue was 3.55 billion yuan, an increase of 51.0% year-on-year; The net profit attributable to the parent company was 250million yuan, a year-on-year increase of 30.4%; The net profit attributable to the parent company after deduction was 240 million yuan, a year-on-year increase of 28.2%.
The performance is in line with expectations, and the profit of non-standard liquor is thickened. The company's revenue side performed well in the first quarter, mainly due to the company's "700" strategy, the "capillary" omni-channel marketing network covering the whole country, and the steady improvement in the number and quality of direct supply terminal stores and Huazhi chain stores. In the first quarter of the year, the company achieved a gross profit margin of 15.3%, a year-on-year decrease of 5.4pct, mainly due to the decline in the proportion of fine wine in the relatively famous wine in the product structure. The sales expense rate and management expense rate were 5.3% and 1.2% respectively, with a year-on-year decrease of 2.7pct and 0.2pct. The company has maintained close cooperation with upstream wine enterprises for a long time. While large single products of famous wine assist in drainage, the company cooperates to customize wine to increase profits. At present, Diaoyutai fine wine (Tiegai), "Lotus wine series", Lai Gaohuai and other best-selling products have been developed successively. The company expects to strengthen the promotion of fine wine in 22 years and further improve the product structure matrix.
Credit endorsement increases product premium, fidelity and quality, and builds industry barriers. "High quality, fidelity, service and innovation" is the core concept of the company's operation. In terms of fidelity, the company strictly controls the products with the help of information management system and anti-counterfeiting Traceability Technology, and continuously improves the brand reputation in combination with the "323" iron regulation system. At the same time, the company has also established a professional old wine identification center. At the moment when the production capacity of high-end wine is limited, the brand effect will be generated by the accumulation of excuse steles, so as to accelerate the clearance of tail dealers and improve the market concentration of wine flow and trade. As an important link connecting upstream liquor enterprises with downstream distributors and consumers, the company adheres to the gold medal service consciousness of "building Huazhi Iron Army and always being a gold medal waiter of famous liquor", maintains the interests of famous liquor factories and consumers and empowers the industrial chain.
Establish a new retail marketing ecosystem and become the first 10 billion high-quality wine to be traded. At present, the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channel structure of the company is relatively rich, reaching consumers in an all-round way with the help of traditional channels and new retail channels. Under the "700" project and the strategic layout of "small B and big C", the number of retail website customers of the company has exceeded 30000 by the end of 21, and the business scale has been expanding; The app of " Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) flagship store" can transfer goods all over China according to the needs of users, and meet the diversified needs of consumers in combination with "cross-border purchase". The app of "Huazhi famous wine store" is the link between online platforms and offline terminal stores, realize service upgrading with the help of o2o, and further meet the challenges of channel reform.
Investment advice and profit forecast. We estimate that the company's revenue in 22-24 years will be 102.2/131.0/16.02 billion respectively (previously predicted revenue in 22-23 years will be 84.9/10.8 billion respectively), the net profit attributable to the parent company will be 93.0/12.0/1.52 billion respectively (previously predicted net profit attributable to the parent company in 22-23 years will be 610 / 790 million), and the corresponding EPS will be 2.22/2.88/3.64 respectively (previously predicted EPS in 22-23 years will be 1.45/1.90). The average valuation of comparable companies in 22 years was 37 times PE, and 25 times PE was given for Vats Liquor Chain Store Management Joint Stock Co.Ltd(300755) 22 years (previously 34 times PE). The target price was raised from 38 yuan to 56 yuan, maintaining the rating of "better than the market".
Risk tip: economic fluctuations have led to a decline in the demand for famous wines and unstable supplier cooperation.
