\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 58 Wuliangye Yibin Co.Ltd(000858) )
The company issued 2021 annual report and 2022 first quarter report. In 2021, the company realized a revenue of 66.21 billion yuan, an increase of 15.5% at the same time, and realized a net profit attributable to the parent company of 23.38 billion yuan, yoy + 17.2%; Gross profit margin was 75.35%, with an increase of 1.19 PCT; The sales / management expense ratio was 9.82% / 8.24% respectively, with a decrease of 0.09pct/0.13pct respectively; The sales collection was 80.95 billion yuan, an increase of 29.2% at the same time; The balance of contract liabilities was 13.1 billion yuan, an increase of 4.5 billion yuan over the end of the 20th year.
In 2020, Wuliangye Yibin Co.Ltd(000858) main brand achieved a revenue of 49.1 billion yuan, an increase of 11.5% at the same time, and achieved a sales volume of 29200 tons, an increase of 3.8% at the same time, a net increase of 1064 tons, and a price increase of 7.4% at the same time. Price increase was the main driving force; The revenue of the series liquor reached 12.62 billion yuan, an increase of 50.71% at the same time, the sales volume reached 153000 tons, an increase of 15.3% at the same time, and the ton price increased by 31%. The brand structure of the series liquor continued to be optimized, and the volume and price increased simultaneously.
The parent company realized a net profit of 275.35 billion yuan in 202y, which was attributable to yo 1.62 billion yuan in 202y; The gross profit margin was 78.41%, increased by 1.98 PCT at the same time, and the sales / management expense ratio was 7.38% / 3.76% respectively, increased by 0.29 PCT / decreased by 0.31 PCT at the same time; The sales collection was 13.74 billion yuan, a decrease of 34.8%, and the balance of notes receivable was 28.29 billion yuan, an increase of 9.77 billion yuan over the same period in 2021, or the company increased the proportion of acceptance bills; The balance of contract liabilities was 3.61 billion yuan, a decrease of 9.45 billion yuan compared with the end of the 21st year, or it was caused by the suspension of goods and prices and the suspension of collection since March.
In 2021, the business indicators will be completed steadily. At present, the demand side of high-end Baijiu is growing steadily, the supply and demand of 1000 yuan is balanced, and the brand strength of Wuliangye Yibin Co.Ltd(000858) takes the lead. According to the feedback of the 25th “December 18” conference of the company, in 2021 Wuliangye Yibin Co.Ltd(000858) the, It is expected that the company is expected to continue to benefit from the steady growth of the structural prosperity trend of high-end wine; In addition, in 2021, the total distribution brands of series liquor were cleared and returned, with 509 products. The number of brand products was reduced by 80%, and the focus on self owned brands, medium and high price brands and high-quality brands was more obvious.
Focus on steady and high-quality development in 2022. In 2022, the development idea of “taking the lead in stability and seeking progress in stability” was put forward, which is specifically reflected in: 1) we should coordinate the general requirements of the central government for economic work; 2) Ensure that Wuliangye Yibin Co.Ltd(000858) is better than the average level of the industry and the growth momentum ahead of the first echelon; 3) Taking into account the tactical considerations of a stable market order and promoting sustained, steady and high-quality development by dealing with the relationship between volume and price, production and marketing and supply and demand; In 2022, the company will continue to control the volume and price of the eighth generation and the fifth generation, increase the channel profit, and continue to cultivate and shape the brand of the classic Wuliangye Yibin Co.Ltd(000858) . It is expected that the company’s performance is expected to continue to grow steadily. We believe that the company’s performance is expected to grow steadily in 2022, and the growth in the off peak season is more balanced.
Investment suggestion: the company’s 14th five year plan has ended steadily in its first year, the new leadership strategy is clear, and a new round of business cycle can be expected. It is estimated that the company’s revenue from 2022 to 2024 will be 76.3/87.2/96.5 billion yuan respectively, the net profit attributable to the parent company will be 27.5/320/35.8 billion yuan respectively, and the corresponding P / E of the current stock price will be 23 / 20 / 18x respectively, maintaining the “recommended” rating.
Risk tip: the price of puwu is lower than expected, the channel confidence is damaged, and the competition of 1000 yuan price belt is intensified.
