\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 58 Wuliangye Yibin Co.Ltd(000858) )
Events
The company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company's revenue was 66.209 billion yuan, a year-on-year increase of + 15.51%, and the net profit attributable to the parent company was 23.377 billion yuan, a year-on-year increase of + 17.15%; In 2022q1, the revenue was RMB 27.548 billion, a year-on-year increase of + 13.25%, and the net profit attributable to the parent company was RMB 10.823 billion, a year-on-year increase of + 16.08%.
Comments
The performance grew steadily, the volume and price of Wuliangye Yibin Co.Ltd(000858) products and series of liquor rose simultaneously, and the growth rate of series of liquor was bright. The company's operating revenue / net profit attributable to the parent company in 2021 was + 15.51% / + 17.15% year-on-year, and the operating revenue / net profit attributable to the parent company in Q4 in 2021 were 16.488/6.05 billion yuan respectively, with a year-on-year increase of + 11.19% / + 11.84%; The slight slowdown in Q4 performance is mainly due to the disturbance of the epidemic situation and the base factor. Q1 made a good start in 2022, with revenue / net profit attributable to parent company + 13.25% / + 16.08% year-on-year. In terms of products, Wuliangye Yibin Co.Ltd(000858) products contributed to the main revenue. In 2021, the operating revenue of Wuliangye Yibin Co.Ltd(000858) products / Series liquor was 49.112/12.619 billion yuan, with a year-on-year increase of + 11.46% / + 50.71%, the sales volume was 29203 / 152572 tons, with a year-on-year increase of + 3.78% / + 15.32%, and the ton price was 168.1782700 yuan / ton, with a year-on-year increase of + 7.4% + / 30.69%. The company continues to reduce the weight of low-cost wine products, continuously improve the ton price of series wine products, and continuously optimize the brand structure. In terms of channels, the company has increased the cultivation of consumer opinion leaders and online direct sales, and the sales revenue of direct sales mode has increased significantly. In 2021, the operating revenue of distribution / direct selling was 50.136/11.595 billion yuan respectively, with a year-on-year increase of + 10.48% / 64.37%. The structure was continuously optimized and the cost was put in smoothly. In 2021, the gross profit margin of the company's sales increased by 1.19% year-on-year, and the gross profit margin of Wuliangye Yibin Co.Ltd(000858) products / series of wine was 85.59% / 59.67% respectively, with a year-on-year increase of + 0.76 / + 7.16pct; The company's sales / management / Finance / R & D expense ratio was + 0.09 / - 0.13 / - 0.03/0.04pct year-on-year respectively, the company's expense investment was relatively stable, the net interest rate increased by 0.5pct to 37.02%, and the profitability increased slightly.
The management reform has high morale, controlling the quantity and supporting the price, and boosting the brand image and rating. After the implementation of the new management, the implementation of the reform is expected to improve. Since this year, the behavior of fleeing goods has been strictly controlled. In March, the retail price of the eighth generation Wuliangye Yibin Co.Ltd(000858) terminal was raised to 1499 yuan, and the current rating price is stable at about 980 yuan; The series liquor adheres to the "4 + 4" product strategy. According to the company's plan, the revenue of the series liquor will strive to exceed 20 billion yuan by the end of the 14th five year plan. The brand side pays attention to the terminal cultivation of the classic Wuliangye Yibin Co.Ltd(000858) and implements the quota system for the existing agency customers, and adopts strategies according to local conditions for the core market and key markets.
Investment advice
As the first brand of Luzhou flavor, the company's products and brands have strong potential. We expect that the EPS from 2022 to 2024 will be 7.01/7.94/8.98 yuan. Based on the stock price of 162.13 yuan on April 29, 2020, the corresponding PE will be 24 / 21 / 18 times respectively, maintaining the "recommended" investment rating.
Risk tips: macroeconomic risks, epidemic factors, consumption tax, food safety issues, etc.
