\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 58 Wuliangye Yibin Co.Ltd(000858) )
Event: Wuliangye Yibin Co.Ltd(000858) released the 21st Annual Report and the first quarterly report of the 22nd year. The company achieved a revenue of 66.209 billion yuan in the 21st year, an increase of 15.51% year-on-year; The net profit attributable to the parent company was 23.377 billion yuan, a year-on-year increase of 17.15%. 22q1 company achieved a revenue of 27.548 billion yuan, a year-on-year increase of 13.3%; The net profit attributable to the parent company was 10.823 billion yuan, a year-on-year increase of 16.1%.
In 2021, the Wuliangye Yibin Co.Ltd(000858) performance met expectations and the product structure was newly optimized. The growth rate of Wuliangye Yibin Co.Ltd(000858) revenue in 2021 was 15.51%, basically falling within the forecast range, in line with expectations Wuliangye Yibin Co.Ltd(000858) main brand achieved a revenue of 49.112 billion yuan, an increase of 11.5% year-on-year, mainly due to the fact that 21 year was digesting the goods owed in the previous year, so there was a certain deviation between the report end and the actual dynamic sales end. Among them, volume / price contributed 3.8% / 7.4% respectively, mainly due to Wuliangye Yibin Co.Ltd(000858) continuously increasing the proportion of unplanned and group purchase channels in 21 years, so as to realize the growth of ton price list of main brands. In the past 21 years, the revenue of the series liquor reached 12.62 billion yuan, with a year-on-year increase of 50.7%, and the volume / price contributed 15.3% / 30.7% respectively. It mainly benefited from the series liquor's adherence to the "three natures and one time", "Three Focuses" and "building four national brands", the smooth upgrading of wuliangchun and the accelerated return of brand price In Wuliangye Yibin Co.Ltd(000858) 21, the gross profit margin of liquor was 80.3%, which was the same as that of the same period last year, mainly because the growth rate of series liquor was faster than that of main brands after adjustment. 2021 is a year for Wuliangye Yibin Co.Ltd(000858) to solve historical debts under heavy load. At the same time, the classic Wuliangye Yibin Co.Ltd(000858) , which is positioned at the price of 2000 yuan, is launched to continuously complete the "1 + 3" main brand combination. In terms of liquor series, the company has completed the iterative upgrading of four national strategic brands, cleared and returned 7 total distribution brands and 509 products, and realized the focus on self owned brands, medium and high price and advantageous brands.
22q1 Wuliangye Yibin Co.Ltd(000858) performance met expectations and Wuliangye Yibin Co.Ltd(000858) continued to deepen price control. 2022q1 Wuliangye Yibin Co.Ltd(000858) achieved a year-on-year increase of 13.3% / 16.1% in revenue / net profit attributable to parent company, which is in line with market expectations. The overall gross profit margin of the company increased by 2.0pcts year-on-year, which mainly benefited from the initiative of 21q4 company to increase Wuliangye Yibin Co.Ltd(000858) comprehensive cost to 969 yuan, realize the overall ton price increase, and then drive the overall net profit margin to increase by 1.1pct. 22q1 Wuliangye Yibin Co.Ltd(000858) contract liabilities were about 3.607 billion yuan, a month on month / year-on-year decrease of 9.452 billion / 1.379 billion, mainly due to the revenue confirmed during the Spring Festival peak season from January to February and the repeated impact of the epidemic in East China Since Wuliangye Yibin Co.Ltd(000858) March, we have focused on combing the volume price relationship of puwu and cleaning up the social low-cost inventory. At present, the narrowing of channel profits is still the main factor affecting the Wuliangye Yibin Co.Ltd(000858) development. It is expected that Wuliangye Yibin Co.Ltd(000858) will continue to promote price control in the future, and slow down the growth pressure of puwu main products by putting in cultural and creative wine.
Classic Wuliangye Yibin Co.Ltd(000858) began to comb again, and the management realized a smooth transition and a new life. At present, the relationship between volume and price is still the core of the development of the fifth five year plan. With the improvement of the Q2 epidemic, Wuliangye Yibin Co.Ltd(000858) or continue to promote the control of market order and strengthen the investigation and punishment of goods fleeing and disorderly prices. For the classic Wuliangye Yibin Co.Ltd(000858) with the price of 2000 yuan, the company has greatly reduced the quota in the past 22 years, focused more on consumer cultivation and brand cultivation in the highland market, and continued to be optimistic about the steady and far-reaching development of the classic Wuliangye Yibin Co.Ltd(000858) in the future. In the management dimension, the new management has successfully completed the smooth transition, and the follow-up is more consistent in the continuity and implementation of policies.
In the past 22 years, the business train of thought is clear, and the company is optimistic about the valuation and repair of the company. The 22 year Wuliangye Yibin Co.Ltd(000858) valuation fell back to the comfortable range, and continued to be optimistic about the valuation repair under the recovery of the general five rating prices. It is estimated that from 2022 to 2024, the company will achieve revenue of 75.896/84.347/93.142 billion yuan, with a year-on-year increase of 14.6% / 11.1% / 10 / 4%; The net profit attributable to the parent company was RMB 27.462311.68/34.866 billion, corresponding to PE 22.9/20.2/18.0x for 22 ~ 24 years, maintaining the "buy" rating.
Risk tip: the competition of 1000 yuan price band intensifies; The dynamic sales in the market are less than expected; The epidemic situation is repeated.
