Wuliangye (000858) Quarterly Comment: The Eighth Generation of Puwu Boosted Performance to Maintain Rapid Growth
In the first three quarters of 2019, the company’s revenue increased by ten years.
84%, net profit attributable to mothers grows 32.
11% In the first three quarters of 2019, the company achieved operating income of 371.
20,000 yuan, an increase of 26 in ten years.
84%; net profit attributable to mother was 125.
44 yuan, an annual increase of 32.
11%; budget gain is 3.
23 yuan, the performance is in line with our expectations.
In the third quarter, the company achieved operating income of 99.
51 ppm, an increase of 27 in ten years.
10%; net profit attributable to mother is 32.
08 million yuan, an increase of 34 in ten years.
Reported performance, the company’s performance maintained rapid growth, core product volume and price increased, and the overall product structure was further optimized.
We expect the company’s EPS to be 4 in 2019-2021.
7 yuan, 6.
05 yuan and 7.
32 yuan, maintain “Buy” rating.
The new products reported formally come out, and every three quarters of the increase in gross profit margin level, the company ‘s newly launched eighth-generation classic Wuliangye officially meets consumers. On the basis of inheriting and continuing the classics, the company conducted product quality, packaging, and anti-counterfeitingTriple upgrade, new products have been recognized by consumers after the launch of the product, the demand for the product is strong, and the sales have maintained a healthy growth.
Driven by the continuous optimization of product structure, the company’s gross profit margin for alcoholic products reached 73.
81%, an increase of 0 from the same period last year.
34 digits; net sales margin reached 35.
38%, an increase of 1.
The advance receipts have increased compared with the first half of the year, 苏州桑拿网 and the net cash flow from operating activities has increased temporarily for the first three quarters. Due to the increase in the company’s operating income and the increase in bank acceptance bills, the company’s net cash flow from operating activities has increased.The amount is 161.
910,000 yuan, an increase of 317 in ten years.
64%; the company received 423 in cash from selling goods and providing services.
24 ppm, an increase of 60 in ten years.
In the first three quarters, due to advance payment from dealers, the company received advance payments 58.
6.5 billion, an increase of 34 over the same period last year.
250,000 yuan, an increase of 15.1 million compared with the first half of 2019
The sales expense ratio was the same as the same period of the previous year. In all aspects of the decline in the management expense ratio, the company’s marketing digital platform was officially launched. The eighth-generation classic Wuliangye control disk distribution model was operating normally. A Wuliangye brand and product database was initially established to accurately identify consumption.Groups, channel maintenance, and business decision-making to provide big data support.
In the first three quarters of 2019, the company’s selling expenses were 40.
43 ppm, an increase of 31 in ten years.
37%, selling expenses 10.
90%, basically the same as the same period of last year; the management cost is 17.
93 ppm, a ten-year increase of 7.
11%, overhead costs4.
83%, a decrease of 0 from the same period last year.
Optimistic about the income and profit flexibility brought by the launch of new products, maintaining the successful purchase of the eighth-generation classic Wuliangye with a “Buy” rating will help the company reshape the product price system and enhance the brand strength of Wuliangye.Fast growth.
What do we expect Wuliangye 2019?
In 2021, sales revenue will be 519.
700 million, 646.
2 ppm and 773.
USD 500 million, with annual growth of 30%, 24% and 20% respectively; EPS is 4 respectively.
70 yuan, 6.
05 yuan and 7.
32 yuan, an increase of 36%, 29% and 21% each year.
In 2020, the average PE of comparable companies is 30 times.
32 times PE estimates, the target price range is 181.
60 yuan, maintain “Buy” rating.
Risk reminder: the risk that the price is not up to expectations, the risk that the market demand of the eighth-generation classic Wuliangye is not up to expectations, food safety issues, etc.