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Wuliangye (000858) Interim Report Comments: Performance in line with expectations Reform dividends are continuously released (20190901)

Wuliangye (000858) Interim Report Comments: Performance in line with expectations Reform dividends are continuously released (20190901)

Event: The company released its 2019 Interim Report, and its first half revenue was 271.

50,000 yuan, an increase of 26 in ten years.

75%; net profit attributable to shareholders of the parent company is 93.

360,000 yuan, an increase of 31 in ten years.

31%; gross profit margin and net profit margin of liquor products respectively reached 78.

16%, 36.

12%, increase by 1 each year.

63, 1.

77 units.

Opinions Wuliangye’s volume and price went up, and income and profit achieved high growth.

Wuliangye achieved operating income of 95 in 2019Q2.

600,000 yuan, an annual increase of 27.

06%; net profit 28.

610,000 yuan, an increase of 33 in ten years.

At 75%, the growth rate of revenue and net profit in the second quarter of 2019 both increased slightly, and the core product price and price rose to become the main driving force for performance.

In terms of sales volume, the company is expected to ship more than 1 in the first half of the year.

5 Initially, the annual increase was over 15%, 1618, and the shipment of low-alcohol wine is expected to increase by 70% over the same period last year.

In terms of price, the shipment volume of the collector’s edition exceeds 1,300 tons, and the ex-factory price is 859 yuan, an increase of about 9% over a period of time. Benefiting from the smooth introduction of the eight-generation general five, the channel and terminal delivery rate has steadily increased, and the eight-generation general five factory price has 上海夜网论坛 increased to 889.In the seventh generation and the fifth quarter, the channel inventory is at a low level, and the approval price is raised to 930-940 yuan, which is 16% higher than the earlier period. The price of Wuliangye has steadily improved the company’s profitability and achieved high growth.

Considering that the collector’s edition and the eight generations of Puwu are relatively small in the distribution structure in the first half of the year, it is expected that the contribution of high-end wine prices to revenue in the second half of the year will be better than the award in the first half, and the profit of dealers will improve as the volume and price of high-end wines rise.The foundation of outstanding strength.

The reform dividend is released, and performance is expected to continue to improve.

In terms of 北京夜生活网 production, the first phase of the company’s 30 Tao Tao Chen Chen wine warehouse has been steadily advancing, and it is expected to be put into use within the year; in terms of quality, the quality of high-quality wine increased in the first half of the year, and the first-class wine (Wuliangye) completed 128% of its target task, an increase of 46%;The company cleared out 129 high-quality imitation products. In June, the company adjusted a series of personnel and organizational structure for a series of wines to strengthen the overall management of the series of wine brands. The growth potential of the series of wine managers after the reform is expected to be continuously released; marketing, The company will establish 7 major marketing centers to replace 21 marketing theaters, establish a “headquarters manager, theater management battle” deep cultivation area, rapid response model; in terms of products, as the ultra-high-end strategic products in the second half of 501 officially launched; channelsThe omni-channel digital operation platform has been basically completed, and the dealer and terminal networks have been further improved, and the reform dividend is expected to be continuously released in the future.

Maintain the company’s “overweight” rating: We expect the company’s operating income to be 50 in 2019, 2020 and 2021.

8.

9,607.

9 698.

500 million, the previous growth rate was 27.

1%, 19.

5% and 14.

9%, net profit was 172.

1,207.

5 and 239.

400 million, EPS is 4 respectively.

4,5.

4 and 6.

2 yuan / share, the corresponding PE is 30.

2, 25.

1 and 21.

7 times. Risk reminders: the business climate of the liquor industry declines; food safety risks; company channel expansion risks.