Wuliangye (000858): Product upgrades, price increases, brand channels, channel distribution, profit increase

Wuliangye (000858): Product upgrades, price increases, brand channels, channel distribution, profit increase

Event: Wuliangye is discharged to 2019. Brand dealers’ marketing conference will launch the seventh generation of the fifth edition of the collector’s edition, release the new eighth generation of the fifth edition, and announce the operation strategy of each product line.

Comments: 1.

The P5 is upgraded, and the product matrix is optimized for the old P5 in 2019.

Released in 05, the last batch of the old version of Pu Wu is available in limited edition collections in 2019.

06Introduced the new Pu’er five.朴妮唛脱胸罩新闻

The ex-factory price of the collector’s version of the fifth edition is 859 yuan, and the new product’s ex-factory price is 879-889 yuan.

The company’s complete product matrix, brand strengthening, and price increase are small, while referring to Maotai to enhance cost-effectiveness advantages.

2.

The initial reduction, combined with price increases, the reform of state-owned enterprises will reduce fees and increase efficiency, and the overall replacement of thickening profits this year will be 1.

5 Initially, 35% of new products are popular, 9% are collectibles, and 56% are old products.

According to the expected data of specialty stores and dealers, the supply is relatively tight.

Under the reform of state-owned enterprises, the company has continuously improved its efficiency, strengthened its production technology and performance capabilities, and reformed its budget system to increase employee income levels, reduce expense ratios, and increase gross and net profit margins.

3.

Digital means help direct control of the terminal, and the dedicated team strengthens the control of the distribution of profit. The new product Wuwu will launch a code-sweeping point system to enhance the control of goods in various regions through digital management and incentives.

The company will set up a full-time sales and marketing team to strengthen control and distribution.

Enabling terminals through digital means to enhance channel competitiveness, the company’s estimated discounts due to the large commercial system promote change. 4

Liquor has a superior performance when the market is bullish, and the leading liquor has expanded its advantages. In the case of continued inflows from abroad, the history of the situation, the company underestimates that it will repair and analyze the 9 bull market periods.

The probability of food and beverage outperforming the Shanghai Stock Exchange is 5/9, and the probability of liquor outperforming food and beverage is 6/9.

Among all the food and beverage sub-sectors, liquor increased the first four times, once the third, and once the fourth.

In the next 3 years, MSCI funds will continue to flow in, and there is a high probability of chasing underestimation, high ROE and income to cash ratio, high dividend companies, leading liquors with high profit margins, high turnover, continuous increase in market share, and other companies with greater advantages.

5,

Investment suggestion: In order to optimize the company’s product matrix, the control and distribution plan will be promoted in an orderly manner, and the net profit for 18-20 years will be adjusted from 134, 154, 18.5 billion to 134, 161, and 19.3 billion US dollars, and the EPS will be changed from 3.

45, 3.

97, 4.

76 yuan adjusted to 3.

45, 4.

15, 4.

98 yuan.

With reference to comparable companies such as Guizhou Moutai, Luzhou Laojiao and other liquor companies, the average revenue of comparable companies is 27.

24 times, giving Wuliangye 19 times 28 times price-earnings ratio, 12-month target price to 116.

2 yuan, currently corresponding to 19 years 20.

Estimated 4 times, more than 36% growth space.

Risk Warning: Food Safety Risk, Risk of Reform Failure to Meet Expectations, and Risk of Decline in End Demand

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