Wuliangye (000858): Management reforms continue to release growth momentum

04/05/2020 0 Comment

Wuliangye (000858): Management reforms continue to release growth momentum

Wuliangye announced the company’s interim report for 2019, with operating income of 271.

51 ppm, an increase of 26 in ten years.

75%; Net profit 98.

07 million yuan, an increase of 31 in ten 四川耍耍网 years.

39%, corporate profitability continued to improve.

In the first half of 2019, the company realized operating income of 271.

51 ppm, an increase of 26 in ten years.

75%; Net profit 98.

07 million yuan, an increase of 31 in ten years.

; Net profit attributable to shareholders of listed companies 93.

36 ppm, an increase of 31 in ten years.


The gross profit margin of alcoholic products reached 78.

16%, a new high in the past three years is mainly due to the increase in volume and price of Wuliangye’s core products, and the overall product structure has been further optimized.

Financial analysis shows that the company’s expense ratio has further declined, and the efficiency of marketing and management expenses has increased; profit analysis, net profit attributable to mothers reached 93.

3.6 billion, maintaining a high growth rate.

Gross profit margin and net profit margin increased steadily, respectively, at 78.

16% and 36.

12%, a three-year high of 26.

50,000 yuan, an increase of 22 in ten years.


The sales expense ratio decreased steadily to 9 in the current period.

76%; overhead costs4.

8%, the expected overhead cost rate has steadily decreased.

The current R & D funding is 0.

38 ‰, a decrease of 4 per year.

twenty three%.

The latest update: Management reforms continue to be launched, and cooperation with Alibaba brings new momentum to the channel. On August 26, Wuliangye Group and Alibaba Group signed a strategic cooperation ceremony at Yibin Antiques. The two parties announced that they will integrate new retail, Internet technology and industry.Extensive in-depth cooperation in areas such as supply chain financial services and corporate information technology services.

The core logic of Wuliangye is that the company has the advantage in the price of thousand yuan, which is the largest space for future high-end alcohol volume. The company’s own product power and brand power continue to increase, driving costs to increase, triggering real demand, and promoting product repurchase rates.The informatization supported by Ali and 5G big data enables accurate grasp of sales.

Based on the combination of the above two, the general five is expected to continue to increase the volume in 3-4 years to achieve the accelerated process of national improvement of Wuliangye.

The nationalization of famous wines is the relatively easy nationalization of the food and beverage industry and the lowest cost. The above is the space on the income side.

In addition, in terms of efficiency, the reform is effective and significant, and the dividends of reform are continuously being released. The company’s profit rate continues to increase through the improvement of technology and the improvement of internal systems and the optimization of implementation. Overall, it is expected to exceed very high.

In addition, overseas business, series of wine and mergers and acquisitions bring incremental income opportunities.

In addition, for the dealers, the recovery of Pu’s brand power has significantly improved the ability to backflow, which must give an estimated premium.

In addition, we expect that the eighth-generation Wuliangye will expand and increase in the third and fourth quarters, transforming the improvement of brands and products into volume improvements, so that the thousand yuan price of liquor 杭州夜网论坛 has a higher price-performance ratio.

Earnings Forecasts and Estimates We raised our 21-year earnings forecast to be 50, 60, and 70 billion yuan in revenue from 19-21, an increase of 25%, 20%, and 16.

6%; Net profit in 19-21 was 175, 232, and 30 billion yuan, and eps was 19 in 19-21.
51, 5.
98, 7.

73 yuan per share, giving the company an estimated 30 times in 2020, and the 16-month target price is increased to 179.

4 yuan.

Risk reminder: macroeconomic uncertainty risks industry competition intensifies risk terminal demand decline risk