Wuliangye (000858): The annual report performed well, with a view to the coming year
The annual report performed well, with a view to coming up with suggestions: Event: The company released 2018 results and achieved a total operating income of 400.
300 million, an increase of 32 previously.
6%, benefit volume and price go up, net profit 133.
8.4 billion, an increase of 38 previously.
36%, EPS is 3.
45 yuan, gross margin is 73.
8%, rising by 1 every year.
8pct, benefiting from the increase in the proportion of premium wine.
4Q achieved revenue of 107.
800 million, an increase of 31 previously.
32%, net profit 38.
9 billion, an increase of 43 previously.
59%, mainly benefiting from sales growth and expense control, with a gross profit margin of 74.
7%, rising by 0 every year.
The company’s performance is in line with the Air Force’s forecast.
Dividend: RMB 17 for every 10 cash dividends, exchanged for RMB 1.
93% by product, liquor business revenue was 377.
500 million, an increase of 34 previously.
4%, high-priced wine achieved 301 revenue.
8.9 billion, an increase of 41 a year.
11%, gross margin is 84.
31%, a slight decrease of 0 every year.
86pct, revenue of low- and medium-priced wine 75.
6.3 billion, an increase of 12 previously.
9%, gross margin increased by 1.
07pct to 50.
77%, benefiting from the structure of wine product series, high-priced wine and low-priced wine revenue accounted for 80% and 20% of revenue.
In terms of sales, the overall sales reached 19.
16 for the first time, higher than the increase of 6.
44%, the estimated ton price is 19.
70,000 yuan / year, an increase of 26 in ten years.
26%, mainly due to the increase in prices at the end of 2017 (Pu five ex-factory price increased from 739 to 789 yuan / bottle) and the proportion of high-priced wine increased.
The company’s accounts received at the end of 4Q were 67.
07 billion, an increase of 44% before, and an increase of 175% from the previous month. We believe that it is due to stocking during the Spring Festival, but because the seventh-generation Puwu is about to be out of print, and is due to stockpiles by distributors (media sources said that it has replaced 56%)., The company’s 1Q performance is more likely to get a good start.
In terms of expenses, the company continued to strengthen fee control, and the overall comprehensive expenses were 12.
79%, a decrease of 3 per year.
79pct, of which the sales expense ratio decreased by 2.57 points to 9.
44%, the management expense ratio and R & D expense ratio decreased by 1.
4Q sales expenses fell 24 year-on-year.
5%, so the sales expense ratio drops by 4 per year.
8pct, the 4Q comprehensive expense ratio fell by 6.
07pct to 10.
18% are top priority.
4Q expense control also caused the company’s single quarter performance to rebound significantly 武汉夜生活网 from the 3Q growth rate.
Looking into the future: The eighth-generation Puwu will be listed in the middle of the year. It is rumored that the ex-factory price will be raised by 20-30 yuan compared to the old collection (that is, the last batch of seventh-generation Puwu).Bottle, 2019, the overall replacement of the classic Wuliangye is 1.
Before 5, the replacement of the eighth-generation classic Wuliangye in the second half of the year was 5,250 tons, accounting for about 35%. Considering that the seventh-generation Puwu has gradually completed more than half and released a new version in the second half of the year, it is expected that the volume and price will increase in 2019.
In addition, the company continued to strengthen pipeline digital reforms, capacity building, and further upgrades of its superimposed product matrix (the introduction of ultra-high-end 501 series, etc.), and the expected effect is highly certain.
Performance indicators: The company is expected to reach about 25% of its total operating income. In summary, the company is expected to achieve a net profit of 168 in 2019-2020.
9.8 billion, 207.
200 million, an increase of 26 in ten years.
25% and 22.
6%, EPS is 4 respectively.
35 yuan and 5.
34 yuan, the current sustainable corresponding PE is 20 times and 16 respectively.
5 times, maintain buy investment recommendations.
Risk warning: terminal mobile sales are less than expected, food safety issues