Wuliangye (000858): Interim report continues to increase the number of digital systems will bring disruptive marketing changes

Wuliangye (000858): Interim report continues to increase the number of digital systems will bring disruptive marketing changes

The incident described the company’s revenue in the first half of 271.

50,000 yuan, +26 a year.

8%, net profit attributable to mother is 93.

400 million, +31 a year.

3%; of which Q2 income is 95.

600 million, +27 a year.

1%, net profit attributable to mother 28.

600 million, +33 a year.

7%.

Core point of view 1, the performance is in line with expectations, and the trend of high growth continues: the company’s growth in the second quarter basically continued the trend of the quarterly report, and the overall performance was in line with expectations;

2%, which is expected to be related to the quarterly confirmation rhythm and cost-based settlement. The company’s eighth-generation new Wuliangye will be launched mainly in the third quarter, and the ex-factory price will increase by 12 compared with the seventh-generation.

7%, it is expected that in the third quarter, the company’s gross margin and performance will be significantly improved; some of the initial bills will be paid back normally by the company, and the second quarter sales will be cashed +51.

1% to 102.

7 trillion; the company’s marketing policy adjustment this year, the initial dealer has basically completed the payment of the seventh generation Wuliangye, the second quarter of normal delivery confirmed revenue, the end of the period received 5 quarter-on-month budget reduction to 43.

500 million.

2. The digital marketing system launched by the eighth generation of new products will bring subversive and film-type changes to the company: Since the end of 2018, the company has begun to transform its marketing system. “Product linkage + channel integration + team expansion + marketing systemStrategies such as “Shen + Control Panel Profit Sharing” were implemented in an orderly manner, especially the digital marketing launched by the eighth generation of new products. It is not a simple upgrade of the product. It is also achieved through the information system (code scanning, etc.) to achieve the full control panel, and the organization and managementRefined, process monitoring and marketing decisions are more scientific.

The core issues of Wuliangye in the past are not product requirements. The company’s inadequate management and control, and difficult decision-making are the core reasons. Through this system, we judge that the company’s 成都桑拿网 marketing system and internal management will usher in a subversive change, thereby achievingThe improvement of the company ‘s operations is just the beginning. In the future, through the comprehensive upgrade of digital transformation and the continuous improvement of operational efficiency, the company has great potential for development.

3. Both internal and external, Wuliangye’s development potential is expected to continue to be released: Interim report replenished, and high-end leaders represented by Maotai, Wuliangye and Luzhou Laojiao continued to sing and advance, and the rapid expansion of high-end demand was actually reflected behind it, which will enable the company this yearSince the fundamentals have continued to improve, both volume and price have risen, and the price of the general approval has risen from about 780 yuan in the initial period to about 980 yuan 杭州桑拿网 at present.

In early August, the dealer cooperated with the company to support the price, and the opening price has been raised to 1006 yuan. The channel is expected to be valued and the average value of confidence. It is recommended to focus on the sales and price performance of the eighth-generation new products in the mid-autumn season.Around 2500 yuan, the future price is high and the volume is normal. Wuliangye is not subdivided at the price of 1,000 yuan. The company’s strong reform will continue to release growth potential. The future volume and price can continue to increase and improve, and continue to be optimistic.

4. Profit forecast and rating: EPS is expected to be 4 in 19-21.

44/5.

47/6.

43 yuan, corresponding to PE32 / 26/22 times.

The company’s operating trend continues to rise, with long-term growth space, maintaining the “strongly recommended” level.

5. Risk reminders: 1) the impact of macroeconomic growth on demand for high-end wines; 2) the price performance of new products and the effect of moving sales are less than expected; 3) food safety incidents.