Wuliangye (000858) Annual Report Commentary Report: Over-fulfillment of target reforms in 2018 will improve performance space

Wuliangye (000858) Annual Report Commentary Report: Over-fulfillment of target reforms in 2018 will improve performance space

Event: The company released its 2018 annual report and achieved an operating income of 400.

300 million, an annual increase of 32.

61%, net profit attributable to mother 133.

800 million, an increase of 38 every year.

4%, the performance basically meets our expectations.

In the fourth quarter, net income attributable to mothers increased by 31.

3%, 43.


The annual net cash flow from operations will increase by 26 each year.

1%, basic profit income 3.

4 yuan, an increase of 36 per year.


It is planned to pay a cash dividend of 17 yuan for every 10 shares with a dividend rate of 49.


  Exceeded the revenue target.

In 2018, the company plans to increase its total revenue by 26%, which is actually overdone6.

61 units, of which the revenue in the fourth quarter increased by 31 in ten years.

32%, exceeding market expectations.

In 2018, the company’s liquor volume and price rose.

The alcohol output was 19.

20 for the first time, growing by 6 annually.

51%, due to benign sales, long-term inventory growth2.

95%, keeping the concentration level.

In terms of products, high-priced wines achieved revenue of 301.

89 ‰, an increase of 41 in ten years.

11%, accounting for 75% of revenue.

42%, an increase of 4 in ten years.

55 units.

The ton price of high-end wine has increased by about 20%, the price of Puwu has been raised, and the growth in sales of 1618 and low-grade Wuliangye has driven structural upgrade.

Low-end wine achieved revenue of 75.

62 trillion, an increase of 12 in ten years.

9%, the proportion of revenue was slightly downgraded. As a result of enjoying the consumption upgrade bonus, the ton price increased by 7.


  Profitability continued to improve.

The company’s alcoholic gross margin was 77.

59%, an increase of 0 a year.

88 averages, maintaining a high level.

The gross margin of high-priced wine is 84.31%, a decline of 0 per year.

86 digits, the gross profit margin of low- and middle-priced wine is 50.

77%, an increase of one year.

07 single.

In terms of expense ratio, selling expenses and management expenses increased by 4.

22%, 6.

81%, the corresponding expense ratio is reduced by 2.

6 and 1.

7 averages.

Corporate taxes and surcharges / total operating income were higher at 14.

76%, of which the decline in the fourth quarter to 14%, the impact of the adjustment of consumption tax on the company’s profits gradually ended.

Return on net assets of the company 22.

8%, an increase of 3 per year.

42 supplements, further improving profitability.

  Actively seek reform and change, and maintain high growth goals.

In 2019, the company plans to achieve revenue of 50 billion yuan, maintaining a relatively high growth rate of about 25%.

During the Spring Festival peak season, the company actively promoted the consolidation of Maotai’s shortage of goods, and Guojiao controlled the goods, thereby selling more than expected. At present, the seventh-generation Puwu has completed 56% of the overall replacement, leaving room for the subsequent promotion of the new version of Puwu.

As the company’s inventory is at a high level, the supply price has steadily increased through the launch of the Pu Five Collector’s Edition. It is expected that the new edition of Pu Wu will not be difficult to raise prices.

The company also launched the super high-end 501 Wuliangye during the spring candy period. The price per ton of wine will continue to rise to achieve the planned goals, and the profitability can be expected to increase.

The company’s reform will also focus on the introduction of the eighth-generation classic Wuliangye. Through the “price increase, control distribution, and digital empowerment” path, it will distribute to the digitally associated channel participants to form a new price mechanism and use big dataAnalyze and improve channel and terminal control.

The company is still working hard to improve its marketing structure and efficiency, and at the same time further sort out the product line to focus on large single products. If the reform is successfully implemented, the company’s future performance space may increase.

  Risk reminders: food safety issues; company performance exceeded expectations; company reforms were less effective than expected; RMB exchange rate risk; domestic interest rate rise risks; China’s macroeconomic data fell short of expectations; changes in the Federal Reserve’s monetary 佛山桑拿网 policy; internal capital market fluctuation risks.