Wuliangye (000858): Joint-stock company’s revenue exceeds 50 billion and steady progress in the coming year

Wuliangye (000858): Joint-stock company’s revenue exceeds 50 billion and steady progress in the coming year

Event: On December 18th, Wuliangye joined the 23rd 1218 Conference for Building and Sharing.

Initial revenue is expected to exceed 50 billion.

According to the information disclosed by the 1218 conference, the Group’s revenue in 2019 exceeded 100 billion yuan, and the nominal income of joint-stock companies exceeded 50 billion yuan, which is estimated to increase by more than 25% each year.

In 2019, the company has initially completed the construction of the 1 + 3 product system (the eighth generation of Wuliangye + 501 Wuliangye, the 80th edition of Wuliangye, and 39 degrees Wuliangye), and will continue to strengthen the 1 + 3 product system in the coming year.

For the series of wines, with an increase of 34% in revenue in 2019, it will focus on building four national strategic singles such as Wuliang Special Music, Wuliangol, Wuliangol, and Jianzhuang, and continue to clean up product lines and strengthen brand value building.

It is expected that the ultra-high-end 601 Wuliangye will be officially released around the New Year. The partial release of the eighth generation of the general five is expected to increase by 5-8%. The increase in the number of releases will help increase consumer acceptance and stabilize market prices.

Continuous digital transformation makes up for the shortcomings.

This year’s profit-sharing policy has a significant effect on strengthening channel control and boosting dealer confidence. In 2020, the company will continue to strengthen digital management, fine marketing system management, and dynamically adjust 四川耍耍网 product launch volume and rhythm.

At the same time, the company will strengthen e-commerce cooperation and strengthen online price control.

Generally speaking, the company will set the tone for “stability while progressing” in the coming year.

We believe that the industry has seen a more pronounced polarization and the Matthew effect is significant. Only by striving for stability can we lay a solid foundation.

In 2020, continuous product line sorting and marketing intensive cultivation will help promote the brand value efficiently, cultivate consumers, and achieve long-term stable development.

Maintaining the “buy” investment proposal, it is expected that net profits will reach 17.4 billion, 21.1 billion and 25.2 billion in 2019-2021, an increase of 30%, 21% and 19%, and an EPS of 4 respectively.

49 yuan, 5.

54 yuan and 6.

5 yuan, the current expected corresponding PE is 29 times, 24 times and 20 times.

Risk warning: terminal mobile sales are less than expected, food safety issues