Wuliangye (000858) Incident Comment: The first batch of resumption products have been issued for adjustment to cope with compensatory consumption
Event: According to media reports, the first batch of products resumed last week have been issued from the headquarters of Yibin Wuliangye Group.
This is the first batch of products with low inventory levels nationwide after Wuliangye promoted the orderly resumption of work.
Comment: After the epidemic, the consumption potential was suspended to seize the opportunity. Wuliangye took the lead in adjusting and adjusting to allocate channel pressure, and redeeming the terminal rewards in advance to reduce the dealer’s cash flow pressure.
A few days ago, Wuliangye issued the “Notice on Precise Policy, Not One-size-fits-all, and Do a Good Job in the Recent Market”, and on the re-optimization, the company proposed the following plan: In the key support, it has the ability, strength, good inventory, and autonomyAt the same time as the expected dealers, for those dealers who have the ability but have pressure to sell recently, reduce the plan in time; for those dealers who have the ability but have short-term capital turnover difficulties, the Wupin Department together with the finance company and the cooperative bank will provideWith customized financial support, gradually, there is no simple task of assigning group purchase targets to dealers.
At present, wine companies are generally under pressure to sell and stocks are high. In addition, March and March itself are the off-season sales season for liquor, and the inventory digestion time will be further extended. In this context, Wuliangye took the lead in actively adjusting the distribution, and through priority to meet salesGood market demand, while customizing financial support policies to ease channel pressure and release channel risks.
In addition, in the past April and May, the existing terminal rewards will be redeemed until February, which will help to become a dealer’s cash flow pressure. The completion of the underwriting of the dealer’s market expenses within 2 南京桑拿网 working days shows that the company’s service efficiency is continuously improving, which is beneficial to the company.Long-term healthy development.
The company’s goals were achieved steadily.
This round of the epidemic only temporarily restrains the consumption scene. Although short-term pressure is generally sold, the retaliatory consumption after the epidemic will hedge a part of the loss. Wuliangye’s national plan for rebalancing will help seize the opportunity of consumption after the epidemic.
In addition, as Wuliangye’s overall marketing performance during the New Year’s Day is good and it has fully achieved its peak season sales target, it is expected that the impact of the epidemic will be reflected in the second quarter statement.
In the long run, benefiting from the gradual release of channel reform dividends, continued return of brand value, continuous improvement of product matrix, and improvement of channel profits, the company will enter the stage of transformation and growth. It has good potential in the high-end wine market and has room for future growth.
Maintain the company’s “overweight” rating. We expect the company’s operating income to be 500 in 2019, 2020 and 2021.
500 million, the previous growth rate was 25.
3% and 15.
6%, net profit was 174.
0 and 253.
200 million, EPS is 4 respectively.
4 and 6.
5 yuan / share.
Risk reminders: the business climate of the liquor industry declines; food safety risks; company channel expansion risks.