Yanghe Co. (002304): Successfully closed in 18 years and steadily progressed in 19 years
Event: The company released an annual report of its 18 annual results today, and realized revenue of 241 in 18 years.
22 ppm, an increase of 21 in ten years.
1%, net profit attributable to mother 81.
500,000 yuan, an increase of 22 in ten years.
Of which 18Q4 income 31.
56 ppm, a 10-year increase3.
8%, net profit attributable to mother 10.
66 ppm, an increase of ten years.
Basically in line with our expectations.
Comments: 1, 18Q4 revenue performance increased by 3.
8%, 2%, 18.
4 Revenue performance increased by 3.
8% / 2%, the average growth rate increased sequentially, mainly because the company completed its tasks in October, in order to promote more benign channel inventory and further improve channel profit, Q4 took the initiative to stop stocks and inventory, waiting for 19 young to enter the battle.
Grassroots research understands that the company’s inventory digestion is good in the fourth quarter. During the Spring Festival of 19 years, the growth rate in the province improved after the base growth, and the growth rate outside the province maintained a high growth rate. The overall Spring Festival sales maintained a steady and positive growth.
2. The product structure continues to upgrade. Dream Blue continues to maintain a high growth rate in terms of products. Dream Blue continues to maintain a high growth rate, increasing by more than 50% in 18 years, and it is expected to account for 27% -28% of total revenue; HaitianThe growth rate is relatively slow, and the growth rate in 18 years was in the small double digits.
According to grassroots analysis and feedback, during the Spring Festival of 19 years, the growth rate of Dream Blue was more than 30%, of which Dream 6 and Dream 9 increased faster, Dream 3 was relatively stable, and the product structure was significantly upgraded.
In 19 years, the company will continue to focus on making the dream series. In addition to continuously improving the quality of the wine, the company will continue to expand the marketing efforts of high-end products and continuously improve the brand height.
In addition, in order to better optimize the product structure and 厦门夜网 high-end card position, the company will launch a new line of wine this year. The current trademark has been registered, and the price is expected to be between Dream 6 and Dream 9, replacing the blank price band of Dream 6 and Dream 9.
3. In terms of regions, the growth rate in the province has improved, and the rapid growth outside the province has continued to grow. 1) The company’s growth rate has improved in the province. The main reasons are: 1) the province has a large base;Some liquor companies have expanded their layout and given channels more profit margins.
In view of the above, the company has mapped out the inventory situation in the province’s market this year, and adopted corresponding countermeasures according to the different conditions in various regions. We are optimistic about the company’s strong internal management and adjustment capabilities and wait for the province’s growth to improve;With rapid growth, the income ratio in 18 years has exceeded 50%.
In the past 18 years, Henan / Shandong / Anhui / Zhejiang / Hebei, the major markets outside the province, have performed well, and still have the potential for continuous growth. The product structure has been continuously optimized, and the proportion of dream series has gradually increased.
We believe that as a sub-high-end national brand, the company’s core market outside the province is stable, and some new markets are gradually entering the harvest period, which is expected to continue to maintain rapid growth.
4. Ten-year outlook, 18 years of successful closure, 19 years of steady progress, and looking forward to 19 years, the company will adhere to the development goals of steady progress and maintain steady growth.
In terms of expenses, the company will increase in 19 years, but the expense rate will remain relatively stable. There will be adjustments in the structure and area of the expense release. One is to spend more expenses to the terminal, and the other is toThe growing market is growing.
We believe that the continuous upgrade of the product structure of the conversion company, the expense ratio remains relatively stable, and the profit growth rate is expected to be faster than the revenue growth rate.
5. Investment proposal: Adjust EPS 5 for 18-19 years.
96 yuan, maintaining the “strongly recommended-A” rating company successfully closed in 18 years, looking forward to 19 years, the company is still a company with industry-leading capabilities, benefit from the continuous upgrading of product structure, the rapid growth of markets outside the province, we believe that the companyDouble-digit growth is still expected.
Taking into account the intensified competition in the province, the EPS of 18-19 was slightly adjusted to 5.
38 and 5.
96 yuan, giving 20 times PE in 19 years, adjusting the target price for the year 119 yuan, maintaining the “strong recommendation -A” grade.
Risk reminder: demand falls, competition within the province intensifies, and development outside the province is less than expected.