Wuliangye (000858): 18 years of income end exceeded 40 billion expenses end continued optimization

Wuliangye (000858): 18 years of income end exceeded 40 billion expenses end continued optimization

Event: Wuliangye announced its 18-year annual report with a previous revenue of 400.

3 billion, an increase of 32.

61%, net profit attributable to mother 133.

8.4 billion, an increase of 38.


Of which Q4 earned 107.

800,000 yuan, an increase of 31.

32%, net profit attributable to mother 38.

900,000 yuan, an increase of 43.


  18 years of 武汉夜生活网 successful closure, the eighth generation Wuliangye is about to start a brilliant new journey.

In 18 years, the company’s total revenue exceeded 40 billion U.S. dollars, including high-priced wine revenue of 301.

8.9 billion, an increase of 41.

11%, the income of low-priced wine 75.

6.3 billion, an increase of 12.


Wuliangye shipped about 2 accessories in 18 years, and its sales increased by 17.

6%, 19 shipments are expected to reach 2.

3 Growth rate, an increase of 15%.

At the Spring Candy Fair, the company announced that the eighth generation Wuliangye will be officially listed in June, occupying the first level.

5 Entered 35% (approximately 5,250 tons) of the 5th year of the general public and will be officially shipped in the second half of the year.

The ex-factory price of the eighth-generation product will be 20-30 yuan higher than that of the collector’s edition, and it is expected to be between 879-889 yuan. The ex-factory price of the old model will be increased by about 11%.

5 incremental increments.

The eighth-generation Wuliangye has been fully upgraded in terms of wine quality, packaging, and anti-counterfeiting. It will be the company’s future fist product, focusing on the thousand yuan price band.

The current Maotai approval price is stable at more than 1,800 yuan, and Wuliangye’s price-performance ratio in the thousand yuan price band has been restored.

  The gross profit margin increased slightly, and the sales / management expense ratio continued to optimize.

The company adheres to the “1 + 3” brand strategy system, continuously optimizes the structure of a series of wine products, and has a gross profit margin of 77 years in the alcohol business.

59%, a slight increase of 0.

88pct, of which the gross margin of high-priced wine is 84.

31% (-0.

86pct), the gross profit margin of low-priced wine 50.

77% (+1.


A total of 46 consumption taxes were paid in 18 years.

52 ppm, consumption tax rate increased by 2.

91pct to 12.

32%, reaching the normal payment level.
In terms of expenses, the selling expenses are 9.
44%, a decrease of 2.

57pct, mainly due to the increase in revenue has exerted a dilutive effect on market development costs and brand promotion costs.

Management expense ratio 6.

06% (including R & D expenses), reduced by 1.

46 points, travel, office, labor insurance supplies and other expenses have been reduced, and management efficiency continues to improve.

Combining the above factors, the company’s net profit attributable to the parent increased by 2.

39 points to 33.

A new high of 44%.

The scale of bills receivable of the company reached 16.1 billion at the end of 18 years, an increase of 5 billion at the end of the previous year.

  Profit forecast and investment advice: The company’s EPS for 2019-2021 is expected to be 4.

17, 5.

00, 5.

84 yuan, corresponding to 21X / 18X / 15X PE, maintaining the “buy” level.

  Risk warning: macroeconomic downturn, long-term price inversion