Recently, the market is concerned about the relatively flat performance of Guojiao’s dynamic sales. We believe that the off-season performance is not meaningful.shareholderAccording to feedback from the conference, the company’s strategic direction is clear, with the core goal of reaching consumers as the core goal of channel construction in accordance with local conditions, market expansion and consumer cultivation continue, and the certainty of nationalization is still high.
Firm “136” strategic plan and return to the top three in the liquor industry.Chairman Liu Miao isGeneral meeting of shareholdersAccording to the above, Guojiao 1573 has entered the ranks of the top three brands during the 13th Five-Year Plan period after years of efforts to catch up. In the future, the company will continue to focus on the development layout of “dual brands, three lines, and large single products”, and increase benefits through fine management. , Precision marketing expands the market, and promotes the company’s goal of returning to the top three in the liquor industry as soon as possible.
Enhance the value of high-end brands and promote the return of the value of famous wines.The company’s high-cost investment in the early stage has achieved significant results. Guojiao 1573 continues to lead the brand, and the approval price closely followsWuliangyeDuring the 14th Five-Year Plan period, from defensive to offensive, market share, product profits, and brand image are expected to continue to increase. With the development of China’s economy, the company will gradually promote the cultivation of high-end brands and continue to enhance the value of high-end brands.After the special song is replaced, the price list has performed well. At present, the steady development is mainly used to promote the return of the value of the famous wine.PerformanceGrowth contributes to new additions.
Refined control based on local conditions and accurately reach consumers. Since the establishment of the brand franchise company, the company has more accurately controlled the channels and core terminals. At present, some markets are expected to cancel the vague rebate. The Henan market’s Central Plains battle has achieved results, and it is shifting to a 1+1 model. The price of Guojiao has been promoted through the shrinkage of cashable fees. We believe that the channel model is impermanent, and the company adjusts flexibly to different stages of the market. The core is to reach consumers as the goal is to adapt to local conditions, and through the implementation of manufacturers’ personnel to control the cost of investment, continuous marketing of high-quality circles, to increase Brand image and achieve effective consumer conversion.
Build a team of young talents and remuneration reform to stimulate the vitality of management.The company newly promoted Zhang Biao (36 years old)Luzhou LaojiaoThe general manager of the sales company, Dong Hujie (34 years old) served as the executive vice president of the sales company, and Zhang Liang (33 years old) succeeded Zhang Biao as the general manager of Guojiao Liquor Sales Co., Ltd. We believe that this personnel change, as another appointment of the young and strong after the “Miao Feng combination”, reflects the company’s emphasis on the reserve of young talents. In the future, it will further improve the training of talent echelon, and gradually build it to be value-oriented. The compensation incentive mechanism of the company greatly stimulates internal vitality and realizes the long-term inheritance of enterprise development.
Outlook for the whole year: The pace of tasks is advancing steadily, and the target is still expected to be exceeded throughout the year. The company strives to achieve the goal of not less than 15% revenue growth in 21 years.channelResearchAccording to feedback, the company has been advancing steadily in accordance with the pace of the year, and the sales caliber paid back more than 60%. The Hunan, Henan and other markets have completed more than half of the annual tasks. The Central Plains battle mode is gradually shifting to 1+1, which is the normal operation of optimizing the cost of investment. It is still expected to exceed the target throughout the year.
Investment advice: Short-term disturbances do not change the long-term logic, and it is worthwhile to deploy in the callback. The company achieved a year-on-year growth in Q1 and laid the foundation for the whole year, and it is still advancing steadily at the pace of the year.In the medium to long term,WuliangyeAfter the price increase to more than 1,000 yuan, the Guojiao sharing industry has seen steady price growth, and it is likely to occupy a high price of 1,000 yuan. Through the brand franchise model of direct-operated and directly controlled terminals, the country has accelerated its expansion, and the implementation of salary reform has increased the volume. The performance certainty of rising prices, the short-term disturbance has not changed the long-term logic, and the layout is worthwhile in the callback. The 21-23 EPS forecasts are slightly adjusted to 5.20, 6.63 and 7.98 yuan, and the target price is 265 yuan, corresponding to 40X next year. -A” rating.
Risk warning: downturn in demand, suppression of high-end competing products, fierce competition in low- and mid-range wines
(Article Source:China Merchants SecuritiesCo., Ltd.)
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