Shanxi Fenjiu (600809) 2019 Third Quarterly Report Review: Revenue and Profit Growth Accelerate
The operating performance in the first three quarters of 19 exceeded market expectations.
At the core of the report, the company achieved operating income of 91.
300 million, an increase of 25 previously.
7%, net profit of 1.7 billion, an increase of 33 in ten years.
Among them, the third quarter revenue and net profit were 27.
500 million and 5.
100 million, revenue increased 34 in ten years.
5% and 53.
The company’s period-end receipts in advance 18.
400 million, an increase of 10 every year.
Since 2019, the company has further focused on core brands, strengthened resource integration, optimized marketing mechanisms, and accelerated revenue and profit growth.
Strengthen the operation of core products and coordinate the development of three major series of products.
The company revolves around the “one excellent and three strong” wine brand integrated operation model, using Fen liquor as the marketing leader, and accelerating the sharing of resources with bamboo leaf green liquor, Xinghuacun liquor, and Fen brand liquor for coordinated development.
In 19 years, the company implemented 杭州桑拿网 internal control over the sales of a full range of products, and continuously strengthened the company’s right to transform and speak in terms of the price of blue and white and Bfen series and market operation.
Fen liquor products represented by blue and white, gold award series and old white fen series accounted for 88% of operating income.
3%; Fen brand series of wine and configuration wine represented by bamboo leaf green accounted for 7 respectively.
7% and 3.
Deepening the nationwide distribution, rapid expansion of markets outside the province.
In 2019, the company identified a base market (Shanxi), three major sectors (Beijing-Tianjin-Hebei, Yulu, Shaanxi and Mongolia), three small market sectors (East China, Two Lakes, and Southeast), and 13 opportunistic markets outside the province.Form factor-“13313” layout.
According to the market characteristics, it is divided into strategies, cultivated intensively, the benign development of the market in the province, and the breakthroughs in the markets outside the province.
In the first three quarters of 19, sales revenue outside the province increased by 68 each year.
4%, income ratio reached 50.
1%, an increase of 6 from the end of the previous year.
The company plans to increase the proportion of income outside the province to 70% during the 13th Five-Year Plan period.
It is expected that the market outside the province will still have great potential in the future.
Profit forecast and investment rating.
The company’s EPS is expected to be 2 in 2019/2020.
14 yuan / 2.
63 yuan, the corresponding PE is 40.1X / 32.
6X, the company is estimated to be higher than the median level of the liquor sector (25 in 19).
5 times), PE (TTM) is located in the middle of historical estimates for the past 10 years.
Taking into account the acceleration of the nationalization process, the results of the reform of state-owned enterprises have come to an end and exceeded expectations, the company is expected to continue to release vitality and enhance performance, maintaining the “overweight” rating.
Food safety, changes in consumption tax rates, etc.