Shanxi Fenjiu (600809): Revenue growth meets expected profit benefits and tax cuts exceed expectations
Event: The company announced its 2019 Interim Report and achieved revenue 63.
7.7 billion, net profit attributable to mother 11.
900 million, net of non-attributed net profit11.
8.9 billion, due to the acquisition of the group’s alcoholic assets Yiquan Chung and Baoquan Chung in March and June of this year, which further reduced related-party transactions, and after the adjustment, they have grown repeatedly under the same caliber.
3 %%, 26.
For the second and third quarter income, net profit attributable to mothers, net profit attributable to non-mothers was 23 respectively.
1.2 billion, an increase of 26 each year.
98%, revenue was in line with expectations, and profits exceeded expectations.
The volume of Bofen increased, and the income of Fenjiu (including sales companies, international trade, commerce and technology companies, etc.) increased rapidly in the first half of the year.
34 billion, a series of wine (Fen Brand + Xinghua Village) 4.
800 million to prepare wine 2.
01 billion + 33%. Due to changes in the disclosed statistical caliber, we estimated that the sales company’s growth rate exceeded 25% based on grassroots research. In addition to the second quarter of Fen’s suspension of rectification, other companies also achieved good growth.
In terms of different products, we expect that Bofen ‘s volume will increase by 60%, and Qing 20 will have a growth rate of nearly 40%.Both are the most stable.
Realize income within / outside the province31.
6.7 billion, excluding sales companies, other products mainly contribute revenue in the province. It is estimated that the sales company in the province alone has grown by nearly 20% in the first half of the year.
Notes receivable of the company at the end of the second quarter26.
1.9 billion, an increase of 6 from Q1.
8.2 billion, down 9 previously.
8.4 billion, the company uses a bill of exchange to improve the efficiency of dealers’ funds.
Q2 quarterly advance receipts 14.
8.1 billion, a month-on-month increase of 2 per year.
The 6.1 billion yuan was related to the price increase of Lao Baifen in the second quarter and the blue and 杭州桑拿 white price increase in July.
The acquisition and consolidation of Yiquan Yong Baoquan Chung also brought a substantial increase in cash payments for the purchase of commodities in the second quarter, and the net operating cash flow after the adjustment in the second quarter was -8.
1.4 billion, -2 in the same period last year.
Market launch expanded, net profit margin increased steadily and the company’s gross profit margin increased in the second quarter3.
29 points to 70.
60%, price increase, adjustment point adjustment range contribution, tax ratio, financial expense ratio decreased by 1.
15 points, sales expense ratio, management expense ratio increased by 4.48, 0.
38 single to 23.
37%, the net profit in the second quarter alone increased by 0.
9 points to 13.
Overall net profit for the first half of the year was 18.
66% increased slightly by 0.
Among the selling expenses in the first half of the year, the relatively large advertising expenses increased by 38%, and the market development expenses increased by 190%, which is related to the company’s annual increase in out-of-province market expansion, basic market investment expansion, and terminal expansion investment.
The number of terminals at the end of the company was 31.
90,000, 46 by the end of May.
80,000, with an annual target of 550,000.
Profit forecast and rating: The “13313” pattern determined by the company this year, that is, a base market (Shanxi), three major sectors (Beijing-Tianjin-Hebei, Yulu, Shaanxi-Mongolia), three small market sectors (East China, Two Lakes, Southeast),13 An opportunistic market outside the province. The province has a stable tone to ensure healthy development. Outside the province, apart from the traditional advantage market in Shanxi, the rest are more focused and targeted.
From January to May outside the province, the growth rate reached more than 50%, and 22 markets were estimated. In the first half of the year, Inner Mongolia, Shandong, and Beijing each doubled, 70%, and 40%.Dazzling.
The company’s sales expenses in the first half of the year were faster than revenue, and more was spent on shaping the brand’s high-end image to guide end consumers and create consumption levels. There were also advances for some activities in the second half of the year.go.
It can be seen that each product since this year has gradually implemented a gradual system, more accurately controls the health of the channel operation, the market price of products has steadily increased, and dealers’ confidence has become stronger and stronger.
Since last year, the Group’s overall liquor assets listing has accelerated, and the brand slimming plan has been completed since the third quarter of 2018. The company has also set up a marketing reform office to take the Fen liquor brand as the leader and accelerate the sharing of resources with Zhuyeqing, Xinghuacun and Fen brand liquorAnd synergistic development.
We are optimistic about the company’s solid and excellent market in the province and the momentum of rapid development outside the province.
The EPS in 2021 is 2.
54 yuan / share, 30 times next year, with a target price of 88.
5 yuan, buy rating.
Risks suggest contradictory changes in the macro economy, and liquor sales are lower than expected;