Wuliangye (000858): Steady progress in the post-100 billion era. Marketing reforms are steadily and deeply conducive to the return of brand value.
The event company participated in the 1218 dealer conference, summarized the key work in 2019 and disclosed the 2020 plan.
In 2019, the group achieved 100 billion goals, and the company’s revenue scale exceeded 50 billion. The company’s marketing reform and digital reform have steadily advanced. In 2019, it will complete organizational structure reform and digital system launch. Digital marketing will be fully implemented in 2020. Data empowerment will promote the marketing process.Management level to support the company’s favorable and sustainable development.
Brief comment on the successful conclusion of 2019.
Marketing organization, digital reform, and reform of the brand system have achieved good results, and successfully completed the goal of revenue. The group exceeded 100 billion, and the joint-stock company is expected to exceed 50 billion.
The key reforms of the company in operation are three aspects: 1) In the marketing organization, the main brand has completed organizational changes. The original 7 major theaters have been transformed into 21 marketing theaters, 60 bases, and a brand department has been established for series wines to complete a series of wines and fruit winesThe integration of health wines; 2) The digital initial test, the full-line code scanning system; 3) In the brand system, the eight major generations of Wuliangye have successfully replaced, and the series of wines continue to clean up the product brands.
These reforms effectively improved the control of the company’s marketing channels, helped the price of core products to increase from the initial 800 to the current 910-930; at the same time, the digital system was implemented, and the company grasped the actual sales and operating capabilities of the channels and distributors from the data scale., The current inventory level is the highest (below 10%), exceeding the industry average of 20?
Deepen reform in 2020.
Digital marketing has gradually come to an end and the brand strategy has continued.
On the basis of organizational advancement (preliminary) and digital landing (online scanning system) in 2019, the company will promote in-depth operation of data. Through in-depth analysis of channels and terminal data, the company will: 1) strengthen the detailed management capabilities of the theater, and promote marketing and marketing.Reorganize the organizational process, reduce the size of the headquarters and balance, and control the sales data of the merchants in the theater size; 2) Optimize the merchant structure, increase the number of traditional dealers, strengthen the support for group purchase customers, focus on supporting service-oriented dealers, and realize the matching of business quotas and capabilities; 3) The data is linked to the KPIs of employees and channel assessment. In 2019, the company’s rewards to dealers have reflected the trend of digitalization and quantification. The company notified the rewards of 2006 dealers, and disclosed the self-operated for major brands and wine brands in 2020.The corresponding reward clauses for brands and general distribution brands increase quantitative assessment and weaken qualitative assessment.
In addition, in terms of product brands, the company will further improve the brand system. In 2020, it is expected to launch the ultra-high-end products 501 Mingchi Qingchi, the new 80 version of the classic Wuliang and 39 degrees Wuliangye.
After the digital marketing is gradually and comprehensively implemented, it will 杭州夜网 help the company to improve the management level of the marketing process, meet the main points of the current approval price management, and support the steady and healthy improvement of product approval prices.
The growth target of 2020 is rational, and the focus of work is on the quality of growth, which is conducive to the return of brand value and the company’s long-term development.
The company disclosed that it plans to increase sales of core products in 2020 5?
More than 8%, revenue growth is more than double digits.
It can be seen that the company’s focus in the coming year is to maintain a stable rise in the approval price, relatively rational targets for volume and scale, and the continuous development of a gradual development strategy, which is conducive to the return of medium and long-term brand value 厦门夜网 and the company’s long-term development.
The structural prosperity of the industry has continued. The company has made steady progress in the post-billion-year era, and the reform dividends are expected to release growth space.
Driven by consumption upgrades and increased concentration of leading enterprises, the structural prosperity of the liquor industry is expected to continue, the improvement and weakening of high-end liquor leaders, the advantages of high-end liquor leaders continue to expand, and they still face structural development opportunities.
The company is expected to achieve a group company size of 100 billion in 2019 and a joint-stock company size of more than 50 billion. In the post-100 billion era, the company will continue to deepen reforms, strengthen management and control, and reform dividends to promote sustained release: (1) productsIn terms of the main brand and series of liquor brands, the strategic direction has been established and steadily advanced. In terms of the main brand, the backbone of the eighth generation Wuliangye has been successfully replaced. Next year, it will launch the ultra-high-end products 501 Mingchi and Qingchi. At the same time, it will launch 80 classic Wuliangye and 39 degrees Wuliangye(2) In terms of channels, the price of core products for the fifth batch has risen steadily, and channel confidence has increased significantly. Through digital empowerment, the company’s channel management level is expected to continue to improve. The brand value is expected to stimulate channel vitality, and the reform dividends can be expected.
Profit forecast and investment recommendations
The revenue in 2021 will be 505.
70,000 yuan, an increase of 26 in ten years.
2%; net profit is 179.
90,000 yuan, an increase of 33 in ten years.
6%; corresponding EPS is 4.
The company’s latest consensus 129.
10 yuan, corresponding to 2019?2021 dynamic PE is 28.
Maintain target price of 166 yuan, corresponding to a dynamic PE of about 29 in 2020.
Risk reminder: The price of high-end wine gradually fluctuates, and the reform progress is less than expected.