Gujing Gongjiu (000596) Annual Report Commentary: Bright operating data continues to exceed expectations
The profit growth rate in 2018 exceeded expectations, and the first quarter of 2019 achieved a good start. In 2018, Gujing Gongjiu achieved operating income of 86.
86 ‰, an increase of 24 per year.
65%; realize profit 23.
69 ppm, an increase of 46 per year.
94%, the performance exceeded the established operating income of 79 set in 2017.
6.5 billion, profit 19.
With an annual operating target of US $ 3.9 billion, the company’s net profit attributable to mothers exceeded our expectations.
In the first quarter of 2019, the company’s operating income was 36.
69 ppm, an increase of 43 in ten years.
31%; net profit attributable to mother 7.
8.3 billion, an increase of 34 in ten years.
The company’s 2019 operating goal is to achieve operating income of 102.
About 2.6 billion, with a total profit of 25.
1.5 billion, an increase of 17 each year.
19%, we adjusted the EPS for 19-21 to 4.
60 (up 20%), 5.
90 (up 30%) and 7.
66 yuan, maintain “Buy” rating.
The report pointed out that the company has launched a variety of new products, and the proportion of liquor sales has further increased in 2018. The company has launched a new version of its original pulp, China Fragrance, which has been listed for 20 years, and has launched a series of new products such as Xiaozizi Wine and Huanghelou Daqing Fragrance.
The 南京夜网 quality of wine puree products has been comprehensively upgraded, further highlighting the taste style, and constantly satisfying the market with the ultimate wine.
In 2018, the company’s liquor business product operating income was 85.
20 ppm, an increase of 24 in ten years.
89%, accounting for 97% of the company’s revenue from 2017.
90% increased to 98.
09%; driven by the increase in the proportion of high-end products, the gross profit margin of liquor products increased by 1 year-on-year.
28 up to 78.
In Q1 19, the company’s gross profit margin was 78.
21%, down from the same period last year.
The sales expense ratio remained high. The company expanded the R & D investment intensity report scale. The company focused on market construction and consumer growth, focused precisely, optimized 南宁桑拿 resource allocation, and improved the accuracy of cost placement and use.
In 2018, the company’s selling expenses were 11.
68 ppm, an increase of 23 in ten years.
61%, selling expenses 30.
88%, a slight decrease of 0 compared with the same period last year.
26 units. In the first quarter of 2019, the company expanded its marketing efforts with a sales expense of 11.
68 ppm, a 47-year increase of 47.
06%, sales expense ratio increased to 31.
In 2018, the company increased investment in research and development, and the number of research and development personnel reached 968, an annual increase of 56.
13%, R & D expenses are zero.
24 ppm, an increase of 91 in ten years.
The net cash flow from operating activities increased, and the advance receipts in 19Q1 were basically the same as at the end of last year in 2018. The cash received from sales of goods and the provision of labor services increased, and the company’s net cash flow from operating activities was 14.
41 trillion, an increase of 54 in ten years.
78%; In the first quarter of 2019, the company’s net cash flow from operating activities was 3.
32 ppm, an increase of 421 in ten years.
In 2018, the company’s advance receipts were 11.
49 trillion, an increase of 6.
46 ppm; In the first quarter of 2019, the company received advance accounts11.
1.5 billion, basically unchanged from the end of last year.
The company expects heavy volume of high-end products and maintains a “buy” rating. We believe that in 2018 the company focuses on consumer education for high-end products.
21 years of sales revenue 112.
55 (up 10%), 141.
48 (up 20%) and 175.
1.2 billion, an increase of 30%, 26% and 24% each year.
At the same time, the company will focus precisely on the release of costs and optimize the allocation of resources. We lowered the sales expense ratio for 19-21 (down 1).
4 and-individuals), 19-21 EPS to 4.
60 (up 20%), 5.
90 (up 30%) and 7.
66 yuan, the average PE of comparable companies is 23.
2 times, considering that the company is still in a period of rapid expansion, given 28 in 2019?
30 times PE estimates, the target price range is 128.
00 yuan, maintain “Buy” rating.
Risk Warning: Market competition is intensifying, market demand is not as expected, and food safety issues.