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Moutai, Guizhou (600519): Demand continues to be strong and performance achieves steady growth

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Moutai, Guizhou (600519): Demand continues to be strong and performance achieves steady growth
In the first three quarters of 2019, the company’s revenue increased by ten years16.64%, net profit attributable to mothers grows by 23.13% The company achieved operating income of 609 in the first three quarters of 2019.35 ppm, an increase of 16 in ten years.64%; net profit attributable to mother is 304.55 ppm, an increase of 23 in ten years.13%; basic return is 24.24 yuan, the performance is slightly lower than our expectations.In the third quarter alone, the company achieved total operating income of 223.36 ppm, an increase of 13 in ten years.28%; net profit attributable to mother is 105.30,000 yuan, an increase of 17 years.11%.In the first three quarters, the company’s product demand continued to be strong and its performance maintained steady growth.We estimate that the company’s EPS for 2019-2021 will be 35.76 yuan, 45.47 yuan and 54.26 yuan, maintain “Buy” rating. Moutai’s revenue has achieved steady growth, and the company’s gross profit margin has reached 91.49% In the first three quarters of 2019, the company’s Moutai continued to maintain rapid growth, and Moutai achieved revenue of 538.3.2 billion, an annual increase of 16.36%; series of wine realized income of 70.380,000 yuan, an increase of 18 in ten years.60%. In the third quarter alone, the company’s Moutai liquor achieved revenue of 190.37 ppm, an increase of 12 in ten years.76%; series of wine realized income 23.83 ppm, an increase of 22 in ten years.77%.In the first three quarters of 2019, the company’s gross profit margin reached 91.49%, an increase of 0 over the same period last year.37 units. The revenue growth rate of the company’s direct sales channels narrowed month-on-month, and the dealer team continued to adjust in the first three quarters of 2019. The company continued to clean up and eliminate some sauce-flavored wines. The number of internal dealers was 2,401, and the number of foreign dealers106; Reported a decrease of 616 domestic distributors nationwide, including 494 distributors of sauce series.In terms of sales channels, the company’s direct sales revenue for the first three quarters was 31.30,000 yuan, down 19 every year.82%, a decrease from the first half of the year, direct sales revenue accounted for 5 of the company’s liquor revenue.1%; the wholesale channel realized revenue of 577.67 ppm, an increase of 杭州夜生活网 19 in ten years.53%, wholesale income accounted for 94% of liquor income.9%.In the first three quarters, the company’s domestic sales were 589.5.6 billion, an annual increase of 16.85%; foreign sales 19.14 ‰, an increase of 9 in ten years.75%. Expected sales expense ratio 4.12%. The advance payment was lower than that in the first half of the year. Driven by the increase in product sales, the company received 661 cash in the first three quarters of selling goods and providing labor services.68 ppm, an increase of 14 in ten years.84%; the company received advance accounts 112.5.5 billion, compared with 122 in the first half.5.7 billion decreased by 10.20,000 yuan.Reported quantity, company selling expenses 26.1.4 billion, down 8 a year.14%, selling expenses 4.12%, a decrease of 1 over the same period last year.06 averages.Under 成都桑拿网 the influence of rising gross profit margin and falling sales expense ratio, the company’s net sales margin reached 53.19%, an increase of 2.33 units. The company’s performance may maintain rapid growth, maintaining the “Buy” rating. We believe that the company’s terminal supply and demand will continue to be in a tightly balanced state, and the company’s performance may maintain stable growth. What do we expect from Guizhou Moutai 2019?In 2021, sales revenue will be 927.81 ppm, 1151.500 million and 1357.410,000 yuan, an increase of 20%, 24% and 18% each year; EPS is 35.76 yuan, 45.47 yuan and 54.26 yuan, a year-on-year increase of 28%, 27% and 19%.The average PE of a comparable company in 2020 is 29 times.32 times PE estimates that due to conversion, the target price range is raised to 1318.63 yuan?1455.04 yuan, maintain “Buy” rating. Risk warning: industry competition intensifies, macroeconomic performance exceeds expectations, and food safety issues.