1. The company’s abbreviation is Wuliangye, and its full name is Yibin Wuliangye Co., Ltd., stock code 0008582. Macroeconomic analysis: At present, due to high inflationary pressure, the country pays more attention to price fluctuations, and the alcohol market has also become a national an area of ??concern for relevant authorities. In order to avoid price increases in the alcohol industry, the China Alcoholic Drinks Distribution Association has called on relevant alcohol companies to take social responsibility and set prices rationally through internal industry notifications. The association has communicated with leaders of industry leaders such as Moutai and Wuliangye, hoping that they can assume the social responsibility of stabilizing prices and take the lead in responding to the national call. Regarding the current market conditions, prices in the alcohol market have basically stabilized, and no price fluctuations are expected within half a year. However, under the conditions of market economy, the adjustment of product prices and structure of alcohol companies is a normal market behavior, and price increases will be a major trend. Facing the current market situation, alcohol companies can restrain their price increase expectations to a certain extent, but since pricing power is still in the hands of companies, companies still play a key role in price control. 3. Annual analysis: In 2010, the company closely focused on the corporate spirit of "innovation and advancement, always striving for first place", all work has been improved to a higher level, and operating performance has continued to improve steadily, laying a solid foundation for all work in the coming year. . In 2010, the sales of Wuliangye series wine increased by 23.67% over the same period of the previous year; the total operating income was 15.541 billion yuan, a year-on-year increase of 39.64%; the net profit attributable to the parent company was 4.395 billion yuan, an increase of 35.46% over the same period of the previous year.
The company continues to improve its management level to ensure product quality and safety. The quality management system operates efficiently and has been highly recognized by the country and the industry. The product quality has been widely praised by society and consumers. It has won the "Outstanding Organization Award for the 10th Anniversary of the National Quality Award (2001-2010)" and "China's Most Social Food Safety Award". Responsible Enterprise" and many other awards, including 5 at the national level, 6 at the provincial level, and 3 at the municipal level.
The company correctly uses laws and regulations such as trademarks, patents, and works to maintain brand image and enhance intangible assets; it strengthens anti-counterfeiting and rights protection measures, and continuously rectifies and purifies the market. The company enthusiastically participates in public welfare undertakings, never forgets its social responsibilities, and has made outstanding contributions to social welfare and charity. It won the "Top Ten Public Welfare Enterprises in the Eighth China Financial Ranking in 2010" award. The corporate image and brand image can be further improved.
In 2010, the brand value of "Wuliangye" increased again, reaching 52.616 billion yuan, ranking first in the food industry and ranking 4th among China's most valuable brands. The company's operations have been further standardized and recognized by the capital market. It has won many honors such as "China Securities 20-20 Most Sustainable Growth Listed Companies", "Top 100 Golden Bull Listed Companies", etc. The company's chairman was also awarded "China's Listed Companies" "Top Ten Most Respected Meritorious Entrepreneurs" and "Top Ten Chinese Economic Leaders".
4. First quarter company analysis: Wuliangye achieved sales revenue of 6.2 billion in the first quarter, a year-on-year increase of 39%, net profit of 2.1 billion, a year-on-year increase of 37%, and EPS of 0.55 yuan. The company's first-quarter performance slightly exceeded expectations, mainly due to the rapid growth of mid-to-high-end products and the low base in the same period last year.
The structural factors of high-end control volume and mid-end volume expansion have led to a decline in gross profit margin
Due to the bottleneck of new cellar production capacity and the impact of the increase in market retail prices in the first quarter, the company's main products in the first quarter The brand has implemented certain volume controls, resulting in low sales growth. At the same time, the company has strengthened the sales of mid-range products this year, which has also resulted in a general 20-30% increase in sales of series wines. Therefore, structural factors caused gross profit margin to drop by 4 percentage points in the first quarter compared with the same period last year.
Market value management, performance release drives profit growth beyond expectations
The company will continue to promote market value assessment this year, so the company also has the motivation to ensure rapid growth in performance. In the first quarter of last year, due to market reasons, there was insufficient performance release, and the profit growth rate was the low point of the whole year. This year's performance has been released normally, leading to a higher growth rate. At the same time, dealers were active in making payments, and advances received increased by 550 million month-on-month.
Appropriate volume increases and price increases for the main brand will maintain rapid growth in the second half of the year
The company has recently begun to gradually increase the amount of main brands. At the same time, if CPI can be alleviated, before the Mid-Autumn Festival The main brand is more likely to raise prices. At present, the Wuliangye market price for a batch is 730-740 yuan, which is 200 yuan higher than the ex-factory price. There is a high probability of a price increase of about 100 yuan in the second half of the year. It is expected that Wuliangye may increase its sales volume by 15% this year and raise its price by 20%.