Moutai, Guizhou (600519): Giants make further strides to complete preliminary goals and firm determination

Moutai, Guizhou (600519): Giants make further strides to complete preliminary goals and firm determination
Event: The company releases a semi-annual report, which reports that the company can achieve revenue of 394.880,000 yuan, ten years +18.24%; net profit attributable to mother 199.51 ppm, +26 for ten years.56%; revenue of 178 in the second quarter of 2019.4.3 billion per year.01%; realized quarterly profit of 92.810,000 yuan, ten years +19.12%; basic income 15.88 yuan; interim report does not pay dividends.  Investment points The operation is moving forward steadily, with abundant cash flow. 2019H1 achieved operating income of 394.880,000 yuan, ten years +18.24%; net profit attributable to shareholders of listed companies was 199.51 ppm, +26 for ten years.56%, the growth rate of net profit is higher than revenue, from one aspect also shows that the company has achieved practical results in improving product structure and channel reform.Benefiting from the company’s increased revenue and the completion of the dealer’s payment plan, the company achieved operating income of 178 in the second quarter alone.4.3 billion, +12 per year.01%, achieving a net profit of 92.810,000 yuan, ten years +19.12%, reduction income 189.0.6 billion, +50 per year.16% of which were bills receivable from 5 in the first quarter.6.3 billion to 7.10 billion, +36.53%; the quarterly advance account stocks have ended a continuous negative growth since the third quarter of 2017, and the second quarter of 2019 account advances 122.570,000 yuan, +23 a year.30%, +7 from the previous quarter.62%; operating net cash flow 228.97 ppm, +78 for ten years.89% are abundant in cash.  The product structure is upward, and the ton price continues to rise.The reported quantity of Moutai achieved sales revenue of 347.95 ppm, Q2 achieved 152.97 ppm, +12 for ten years.32%, the main department (1) according to Moutai 1 in the first half of this year.4 The actual shipment volume of the baseline increased by a large amount compared to the previous year, contributing more than 50% of the increase; (2) Q2 non-standard volume was increased, which also pushed the ton price of Maotai in Q2 to 2.35 million/ Ton, + 3% MoM; revenue growth achieved both volume and price.In addition, the series of wines achieved 46 in the first half of the year.500 million, +16 a year.57%, under the continuous upgrade of the product structure, the price of series wine ton wine is about 290,000 tons / ton, which is an increase of 7杭州夜网论坛.twenty four%.  Quality and channel control, the performance of the second half is more certain.The company reports that it has completed the production of base wine4.53 of them, including the production of Moutai base wine 3.44 For the first time, the output of a series of wine-based wines1.At the beginning of 09, the output of Moutai was steadily increasing under the guarantee of quality.19H1’s direct sales revenue was 16.At the end of the reporting period, Moutai had a total of 2,415 domestic distributors. In the first half of the year, the company continued to clean up and eliminate some sauce-flavored wine dealers, adding 21Distributors decreased by 494.According to the physics report of the wine industry website, Chairman Li Baofang said that in the second half of the year, the chairman of the National Distributors 杭州桑拿洗浴会所 Association of Maotai Liquor would plan to increase the volume of Maotai Liquor1.8 is the lowest. At present, it is mainly to increase the number of directly operated stores and supermarkets, followed by the gradual volume of subsequent direct sales channels, and the performance of the second half of the year is more certain.  Investment suggestion: The company stated that in the second half of this year, it will continue to “fine the main business and strengthen the industry”. In June, it has completed the gradual payment of dealers, locked the expected performance in advance, and waited for the expansion of subsequent direct sales channels.We predict that the company’s annual revenue from 2019 to 2021 will be 33.29, 38.95 and 43.07 yuan, corresponding to the current PE26X / 22X / 20X, a buy-A recommendation is given.  Risk Warning: Weak terminal consumption, lower than expected price increase, related accounting policies

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