Zhou Laojiao (000568) Interim Review: High-end Brand Potential Releases Driving High Performance

Zhou Laojiao (000568) Interim Review: 杭州桑拿网 High-end Brand Potential Releases Driving High Performance

The performance of the interim report maintained a high growth, highlighting that the brand potential company released the 2019 interim report, with revenue of 80 in 2019H1.

1.3 billion / + 24.

81%, net profit attributable to mother 27.

50ppm / + 39.


Among them, 2019Q2 revenue was 38.

4.4 billion / + 26.

0%, net profit attributable to mother 12.

3.5 billion / + 36.

2019H1 advance payment 13.

92 ppm / + 27.

2%, income plus advance receipts 94.

05 percent + 25 percent.

What do we expect the company 2019?
Realize net return to mothers in 2021 46.



560,000 yuan, an increase of 32 in ten years.

0% / 26.

2% / 23.

2%, corresponding to an EPS of 3.



89 yuan.

Current highest correspondence 2019?
The 杭州夜生活网 PE in 2020 is 28.



3 times.

In the Year of Charge 2019, the high-end country cellar leads, the brand empowers channels, the mid-range wines are orderly, and maintains the “highly recommended” level.

Guojiao continued to grow rapidly, and mid-range wines continued to generate 43H1 premium wine revenue in 2019.

1.3 billion, accounting for 54.

45%, an increase of 30.

47%; Guojiao keeps abreast of the high-end wine boom, pays close attention to the target, and uses a series of steps to effectively adjust the price of the product, including “stop-off reward prices” and a dual-track price system (such as an unplanned price increase of 30 yuan).Market inventory and channel profit margins. At present, the market transaction price is close to 900 yuan. It is estimated that so far, more than 80% of the tasks in key regions such as central and northern China have been completed.

2.4 billion, accounting for 28.

07%, an increase of 35.

14%; Luzhou Laojiaotou Special Qu accelerates the sinking of channels and investment in weak areas. The brand squeezes the real estate wine and the relay increases. The special version 60 is positioned as the second-highest, and it will be sold in groups.Billion big singles; low-end wine revenue 13.
8.4 billion, accounting for 17.

48%, an increase of 0 every year.

Part of the head song of Boda Company, Erqu products resumed growth.

The profitability has been steadily improved, cash flow has increased significantly, the company’s product structure has been optimized and overlapping price increases have driven the increase in gross profit margin.

79pct to 79.


Rising gross profit margins have helped push up net interest rates2.

98 points to 34.


The period expense rate is 22.

53%, an annual increase of 0.

08 points.

Selling / administrative expense ratios were 19 respectively.

20% / 4.

53%, an increase of 0 from the previous.

64/1 point down.

Net operating cash flow of the company in the first half of the year17.

07 million yuan, an increase of 316 in the previous period.

36%, mainly due to the increase in cash received from sales of goods in the current period.

Risk reminder: severe macroeconomic fluctuations lead to reduced risk of demand for high-end liquor, high-end liquor prices such as Moutai risk falling rapidly, intensified competition leads to a large increase in expense ratios, regional expansion risks, food safety risks, etc.