Sheshe Liquor and Jiugui Liquor report good results in 2021, and the year-on-year increase in net profit is expected to double

On the evening of January 18, Shede Liquor Industry (600702) released a pre-increased performance announcement for 2021. It is expected to achieve a net profit of 1.23 billion to 1.28 billion yuan that year, an increase compared with the same period last year. 650 million to 700 million yuan, a year-on-year increase of 112% to 121%; non-net profit is expected to be 1.19 billion to 1.24 billion yuan, an increase of 640 million yuan to 690 million yuan compared with the same period last year, a year-on-year increase of 116% to 125%.

In response to the above performance situation, Sheshe Wine Industry stated that due to the impact of the epidemic in the same period of 2020, the operating performance base was low, and the net profit for the year was 580 million yuan. Entering 2021, as the domestic epidemic is gradually under control, the mid-to-high-end liquor consumption market has picked up significantly. It is worth mentioning that due to factors such as the gradual acceptance of the old wine strategy of Shede Liquor Industry by the market, the operating income of listed companies is expected to increase by about 83% compared with the same period last year, and the operating performance will increase significantly compared with the same period last year.

Recently, Shede Wine Industry caused controversy due to a guest invited by the sponsored program "Shede Wisdom People". A large number of netizens flocked to live broadcast rooms, Weibo, stock bars and other platforms for discussion. Since January 13, the investor interaction platform, which was originally relatively deserted, has suddenly become popular. Almost all questions raised by Baitiao focus on the controversial guests of the above-mentioned program. The relevant questions are mainly: What is the relationship between Shede and Yang Li? Why should we promote her on Weibo?

On the afternoon of January 17, Sheshe Wine responded to the above question: "Sheshe Wisdom People" is a character interview program sponsored by the company. The company does not hold a specific position on the guests invited to the program. Sheshe Wine There is no commercial cooperation relationship with Yang Li. Shede Liquor Industry further pointed out that the listed company has always adhered to the "old wine strategy", "dual brand strategy", "internationalization strategy" and "rejuvenation strategy" and is committed to providing high-quality ecological liquor to consumers.

The response of Sheshe Liquor Industry may have been recognized by capital market investors. In the trading on January 18, the stock rose strongly in early trading, leading the rise of the entire liquor sector. In the end, Sheshe Liquor Industry rose more than 5 percentage points throughout the day, returning to the 200 yuan mark to 203.88 yuan/share.

Returning to Shede’s fundamentals, if we look at the product structure, the two major brands of Shede and Tuopai currently account for 80% and 20% of the revenue respectively. Among the Shede brands, other high-end Shede products such as Taste Shede, Wisdom Shede, Shezhidao, and Collection Shede account for approximately 60%, 20%, 20%, and 10% of the revenue respectively.

According to the brokerage research report, currently, the approved prices of Tasteful and Wisdom are about 365 yuan and 455 yuan, showing a steady upward trend, and the inventory is at a low level in the past three years. Judging from the future price system goals, Shede Winery will focus on creating a complete product sequence with taste products priced at 400 yuan to 600 yuan, smart products priced at 600 yuan ~ 800 yuan, collection products priced at 800 yuan ~ 1,000 yuan, and ultra-high-end products priced at more than 1,000 yuan. .

From the perspective of Tuopai brand, in the first half of 2021, the increase of Tuopai customized products is aimed at restoring Tuopai. In the second half of the year, Tuopai series products will be tightened. The focus of investment in the coming year will still be Tuopai. And it will follow the route of big business and good business; in addition, high-end light bottle wine will also be one of the main varieties in the future.

In addition to Shede Liquor Industry, Jiugui Liquor (000799) also brought a beautiful performance forecast to investors. It is expected that during 2021, the listed company will achieve a net profit of 880 million to 950 million yuan Yuan, a year-on-year increase of 79%~93.24%; excluding non-net profit, it was 873 million~943 million yuan, a year-on-year increase of 98.54%~114.46%.

Jiuguijiu said that in 2021, the company's brand value will continue to increase, market expansion will steadily advance, and terminal construction will continue to be strengthened. During the reporting period, Jiugui Liquor's sales revenue increased significantly, with estimated revenue of approximately 3.4 billion, a year-on-year increase of approximately 86%.

According to the brokerage research report, the current wholesale price of Jiugui Liquor is stable, with the internal reference price of about 830 yuan, Hongtan 20 about 400 yuan, and Hongtan 18 about 300 yuan; the overall inventory is benign, about 1.5 months in Hunan Province , about 1.5-2 months outside the province; the proportion of payment has increased, and the proportion is expected to increase to 35% in the first quarter. The brokerage judged that Jiugui Liquor is expected to have a good start. Feedback from channels shows that the internal reference volume will double in 2021 and is expected to continue stable price growth this year, with a sales target growth rate of more than 60%.