Home sqemtykmShuijingfang (600779): Revenue and profit in the first quarter exceeded expectations and continue to be optimistic about the company’s high growth capacity

Shuijingfang (600779): Revenue and profit in the first quarter exceeded expectations and continue to be optimistic about the company’s high growth capacity

Shuijingfang (600779): Revenue and profit in the first quarter exceeded expectations and continue to be optimistic about the company’s high growth capacity

The event company released the 2018 annual report and the 2019 first quarter report. The company achieved operating income in 201828.

190,000 yuan, an increase of 37 in ten years.

6%, to achieve net profit attributable to mother 5.

79 trillion, an increase of 72 深圳桑拿网in ten years.

7%, corresponding to a basic EPS of 1.

19 yuan.

Among them, the operating income in the fourth quarter was 6.

80 ppm, an increase of 17 in ten years.

9%, realizing net profit attributable to mother 1.

170,000 yuan, an increase of 26 in ten years.


The company achieved operating income from January to March 20199.

30 ppm, an increase of 24 in ten years.

2%, to achieve net profit attributable to mother 2.

19 ppm, an increase of 41 in ten years.

2%, exceeding expectations.

Brief comment The growth rate in 18Q4 has slightly declined, and the growth in 19Q1 has been high and high. The revenue and profit exceeded expectations. The company achieved operating income in 2018 of 28.

190,000 yuan, an increase of 37 in ten years.

6%, of which recurring business (excluding loose wine) income27.

9.5 billion, an increase of about 40% in ten years.

Fourth quarter revenue increased by 17.

9%, slightly down from the first three quarters (Q1-Q3 increased by 87.

73%, 33.

03%, 27.

21%), compared with 18Q1 + 87 in 19Q1.

At a high base of 73%, it still increased by dozens.

2%, outstanding performance, exceeding expectations.

Balance of advance receipts at the end of the fourth quarter of 20181.

6 billion, an increase of 1 from the previous month.

24ppm; The balance of funds received in advance at the end of 2019Q1 is 0.

41 trillion, a decrease of 1 chain.


Considering the change in revenue + advance receipts, the combination of 2018Q4 + 2019Q1 shows an increase of 20%.

In terms of regions, the revenue from other provinces increased by 43 in 18 years.

86%, the province’s revenue is flat with 17 years, the growth mainly depends on the high volume of key core markets outside the province.

Volume and price rose in 18 years, Shuijingfang series continued to increase rapidly, the high growth in 19Q1 mainly depends on Shuijingfang series’ 18-year income increased by 37.

The increase in volume and price of 6% of the main sustainable Shuijingfang series has led to rapid revenue growth. In terms of products, the revenue of Shuijingfang series increased by 41 in 18 years.

66%; mid-range wine, casual wine income fell by 5.32% and 53.

17%; distribution volume: Shuijingfang series volume increased by 31.

26%, 15 drops of mid-range wine.

32%, loose wine 55.

97%; by price: the company’s overall ton price in 2018 is 30.

4 million / ton, an annual increase of 58%, a large increase in the main bulk wine sales significantly reduced, if you only look at the finished wine, the ton price is about 39.

72 million / ton, an annual increase of 10%, mainly due to the contribution of price increases.

1Q1 revenue previously increased by 24.

2%, of which Shuijingfang series increased by 28.

31%, the total ton price of the company in 2019Q1 is equivalent to that of the finished wine, about 39.

830,000 yuan / ton, about 1% previously.

Gross profit margin, net profit margin continued to increase, the company’s management lean, management costs continued to decline. The company benefited from price increases and scale effects in 2018, and its gross profit margin increased by 2.

8pct to 81.

9%, 2019Q1 continues to increase by 1.

8pct to 82.

6%; Net profit margin increased by 4 in 2018.

2pct to 20.

6%, 2019Q1 increased by 2.

8 points to 23.

5%, mainly from the increase in gross profit margin and cost lean; the sales expense ratio increased by 3 in 2018.

4 points to 30.

3%, down by 2 in Q1 2019.

3pct to 29.

8%; but in the future 5?
Within 10 years, the company will continue to maintain certain expenses in brand building, which will help support the company’s long-term, healthy and sustainable development. It is expected that the scale of sales expenses will not decrease; the management expense rate will continue to decline, reflecting the company’s lean management and expense rate.Decrease by 1 in 2018.

5 points to 9.

6%, down by 1 in Q1 2019.

7 points to 5.


Business plan for 2019: revenue growth of 20%, net profit after tax increase of 30%, conversion of the company’s layout in the country’s deep distribution network, and penetration in 5 + 5 + 5 core provinces, the company expects sales revenue to continue to grow (volume-driven(Mainly), the company plans to complete sales revenue in 201933.

USD 8.3 billion, with an annual growth rate of 20%; With the economic scale effect brought by the business expansion and continued expansion in the expansion of brands and talents, the company’s net profit margin is expected to continue to increase. It is planned that net profit after tax will increase by 30% in 2019 to7.

5.3 billion.

The company’s main product line is positioned at 300?
600 price bands, sub-high-end product lines, mainly Jingtai and Zhenjing No.8, have grown by 40% / 30% in 18 and 19Q1 respectively. We are always optimistic about the expansion of the sub-high-end price bands in the context of consumer upgrades.

Profit forecast and investment recommendations for companies expected in 2019?
Income in 2021 will be 34.

39, 41.

27, 49.

52 ppm, an increase of 22 in ten years.

0%, 20.
0%, 20.

0%, the expected net profit attributable to mothers is 7, respectively.


96 ppm, an increase of 30 in ten years.

4%, 24.

9%, 26.苏州夜网论坛

7%, corresponding to a basic EPS of 1.

55, 1.

93, 2.

45 yuan, the latest bid (4.

26) 47.

09 yuan corresponding to 2019?
The dynamic PE in 2021 is 30.


4, 19.

2 times.

Raising the target price to 56 yuan and maintaining the “buy” rating risk indicates that national expansion has fallen short of expectations and the competitive environment in the sub-high-end market has deteriorated.