Core ideas:
1. Event
The company released its 2013 annual report that the company's revenue for the current period was 550 million yuan, down 10.8 percent from the same period last year. The net profit belonging to shareholders of listed companies was 15.73 million yuan, up 58.1 percent from the same period last year, and basic earnings per share was 0.019 yuan per share, an increase of 57.7 percent over the same period last year.
two。 Our analysis and judgment
(1) the initial effect of the transformation of the company
Revenue from finished wine increased by 12.30% in 2013, higher than the 9.56% growth rate of the wine industry. During the reporting period, the company accelerated brand building, actively opened up the market, improved management efficiency, strengthened cost control, adjusted liquor sales structure, and increased gross profit margin by 4 percentage points. Although the operating profit was negative due to the increase of sales expense rate and financial expense rate by 8 and 6 percentage points respectively, the company increased its asset disposal efforts and achieved a net profit of 8.8 million yuan.
We believe that if the non-public offering project is implemented smoothly, it will further improve the company's marketing and logistics system, on the one hand, improve the network coverage of the company's products in the country, and realize the sinking of the channel and the flattening of the sales channel. On the other hand, the company designs the functions of these outlets according to many levels, such as "experience hall", "specialty store", "counter", "tobacco hotel" and so on, and builds them into the display platform and consumption experience platform of the company's alcohol products. in order to deepen cooperation with dealers, enhance the enterprise's own market control and distribution ability, so as to establish a distinct level, orderly division of labor marketing network.
(2) pay attention to the probability of the company's performance outperforming the industry
In 2013, China's wine industry experienced a cold winter. From January to December, the cumulative output of China's wine industry was 11783 million liters, a year-on-year growth rate of-14.59%. In terms of monthly output, since April, monthly output began to grow negatively compared with the same period last year, and there is a trend of gradual increase. The absolute value of output rebounded weakly in December, but it still declined sharply compared with the same period last year, and the outlook is hardly optimistic.
3. Investment suggestion
Pay attention to the change of the company's transformation from a production center company to a marketing service company, and give it a "cautious recommendation" rating; of course, given the uncertain background of the industry, considering last year's performance, we do not look forward to the company's performance in 2014.
