1. The first brand of health wine, focusing on the main business and seeking growth
The sixth China bottle Cup Hainan Coconut Island surpassed the strong brand with a brand value of 11.2 billion yuan to become the first brand of health wine. As a veteran Haikou state-owned health wine enterprise listed in 1999, the coconut island deer tortoise wine produced by professionals is respected by professionals with the formula that follows the concept of traditional Chinese medicine and has experienced a hundred years of market practice. However, due to the wide range of business involved since the listing of the company, and has been facing equity struggle, the health wine business has always been difficult to become a climate. As early as 2005, the company proposed the integration of resources, began to shrink the trade business, and established the wine industry as the core business. In terms of health wine, change the market positioning, shift the original gift wine to the catering market, aim at the mass consumption of personal health care needs, at the same time make multiple adjustments in prices and product regulations, redistribute the sales market in 2014, and comprehensively reform and adjust the mode of operation. In terms of liquor, the company straightened out the price system of low-cost liquor, dominated by Haikou Daqu, Sanjiaochun and Hainan rice wine, and continued to compete for the market share of low-end liquor in Hainan Island.
However, with innate advantages, the genetically pure Coconut Island Deer Turtle Wine cannot withstand the impact of strong wine. In 2013, strong brand sales exceeded 6.7 billion yuan (including tax). The gap between the two in sales is widening. The scale of the company's health wine will not become a major wound in the development!
2. Forcefully marching into plant protein to build a special beverage kingdom
The company set up Coconut Island Ecological Agricultural Beverage Co., Ltd., hired consulting agencies to carry out strategic planning, introduced Wa, Huiyuan and other market sales talents, and decided to take "Coconut Island" coconut juice as the main product. strengthen the in-depth development of markets such as Jiangxi, Fujian and Jiangsu. At the same time, develop 1 liter of coconut milk to supplement the market gap. It is expected to turn losses into profits in 2014, with revenue of 24 million yuan in the first half of the year.
3. with the approval of fuel ethanol, the company speeds up the operation of the project.
After the company's 100000 tons of cassava fuel ethanol project was approved, the company immediately invested in the preliminary preparatory work. In the first half of 2014, the work related to the launch of the fuel ethanol project was discussed and deployed with China Petroleum & Chemical Corp, and the preliminary revision of the feasibility study of the project was completed. As the project is supported by the company's policy, it is expected to bring stable income to the company soon.
4. the real estate has come out of the trough, and the new project has been carried out smoothly.
The company's Coconut Island Square, Longhua New Village, Qionghai Dayin and other projects to stock more smoothly, the current construction of Chengmai Coconut Island small town project has been started, and will be developed and built into old-age real estate. Although due to the early real estate market recession, sales affected by regulation did not meet expectations, but the company's land reserves reached 2300 mu, with the housing market picking up, performance improvement will be just around the corner.
5. The integration of state-owned assets in Hainan has started, and Coconut Island is sitting on the resources looking forward to the new master.
At the end of 2013, the draft of the programmatic document "opinions on deepening the Reform of Hainan State-owned Enterprises" was completed. In the future, we will vigorously promote mixed ownership, liberalize the restructuring of state-owned enterprises, and focus on fostering large state-owned groups. As Hainan Coconut Island's main health wine, drinks and real estate business are completely competitive industries, which belong to the category of state-owned assets withdrawal. The "opinion" points out that enterprises below the second and third levels and investment projects will be fully liberalized in attracting investment, restructuring and restructuring, and it is planned that by 2017, through the holding and participation of provincial state-owned capital, the total assets of the consolidated statement will exceed 300 billion yuan. to build 15 large provincial state-controlled enterprises with assets exceeding 100 million yuan. The departure of Fu an Holdings marks the end of the equity struggle between Haikou SASAC and Baoan Department. In October this year, Fu an Holdings transferred its 50 million shares to Oriental Caizhi. Shenzhen Oriental Caizhi is a private equity firm under "Oriental Capital". Shareholder Oriental Capital focuses on mergers and acquisitions and market capitalization management of listed companies. It is expected that this will pave the way for the upcoming reorganization and integration of state-owned assets. In the follow-up, with the acceleration of the reform of state-owned enterprises, the fundamentals will usher in a substantial change.
Profit forecast and investment advice:
We believe that in 2014, the company's health wine performance is in order, and the specialty drinks have entered a healthy growth, but the real estate project sales are nearing the end of the previous project, and the new project has just started, which makes little contribution to revenue this year. Therefore, it is expected that the main business and profits will decline for the whole year. However, based on the rapid growth of the health wine industry as a whole, the company has a lot of room for operation as the first brand, and we look forward to the reform of state-owned assets to inject vitality into the company! It is estimated that the EPS for 2014-2016 will be 0.13,0.19,0.25 yuan, maintaining the "overweight" rating, with a target price of 12 yuan.
