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【招商证券】维维股份:旗下双沟酒业发展超预期

招商證券 ·  Mar 20, 2009 00:00  · Researches

1. The product structure of Shuanggou Liquor Industry has been significantly upgraded. In 2009, it is expected to contribute 0.105 yuan of EPS to Weiwei Co., Ltd.: the sales revenue of Shuanggou Treasury reached 300 million yuan last year, with a target of 800 million yuan this year; the Shuanggou Dagu Blue and White Porcelain series earned 50 million yuan last year, with a target of 200 million yuan this year. The sales manager of the exhibition area said that the growth situation in the first two months of this year was ideal. The product structure of Shuanggou Liquor Industry: Shuanggou Dagu, Su Liquor, and Shuanggou Treasure House roughly represent low, medium, and high-end products according to the average price level, but in fact, each category has high and low grade products. The company sells 50,000 tons of liquor every year. The vast majority of this business is low-grade Shuanggou Dagu. This business is basically unprofitable. For this reason, on the one hand, the company raised prices slightly, and on the other hand, upgraded its structure. Last year, it developed 53-degree blue and white porcelain, which includes several high-end categories such as small blue and white, blue and moon, and blue, and moon cups, and recently launched Shuanggou Daqu Soft 6 and Soft 9 products; Su Liquor: Last year's revenue was about 200 million yuan. The target for this year is unknown. The products include special size 1, size 1, and normal, and the special price of 500 hotels There are many yuan. The price of regular alcohol should be within 100 yuan. Su liquor is famous, such as “smoke Soviet smoke, drink Su Speaking of “wine”, sales are separate from Shuanggou Dagu, so the sales manager in the exhibition area said that the growth of Su Liquor did not drive the Shuanggou brand much, and the product growth of Shuanggou Zhenbaofang was driven by Shuanggou Dagu; Shuanggou Treasure Square, 150 million yuan in 2008, 300 million yuan in 2008. The exhibition manager said that the target for 2009 was 800 million yuan. There are three types of wine: Junfang, Shengfang, and Imperial Palace. The price position is just right for the three wines of Yanghe Blue, Ocean Blue, and Dream Blue, which are 10 yuan, 20 to 30 yuan, higher than the latter, respectively. About 100 yuan, the price of the main product, Junfang, is around 130 yuan. Shuanggou Zhenbaofang is original 480ml+20ml (three types of 68 degrees and 41.8 degrees) freely outline the concept, with a clear selling point. The revenue of Shuanggou Liquor in 2008 was 1.5 billion yuan, net income after deducting promotional drinks was about 1.1 billion yuan. The past profit margin was about 5%. Based on the equity ratio of 40.69%, the EPS it was able to contribute to the company in 2008 was only 0.029 yuan. This contribution can be said to be insignificant. The company's target for Shuanggou in 2009 is 2 billion yuan, aiming for 2.5 billion yuan. Not only is revenue growth fast, but there are major changes in product structure, and profit margins are expected to rise sharply. Based on Yanghe's 2006 revenue of 725 million yuan and a net sales interest rate of 20%, Shuanggou Treasure Square's profit will reach 160 million yuan, which can contribute EPS 0.084 yuan to Weiwei Co., Ltd.; if it can reach an overall net profit margin of 200 million yuan, or 10% of the overall revenue net profit margin, it will contribute 0.105 yuan of EPS to Weiwei Co., Ltd.

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