The weak recovery of the wine industry and the increasing popularity of wine culture in the northwest region: the company's wine business income has declined in recent years, mainly due to the influence of the 12-year three-public policy and the whole economic situation, and the industry as a whole has warmed up in the past 15 years. The company's wine revenue and profits are expected to improve. Wine culture in northwest China is becoming more and more popular. take Gansu as an example, 10 years ago, wine was hardly seen at the dinner table and wedding banquet. now the family table is beginning to see wine, and the wedding banquet is basically a bottle of white wine and a bottle of red wine. some even have a bottle of red wine and a bottle of drink.
Steady progress in regional development, excellent performance of e-commerce: with Gansu as the core market, the company has gradually opened up markets outside the province, and now has gradually opened up markets in Shaanxi, Qinghai, Ningxia, Fujian, Zhejiang, Hebei and Tianjin. The income ratio inside and outside the province is 4:6, the company will continue to increase market development efforts in 2016, regional expansion will continue to advance. At present, the e-commerce channel is mainly through Tmall and JD.com flagship stores, operated by the company's authorized distributors, and its revenue is expected to increase steadily in the past 15 years.
The advantage of grape resources is obvious, Pinot Noir and ice wine are the core products of the company: the company has more than 9700 mu of vineyards, with an annual grape output of about 7000 tons, of which Pinot Noir is 3000 tons, and the rest are mainly Cabernet Sauvignon, Merlot, Semelon, Riesling and so on. Hexi Corridor has a large temperature difference between day and night, sufficient sunshine and excellent grape raw material resources. The company's Pinot Noir and ice wine products are the main products, 40% of Pinot Noir, 5% of ice wine and 55% of other dry red wines. At present, the company has 1 national winemaker, 3-4 professional and technical personnel, strong R & D strength, and has stored different types of red wine. at the same time, the company is already a member of China Winery Tourism Alliance. At this stage, we will gradually improve the infrastructure of tourism facilities, and will gradually take the route of winery tourism in the future.
The pharmaceutical sector remains stable, and the volume of environmentally friendly materials is expected to be released: the pharmaceutical business remains stable, mainly due to the total control of the State Food and Drug Administration, and the company ranks third in the country in the number of licorice tablets. Environmental protection materials are planned to be put into production in 16 years, revenue is expected to be realized in 16 years, income increases steadily in 17 years, the profit of the project is good, and the gross profit margin is expected to be about 20%.
Profit forecast and investment rating: from 2015 to 2017, the EPS is expected to be 0.08,0.09 and 0.10 yuan respectively, corresponding to 124,112,98 times of PE respectively, giving the company an "overweight" rating for the first time.
Risk Tip: food safety risk.
