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威龙股份(603779)新股定价:有机葡萄酒领域领跑者 全国化布局弥补营销短板

Veyron (603779) IPO pricing: the nationalized layout of the leader in the field of organic wine to make up for the marketing deficiency.

中信建投 ·  May 23, 2016 12:00  · Researches

Organic wine leader, IPO investment expansion capacity consolidation leading company is one of the earliest domestic enterprises to carry out the research, development and demonstration of key technologies in organic wine grape production and processing. It has obtained a number of key technologies in organic soil and organic seedling breeding, and took the lead in forming an organic wine grape planting and processing technology system in China. In order to achieve differentiation competition, the company launched organic wine at the end of 2009, which has become the second largest series of products by revenue and the product with the highest gross profit margin.

The company's own Wuwei planting base has passed the organic certification of wine grape planting base area of 20 million mu. On this basis, the company plans to build a new 18000 mu organic wine grape planting base by IPO to enhance the guarantee capacity of the company's high-quality organic grape raw materials. In addition, the company will also invest in a new project to produce 40,000 tons of organic grape wine per year, so as to consolidate the company's leading position in organic wine grape cultivation and organic wine production.

The East China market has a high market share, and the fund-raising marketing network construction project covers the blank market. East China has always been the company's most important sales market, accounting for 73.14% of the company's main business income in 2015. The company now has a mature channel network in Zhejiang, Jiangsu and Shanghai, forming a strong competitive advantage, especially in Zhejiang's market share for many years. However, at present, the new market expansion has only made some breakthroughs in Hebei, Hunan and other areas, there are still blank markets that have not yet been covered in China, and there are also deficiencies in the in-depth service of market channels. The company plans to invest 80.62 million yuan to build 174Jiaweilong brand marketing outlets across the country, and to build 100 Weilong organic wine stores in key provinces. Among them, the first-tier marketing outlets are located in some first-tier cities, a total of 23; secondary marketing outlets are mainly distributed in second-tier cities, a total of 74; third-tier marketing outlets are mainly distributed in third-tier cities, a total of 77. The implementation of the marketing network construction project will greatly enhance the company's marketing coverage ability, further deepen the marketing network represented by the East China market, achieve full marketing network coverage in key cities, and achieve full coverage of key terminals. Increase product sales and market share.

Profit forecast and valuation: based on the forecast of substantial decline in financial expenses and continued growth in revenue, the company's operating income for 2016-2018 is expected to be 786 million yuan, 847 million yuan and 915 million yuan respectively; net profit is 62.975 million yuan, 78.1869 million yuan and 9456.85 yuan respectively, and EPS is 0.31 pounds 0.39 pounds 0.47 yuan per share respectively. We give Weilong shares 30-40 times the target Pmax E in 2016, and combined with our 2016 performance forecast, the reasonable valuation range is 9.3-12.4 yuan.

The translation is provided by third-party software.


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