Summary of the report:
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 three public policies in 12 years and the overall 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 is becoming more and more popular in northwest China. Take Gansu as an example. Ten years ago, wine was hardly seen at dinner tables and wedding banquets. Now family tables are beginning to see wine. Basically, a bottle of white wine and a bottle of red wine are standard for wedding banquets. Some even have a bottle of red wine and a bottle of beverage.
With Gansu as the core market, the company has gradually opened up markets outside the province, and has gradually opened up markets in Shaanxi, Qinghai, Ningxia, Fujian, Zhejiang, Hebei and Tianjin. In 2016, the company will continue to increase market development efforts and 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. The environmental protection material is planned to be put into production in 16 years, the income is expected to be realized in 16 years, the income increases steadily in 17 years, the project profit 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 0.08,0.09,0.10 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.
