Guang Yuyuan (600771) 2019 First Quarterly Report Review: The release speed is temporarily changed and the channel inventory is gradually digested

Guang Yuyuan (600771) 2019 First Quarterly Report Review: The release speed is temporarily changed and the channel inventory is gradually digested

The report guide company released the first quarter report of 2019.

The main points of investment declined slightly, and the growth rate of terminal sales remained good. Some companies reported operating income.

71 ppm, a decline of 7 per year.

56%, net profit attributable to mother 0.

5.7 billion, an increase of 10 in ten years.

99%, net profit after deduction is 0.

42 trillion, down 17 a year.

86%, achieving EPS0.

16 yuan, an annual increase of 6.


Although the company’s revenue has declined slightly, the terminal growth remains stable, and we expect the report to cause the terminal growth rate to remain above 30%.

Cash received for sales of goods is 3.

21 trillion, notes receivable decreased by 1.

71 million, the proportion of cash in receivables increased.

After three 四川耍耍网 years of rapid growth, the company shifted its development focus to improving the quality of its operations, adjusting its sales structure, and digesting channel inventory as its top priorities at this stage.

Taking advantage of the adjustment of the base medicine catalog to carry out channel sinking After a preliminary study, it was found that the grassroots pharmacies had better than expected product acceptance. Therefore, 80 new offices were deployed in a quarter to focus on developing county-level chains.

At the same time, the company’s core product Ding Kundan entered the new version of the catalog in the 18-year adjustment of the base medicine catalog, and is currently being implemented one after another, which has also helped the company’s expansion at the grassroots level.

Reports on accounts receivable of first-tier companies Supplement 1.

100 million US dollars, we expect mainly from the first county-level chain of goods.

The health wine sales model has taken shape, and has begun to focus on promoting the company’s development strategy of “taking food and beverage as the core, commercial supermarkets, and pharmacies as the two wings”, insisting on focusing on the high-end healthy wine market, and has been completed in Shanxi, Zhejiang, Jiangsu, Guangdong, Fujian and other markets.Channel layout, rapid replication of the successful experience of the model market, close integration between online and offline, differentiated marketing around key areas and target consumer groups, and cooperation with retail platforms such as Tmall and JD.com online to continuously accumulate consumer groups,In 2018, the company’s health wine sales reached 52.55 million yuan, an annual increase of 106.


The next 3-5 years is expected to become the outbreak of the company’s health wine business.

Profit forecast and estimation We believe that the company’s brand has a long history, excellent product quality, a broad industry space, a clear development direction for the company, a good start, and continued high-speed growth after improving operating quality is a high probability event.

We predict that the company’s operating revenue for 2019-2021 will be 22 respectively.

340,000 yuan, 30.

8.1 billion and 43.

5.7 billion, with annual growth of 38.

01%, 37.

94% and 41.

39%; net profit attributable to parent company is 4, respectively.

2.5 billion, 6.

1.9 billion and 9.

15 ppm, an increase of 13 per year.

63%, 45.

55% and 47.

94%; corresponding EPS is 1.

20 yuan, 1.

75 yuan and 2.59 yuan, corresponding to the current PE is 25 times, 17 times and 11 times, maintaining the “overweight” level.

Risks suggest that terminal sales expansion is not smooth.

The progress of health wine promotion was not up to expectations.

The rate of selling expenses remains high.