Yanghe Co. (002304) Semi-annual Report Comment: Revenue Meets Expectations and Continues to be Positive

Yanghe Co. (002304) Semi-annual Report Comment: Revenue Meets Expectations and Continues to be Positive

Semi-annual report of operating income 159.

99 ppm, an increase of 10 in ten years.

01%, net profit attributable to mother is 55.

82 ppm, a 10-year increase of 11.

52%, in the off-season, the company adopted a strategy of controlling volume and increasing prices, and accumulated a lot of money to prepare for the peak season. Data show that in the first half of 2019, the company achieved operating income of 159.

99 ppm, an increase of 10 in ten years.

01%, of which 155 are alcoholic beverages.

25 ppm, an increase of 10 in ten years.

29%; net profit attributable to shareholders of the parent company 55.

82 ppm, a 10-year increase of 11.

52%.

Company Q2 achieved operating income of 51.

09 million yuan, an increase of ten years.

08%; net profit attributable to mother is 15.

61 ppm, a 10-year increase2.

03%.

By region, the province’s income is 80.

7 ppm, a 10-year increase2.

99%, the income outside the province is 79.

3 ppm, an increase of 18 in ten years.

twenty three%.

The company’s revenue growth accelerated due to changes in the company’s strategy, and the company increased its price during the off-season and achieved good results.

Optimistic about the company’s second-half and long-term revenue trends.

The semi-annual report shows that the inventory of goods from the beginning of 16.

400 million sharply reduced to 6 at the end of June.

500 million, the company’s volume control effect showed good market feedback.

The company’s current sales expenses

57%, an increase of 0 compared to the same period last year.

5PCT; current management fee subsidy 6.

03%, a decrease of 0 compared to the same period last year.

02PCT.

During the reporting period, the company’s key basic management was further consolidated, knowledge management was more systematic, mechanisms were more proactive, and management support was further enhanced.

Management has been continuously upgraded, channel adjustments have been made, performance has been in line with expectations, and the province has long been optimistic about the province’s economic development and high consumption levels. Competition has been fierce all along.

Under the new situation, the company is also re-examining Yanghe’s competitive advantages and further thinking about strengthening channel power, improving product power and brand power. It also adopted corresponding measures this year, such as the organizational structure of the province’s competition situation.Adjustments, taking proactive measures to control stocks to make channel inventory more reasonable, and making some adjustments in internal marketing strategies, such as changes in the organizational structure, personnel, channels, and other aspects of the province, and refinement of the sales assessment planImproved appearance.

In addition, the newly hired chairman of the marketing company, Mr. Liu Huashuang, was formerly the vice chairman of the marketing company, and has rich practical experience. In the first half of the year, the company focused on the potential of the brand to climb 夜来香体验网 further and actively participated in consumer interactive experiences.The higher you zoom in.

Earnings forecast and forecast forecast The company’s 2019 mid-term growth rate forecast and adjusted earnings forecast.

It is estimated that the growth rate of income in 19 years will be 9%, and the growth rate of net profit will be 10.

twenty one%.The company’s 19-21 year revenue is expected to be 263/290/324 trillion, and its net profit will be 89.

4/100.

5/115.

500 million, EPS is 5.

93/6.

67/7.

67 yuan / share, taking into account Yanghe’s product upgrades and low-end wine re-layout to accelerate growth, and the impact of advance receipts and cash flow, give Yanghe 20 times growth in 2020, with a target price of 133.

4 yuan, “Buy” rating.

Risk reminder: macroeconomic uncertainty, risk industry competition, intensified risk, market demand, change risk