Yanjing Beer (000729) 2019 Interim Report Review: Overall Sales Under Pressure
The sales performance of the company in H1 2019 is weaker than the industry, and the gross profit margin has been slightly improved after the structural upgrade.
It is expected that in the future, the company will focus on the “1 + 3” brand strategy, accelerate the deployment of high-end products, and continue to focus on the realization of the company’s product structure upgrade.
2019H1 income / net profit attributable to mother increased by 1.
37% / 1.
2019H1 company achieved revenue of 64.
6.2 billion, an increase of 1.
37%, net profit attributable to mother 5.
1.2 billion, an increase of 1.
13%, deducting non-net profit 4.
9.7 billion, an increase of 1.
Among them, 2019Q2 achieved income of 30.
1.4 billion, down by 2.
63%, net profit attributable to mother is 4.
5.4 billion, an increase of 0.
22%, deducting non-net profit 4.
4.7 billion, an increase of 1.
Revenue analysis: The overall sales volume was under pressure, and the ton price increased by 2.
In 2019H1, the beer business achieved revenue of 60.
0 billion, an increase of 1.
Judging from the volume, 2019H1 is under pressure in the industry, increasing by 0.
Under the 8% background, the company achieved sales of 257.
850,000 kiloliters, down by 0.
70% compared to 2018 (-5.
77%) The decline was narrowed.
Among them, the main brand achieved sales of 175.
960,000 kiloliters, down by 3.
71%, sales volume narrowed compared to 2018 (-12.
76%); three sub-brands (Huiquan / Liquan / Xuelu) achieved sales of 62.
160,000 kiloliters, an increase of 10.
88%, achieving sustained growth.
In terms of price, the ton price of the company in H1 2019 increased by 2.
08% to 2325 yuan, mainly benefit from factors such as scale adjustment and product structure improvement.
By region, the South China region in 2019H1 achieved revenue21.100 million, an increase of 1.
99%; revenue in North China 27.
200 million, an increase of 1.
Profit analysis: The upgrade of product structure promotes a slight increase in gross profit margin, and overall profitability is flat.
The gross profit margin of the company in 2019H1 will increase by 0 in the short term.
14PCT, of which the gross profit margin of beer business extended to 0.
48PCT, mainly benefit from product structure upgrade.
The sales expense ratio increases by 0 every year.
45PCT, of which advertising promotion 北京桑拿洗浴保健 rate also increased by 0.
21PCT, the transportation cost rate also increased by 0.
16PCT; management expense ratio and R & D expense ratio increased by 0 respectively.
23PCT; other income decreased by 7.81 million yuan, mainly due to reduced government subsidies.
The overall leading net profit margin of mothers in 2019H1 dropped slightly by 0.
02PCT to 7.
Among them, the gross profit margin of the company in Q2 2019 increased by 0.
81PCT, promoted the company’s return to its parent net interest rate increased by zero.
43PCT to 15.
Future Outlook: Promote the upgrade of product structure around the “1 + 3” brand.
The company will continue to promote the upgrading of its product structure around the “1 + 3” brand, forming a general wine represented by refreshing, mid-range wine 武汉夜生活网 represented by fresh beer, high-end wine represented by pure health, and personalized products represented by pure white beer.Product architecture to accelerate waist product layout.
In the first half of the year, the company launched Yanjing U8, Yanjing 7th Fresh, Yanjing Eight King Cultural and Creative Products and other new high-end personalized products. In the second half of the year, the company will continue to promote product upgrades around the “1 + 3” brand.
Risk factors: Sales continue to decrease; product structure upgrade exceeds expectations.
Investment suggestion: Maintain the company’s EPS forecast for 2019-2021 to 0.
09 yuan, maintain “overweight” rating.