Wuliangye (000858): Quick response and precise strategy

Wuliangye (000858): Quick response 杭州夜网论坛 and precise strategy

The company’s response policy to the impact of the epidemic was promulgated with high efficiency, and the company has grasped the precise policy in the direction, and has not implemented a one-size-fits-all, effective and effective implementation principle. The strengthening of its refined management capabilities has been fully verified.

The introduction of the response policy helps stabilize channel expectations, further reduce the value of the approval price, and at the same time, the pre-holiday sales are better, and there is enough room for adjustment of the release. Therefore, achieving the goal is still a high probability event.

At present, the company’s sustainable safety margin strength maintains a one-year target price of 165 yuan and breaks through the oversold layout opportunities again.

Efficiently introduce response policies:四川耍耍网 Do not engage in a one-size-fits-all approach, optimize and reorganize categories, and be prepared to meet compensatory consumption.

The company strengthened market surveys after the holiday, and reported that the distributor’s inventory remained at about 10%. In January, the core terminal mobile sales reached about 80%. Combined with our grassroots research, the company’s sales were good before the holiday, and the Spring Festival was less affected by the epidemic. At present, there is only one channel inventory.Around the month.

The company’s response to the epidemic situation in the near future is to grasp the precise policy in the direction, not to implement a one-size-fits-all, effective and effective implementation principle. The specific response measures are as follows: (1) Scientific and precise policy, and optimization and adjustment of dealer classification.

Each marketing theater optimizes the adjustment plan for March, focusing on supporting dealers with strong strength, good inventory and independent intentions, reducing the increase in time in response to selling pressure, and at the same time providing dealers with pressure on short-term capital turnover, providing customized financestand by.
It is required that all theaters absolutely prohibit the hard assignment of group purchase target tasks to dealers.

(2) Accelerate the verification of market expenses, and promptly honor terminal point rewards.

The company requires that the market expenses and materials not reported by the dealer be verified within two working days.

The terminal for better implementation of the points program in the past six months ensures that all rewards will be implemented before the end of February.

(3) Effectively help solve practical problems and be prepared to meet compensatory consumption.

All theaters are required to strengthen communication between all parties during the epidemic, effectively help solve practical difficulties and problems, and prepare ahead of time for the deployment of compensatory consumption opportunities after the epidemic.

Later outlook: Stabilize the approval price level, strive to reduce the impact of the epidemic, and do not adjust long-term goals.

We believe that the company’s rapid response to the epidemic after the holiday and the enhanced marketing reform and management capabilities have been fully reflected. This is inseparable from the 19 years of integrated reform of the marketing system, the addition of marketing team personnel, and the introduction of digital systems. The reform results are still expected to follow upAchieve sustained release.

After the introduction of the response policy, channel confidence is expected to stabilize, and the reduction in the fluctuation of approval prices will be further reduced.

Considering that Wuliangye’s channel inventory is light and there is room for adjustments in the delivery schedule, it is expected that the May 1st and Dragon Boat Festival will still be adopted in the second quarter, in conjunction with the company’s capillary sink optimization and supplementation, which will help achieve double-digit growth in the first half of the year.

Investment suggestion: The epidemic response measures are effective, the probability of achieving the target is high, the approval price has the potential to rise after the epidemic, and it can cope with the continuous oversold opportunities.

Wuliangye was less affected by the epidemic, and the company’s endogenous reform performance was continuously released. The refined management ability was significantly enhanced, and there was too much room for adjustment, so the probability of achieving the target was high.

We maintain our EPS forecast for 19-21.

48, 5.

40 and 6.

23 yuan, the current company is sustainable, and the safety margin still overlaps, enough to cope with the continuous oversold opportunities, maintain a one-year target price of 165 yuan, corresponding to 20 times 30 times or 21 times 26 times PE, maintain “strongly recommended -A” investmentRating.

Risk warning: epidemic control progress, consumption is less than expected, refined control fails to meet expectations