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Moutai, Guizhou (600519): Look at direct management from another angle

Moutai, Guizhou (600519): Look at “direct management” from another angle
Guidance for this report: The 2018 shareholders’ meeting of Moutai in Guizhou was successfully held, and the transition of the group’s direct sales is a kind of “distribution”. With the assistance of Moutai, expanding the group company can further enhance the growth and certainty of the company’s long-term development. Investment highlights: Investment advice: The establishment of a direct company by the group company is conducive to the coordinated development of the group’s business and strengthens the group’s strength. The group can steadily purchase the products of the joint stock company during the downturn of the industry and improve the company’s ability to respond to industry cycle changes.Adhering to the ultimate quality, deep cultural heritage, strong brand building ability and strong channel power driven by strong brand power have become the core competitive advantages of Moutai.Consumption upgrade continues, the Matthew effect of the industry appears, the commanding heights of the development of the Moutai station industry, both the logic of volume and price increases, the decline in performance changes, and it is expected to obtain a leading estimated premium.Maintain 2019-21 EPS to 35.32/42.63/50.45 yuan, maintain target price 南京桑拿网 of 1,120 yuan, increase the level of holdings. “Building a warehouse is like running a bank.” Moutai conducts in-depth research on the industry cycle, and builds a finished wine warehouse in a targeted manner to enhance its ability to respond to the cycle.At present, famous wine companies such as Moutai are still in the uptrend, but Moutai has a deep understanding of the impact brought by the industry cycle. In the form of establishing 5 final wine stores, it will operate at full capacity, guarantee employee welfare, and stabilize production scale.Constantly improving financial strength and excellent product quality, enhance the ability to resist cycle changes.The stability of the company’s operations has been further improved. The group company established a marketing company “direct management”, which improved the growth and 淡水桑拿网 stability of the joint stock company.Compared with the annual fee paid by the stock company and the dividends paid to the group company, the amount of the “direct spread” is limited. Let’s explain from another angle. First, the “scarcity” of Moutai promotes the synergistic development of the business of each group of the group. Larger groups will also positively drive joint stock companies.Second, the direct management of the group is fundamentally different from that of the stock company. The group can acquire the “dealer” of the stock company, and even in the downturn of the industry, it will steadily purchase the products of the stock company, which will enhance the stability of the company. Catalyst: The price of Moutai liquor is stable; the ex-factory price is further raised. Risk reminder: the risk of a rapid rise in the price of Moutai; the risk of a decline in the demand for Moutai