annual report data display
main accounting data and financial indicators
Annual review: 2020 Yanghe shares 's operating income was 21.101 billion yuan, a year-on-year decrease of 8.76%; attributable to the listing The net profit of the company's shareholders was 7.482 billion yuan, an increase of 1.35% year-on-year; the net cash flow of from operating activities was 3.979 billion yuan, a year-on-year decrease of 41.47%.
's main business product situation
's main business product situation, liquor's operating income was 20.152 billion yuan, a year-on-year decrease of 8.26%, and a gross profit margin of 74.47%, an increase of 0.16%.
's annual report suggests that the company may face risk factors in its daily operations
1. The risk of intensified market competition
2. The risk of market demand changes
Media voice
China Business Network ：
" Highland Barley Wine Raceway welcomes new players in Yanghe pan-nationalization problem to be solved "
A few days ago,Yanghe Co., Ltd. and three companies have invested a total of 1 billion yuan in Lhasa to create a barley wine industrial ecosystem. It is reported that although this investment is a rural revitalization project, it is also the first time that Yanghe has entered the barley wine track after entering the field of sauce wine and whiskey . As for whether Yanghe will promote the pan-nationalization of highland barley wine or the layout of the regional market through its own channels in the future, its reply " China Business News" stated: "In the future, the company's brand operation and channel marketing team will also develop The highland barley wine market in Lhasa Langre Wine Village empowers new products."
"This investment has both political significance and commercial logic. The cooperation between the two is in line with the layout of poverty alleviation in Tibet and can also take advantage of each other's advantages. Coordinated development." China Food Industry Researcher Zhu Danpeng believes that the cooperation between the two is good, but the challenge is not small. The key issue is that highland barley wine must be done through a market-focused strategy and cannot be widely spread.
Liquor industry expert Cai Xuefei said that even if Yanghe shares channels are used to boost the sales of barley wine, the effect may not be obvious. For the current Yanghe, the biggest channel structural low period has passed. After the adjustment period, the company is rapidly stabilizing the product structure and accelerating the development of mid-to-high-end products. "It should be said that there is no brand recognition, quality education, and long-term market. Public relations, sauce wine, highland barley wine will not be Yanghe 's leading work content."
Securities Market Red Weekly:
" high-end layout results highlight the steady growth of gross margin in the second quarter. Cangyanghe shares "
On the evening of August 27, Yanghe shares released the 2021 semi-annual performance report. Data shows that the company achieved operating income of 15.543 billion yuan in the first half of 2021.A year-on-year increase of 15.75%; net profit attributable to shareholders of listed companies after deductions was 5.168 billion yuan, a year-on-year increase of 21.13%. The company's operating income and profit scale continue to rank among the top three in the industry.
After the semi-annual report was released, a number of brokerages released research reports and maintained a buy rating on Yanghe shares. Everbright Securities analyzed: "It is expected that the Mid-Autumn Festival will complete its full-year sales target, and the company's business upward trend will continue. The old brand Su Jiu is expected to be rejuvenated." The performance online briefing meeting fully affirmed the nationalization strategy of dream blue high-end products: "The current dream blue brand revenue accounted for more than 30%, and the future will further increase national expansion." The company's semi-annual report for the first time The data on the composition of advertising expenses was disclosed, of which national advertising expenses accounted for 88.29% of the current period, which is about 7.5 times that of regional advertising expenses. The efforts of national advertising are guiding Yanghe's high-end products to shape the brand image and complete the national sales layout.
At the same time, driven by the marketing strategy of "multiple famous wines, multiple brands", Shuanggou and precious wines are expected to become the new growth poles of Yanghe. Based on this, Yanghe is also actively deploying the sauce and wine market. In the first half of 2021, it has increased its investment in Guizhou wine marketing and internal management. The semi-annual report pointed out that the investment promotion of the wine market has achieved stage results and the marketing atmosphere is strong. .
Brokerage Research Report Summary
Shengang Securities :
The reform has bottomed out, the product cultivation precedes the volume increase, and the dream series is about to start.
The company's early marketing reform focused on restructuring the Dream series products and Yanghe Shuanggou brand structure to straighten out distribution relationships, restore channel profits, and strictly implement the quota system and digital control. At present, the profits of M6+ dealers and terminals have increased to 9% and 11% or more.The profit of the single box of the M3 crystal version has increased significantly compared with the old version, the channel profit margin is eliminated relative to the disadvantage of competing products, the overall channel inventory has been reduced to about one month, and the dealers' shipment momentum has recovered. During the Spring Festival, the new products of the Dream series were in short supply, the sales of distributors showed a year-on-year high double-digit growth, the product channel acceptance was high, and the sellers were actively repurchasing. M6+ has completed the national market layout and has exceeded the sales level of Dream VI at the beginning of the year. The introduction of M3 is fast and gradually replaces old products. The release of Dream Blue's potential energy will boost overall performance.
Huafu Securities :
We are still optimistic about the company's performance growth of more than 10% throughout the year.
1) The Meng 6+ terminal has good dynamic sales, and the inventory remains low. The crystal version has benefited from the May 1st banquet, and the order is good. As the main force of the company's overall performance growth, the Dream Blue series is expected to grow at a rate of more than 15% throughout the year and continue to increase in volume in 2022.
2) Sky Blue , Sea Blue The current inventory is less than 1 month, and it is operating in a healthy manner. And as a major series outside the province, it is expected to usher in new product reforms in the second half of the year, laying the foundation for long-term performance.
Produced by Jingguan Business
The content of the article is for reference only and does not constitute investment advice.
Source: China Business Network, Stock Market Red Weekly, Shengang Securities, Huafu Securities
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