129760833633125000_15Da: fine wine booster performance than expected growth
2011-December, company revenues 1.269 billion yuan, an increase of 41.87%; operating profit of $ 264 million, an increase of 147.41%; implementation vested in the parent company's net profit of 195 million Yuan, an increase of 155.25%; basic earnings per share of $ 0.58. Assignments for each 10 foundGold bonus of NT $ 1.8 million (including tax). Fourth-quarter operating income of $ 462 million, an increase of 89.12%; operating profit of 139 million Yuan, an increase of 440.65%; implementation vested in the parent company's net income of $ 101 million, an increase of 506.29%; one-quarter underlying earnings per share of $ 0.28. Upscale liquor prices aligned litresBoost performance than expected growth in 2011, companies for liquor business income $ 1.097 billion, an increase of 69.67%; operating profit rate is 58.58%, up a 6.95%. Where to fine wine revenue of $ 598 million, an increase of 107.82%; operating profit rate is 78.08% per centA 0.55%. From a price perspective, to classic 52 �� willing, for example, ex-factory prices three times in 2011
tera gold, and raise up to $ 150 for a year, we estimate the fine wine prices averaged 10% per cent for the year as a whole; from a sales point of view, it is estimated that fine wine sales growth rate between in-90%. Upscale liquor prices aligned up and incomePer cent in 2010 to the percentage per cent in 2011, is the main reason for the growth in net profits exceeded expectations. Structural adjustment, system and constantly improve its own brand "da" and "willing" are two major brands. Starting in 2010, the company strengthened the adjustment of product structure, launches classic, Crystal, and other products. The first half of 2011, publicDivision completed a "da" and "willing" integration of the two brands, swallowing, wine, da days of music, intoxicated with wine, tuopai tequ high mid-range products, such as systems continue to improve. Brand structure of the adjustment and perfection of the system of brand, marketing, publicity and more targeted, more obvious. Effect of market reforms gradually, as necessary conditions for high performance growth 20By 10 companies in terms of marketing do not actively, of the long-term performance of the company and there are no conspicuous. From 2010 onwards
tera gold, the company gradually introduced in pilot regions as well as some major market fine marketing, expansion of the number of marketers, there have been more than 700 people, compared with last year, the number increased by more than 1 time. At the same time, companies increase marketing staff motivation systemReform
tera power leveling, through a number of indicators for sales staff for assessment, intensive tasks, improves the motivation of sales, sales income levels have improved significantly. Effective implementation of market reforms, as necessary conditions for high growth performance. Jump in advance accounts, quarterly results guaranteed quarter 2012, 2011 annual expected growth, Major contribution comes from the last quarter of performance. Last quarter of 2011, companies vested in the parent company's net income of $ 101 million, an increase of 508.09%, vested in the parent company's net profit for the year nearly half of the total. As of end of IV quarter, book in advance company accounts reached $ 166 million, end of the third quarter increased by $ 64.97 million per cent, and the growth64.24%. We believe that this is mainly because the end of the company's core product prices, dealers significantly due to purchase in advance. Part of the advance accounts will be converted into revenue, 2012 results for the first quarter of the year is still on track to achieve high growth rates. Base sufficient reserves to ensure continued supply of high-end wine companies Vice Chairman Zhang Shuping in 2010, says the companyHigh quality base wines up to 150,000 tons. We can do more than liquor quality base wine for 50,000 tons of liquor, to consider the following product base of 50,000 tons, estimated current value between 6 billion and $ 7 billion of its stock. Adequate reserves of high quality base wine company, lay the Foundation for the subsequent volume of high-end products. Profit forecasts and ratings through brands we believe that company restructuring,After the reform of marketing, the effect has been emerging, high growth performance in 2011 on the basis of future results may still have exceeded expectations. We raised its profit forecast, is expected to 2012-2014 EPS of $ 0.94 and $ 1.39, $ 1.98 respectively, as of March 5, 2012 closing price at $ 25.37, correspondingDynamics of PE are respectively 27X, 18X, 13X, raised the company's investment rating to "outperform".
Risk (1) effect of company system reform of unsustainable risks, (2) as the liquor market in an increasingly competitive, corporate outreach, has not reached the expected risks. "Related news" 123 points wine enterprises performance this year to record two or three linesLiquor usher performance outbreak "related comments on the plate" Northeast securities: two or three line liquors more Qi Lu securities: revenue slowing down change the structure of demand for high-end liquor "comment in other brokerages" ping an securities: maintenance of tuopai "highly recommended" rating sinolink securities: maintenance of tuopai willing to "buy" rating
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