Guizhou Moutai (600519) Company Express: Moutai Group’s Marketing Plan Lands and Expects Expansion in Peak Season
Event: The company issued the “Announcement on the Reply to the Supervisory Work Letter of the Shanghai Stock Exchange” and the “Announcement on the Subsidiary’s Sales of Products to Related Parties”, which will not exceed 5% (5.6 billion yuan) of net assets at the end of 2018 in each year.Sale of Moutai and series to Moutai Group. Key investment points The controlling shareholder does not have a short-term plan for direct direct sales of Moutai. The transaction amount does not exceed 5% of the net assets at the end of 2018 (that is, US $ 5.6 billion). The sales price is the same as the purchase price of other unaffiliated dealers or the same pricing principles. First, the transaction amount 成都桑拿网 does not exceed 5% of the net assets, and it is not required to be approved by the shareholders’ meeting. It only needs to pass a resolution of the board of directors. Second, based on last year’s ton price of about 202 million / ton, the corresponding Maotai liquor is 2776 tons; thirdIn addition to the previous years’ related transactions with e-commerce companies and other companies in the group (approximately US $ 2.5 billion in 2018), about 3 billion related transactions were added, and the incremental impact on the group was limited, but the company strengthened the market price through direct sales.Management and control can achieve healthy and sustainable development. Fourth, the company’s and group’s settlement pricing method is the same as that of dealer 969, which is in line with market expectations and dispels market 厦门夜网 concerns about the benefits of the company and the group. The direct selling segment dropped again, and the volume planning was clear.Among the shares of unqualified dealers withdrawn last year, there were more than 2,700 tons of related-party transactions, and the remaining half will be invested in direct sales channels, of which 600 tons of merchants’ investment has been completed by formula last month.Currently, the successful bidder has started selling recently, and the e-commerce tender has been launched, and the volume will continue to accelerate.The overall volume of direct sales channels will boost the ton price of Moutai. Increase the launch before the two festivals to strengthen price control. The Moutai Bulletin announced that an increase of 7,400 tons of market launch before the double festival to meet consumer demand in the peak season; Moutai’s current terminal price exceeds 2700-2800 yuan, such a large amount of increase in approval prices and terminal prices fell slightly, but almost in a tight balance, it is expectedThe approval price of Moutai will remain firm.At the same time, we expect that the proportion of direct sales in the heavy volume in the third quarter will increase, which will help increase revenue growth. Investment proposal: The resolution of the fifth meeting of the second board of directors passed the related party transaction at 7: 0. After obtaining the approval of the board of directors, it means that the three-month-established Moutai Group Marketing Company will officially join Moutai’s marketing sector, helping mostGrowth target completed.We raise the company’s annual revenue to 33 from 2019 to 2021.51, 40.38 and 45.44 yuan / share.Return on net assets were 31.8%, 32.4% and 31.2%, maintain the buy-A recommendation. Risk Warning: Weak terminal consumption, lower than expected price increase, related accounting policies