WLY(000858) 华西证券·2024-07-08 04:07Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company emphasizes a balanced approach to volume and price for its flagship product, the eighth generation Wuliangye, while focusing on optimizing its market presence and product structure [2][8] - The launch of the Classic Wuliangye series, which includes products aged 10, 20, 30, and 50 years, is a strategic move to position the brand in the ultra-premium market segment [4][7] - The company is expanding its direct sales channels and enhancing consumer experience through the "Three Stores in One" model, aiming to increase brand visibility and consumer engagement [3][4] Summary by Sections Event Overview - The 2023 annual shareholder meeting was successfully held with over 1,000 attendees, and the Classic Wuliangye strategic launch event took place in Chengdu [1] Product Strategy - The eighth generation Wuliangye will maintain its market scarcity while increasing sales activities during traditional peak seasons, achieving double-digit year-on-year growth during the Dragon Boat Festival [2] - New product launches will include 1618, 39°, 45°, and 68° Wuliangye, along with cultural custom wines [2] Channel Development - In 2023, the company added 81 new distributors and 26,000 core terminals, with a 35% increase in terminal scanning purchases [3] - Plans include the addition of 1,000 "Three Stores in One" locations by the end of the 14th Five-Year Plan, enhancing consumer experience through scene-based marketing [3] Classic Wuliangye Launch - The Classic Wuliangye series is positioned as a core support for the company's ultra-high-end product matrix, emphasizing quality and exclusivity [4][7] - Suggested retail prices for the Classic series are set at 3,099 yuan, 4,999 yuan, 12,999 yuan, and 30,999 yuan, reflecting its premium market positioning [7] Financial Projections - The company maintains its revenue forecasts for 2024-2026 at 92 billion, 101.2 billion, and 110.7 billion yuan, with net profits projected at 33.6 billion, 37.5 billion, and 41.5 billion yuan respectively [9] - The earnings per share (EPS) are expected to be 8.66, 9.66, and 10.70 yuan for the same period [9] Valuation Metrics - As of July 5, 2024, the closing price was 128.95 yuan, with corresponding price-to-earnings (P/E) ratios of 15, 13, and 12 for the next three years [9]