Following the steady growth of the semi-annual report performance, Yanghe Shares (002304) submitted a "hard answer sheet" in the third quarterly report. Recently, Yanghe Co., Ltd. released the third quarter report of 2021, the company achieved revenue of 21.942 billion yuan in the first three quarters, an increase of 16.01% year-on-year; achieved a net profit attributable to the mother of 7.213 billion yuan, an increase of 0.37% year-on-year; and achieved a non-net profit of 6.850 billion yuan, an increase of 21.57% year-on-year. In the first three quarters, operating income, attributable net profit, and non-net profit after deduction all hit a record high in the same period of history.
Many institutions said that the performance of Yanghe Shares in the third quarter is in line with expectations, the company's product structure continues to upgrade, and future performance is expected to accelerate growth.
Product upgrade: "Dream Blue M6+" volume growth
The report shows that from January to September, the net cash flow generated by Yanghe's operating activities was 5.474 billion yuan, an increase of 1332.75% year-on-year. Guosheng Securities bluntly said that "the performance of Yanghe shares is in line with expectations, and the cash flow performance is eye-catching".
In the face of fierce competition in the liquor industry, since the beginning of this year, Yanghe has continuously innovated in its product structure. From promoting the listing of new products to the development of generations, Yanghe has continuously won the favor of consumers with the quality advantages of "one product, three fragrances, and smooth comfort". In particular, the dream series based on "Dream Blue M6+" has performed strongly and has become the main growth engine of revenue. It is reported that in the past Mid-Autumn Festival National Day, Yanghe products continued to sell hot, and the phenomenon of "selling out of stock" appeared in many places. According to the feedback of some dealers, there have been many times when the owner of the tobacco hotel urgently searched for the source of Yanghe goods in the exchange group, especially the "Dream Blue M6+".
GF Securities pointed out that an important reason for the outstanding results of Yanghe Shares' third quarterly report is the continuous upgrading of the product structure and the improvement of channel enthusiasm driven by the "Dream Blue M6+". In the future, the product structure will continue to upgrade, and it is expected to usher in the resonance of revenue acceleration + profitability improvement.
Guosheng Securities said that the company's sales gross profit margin in the single quarter of Q3 was 76.2%, which is expected to continue to upgrade the product structure, the growth of the peak season of "Dream Blue M6+" in the province, and the continuous product structure upgrade of the "Dream Blue M3" crystal version and the new version of Sky Blue, which can be expected in the future.
Brand upgrade: "Double famous wine" strategic development
The development of enterprises is often inseparable from the support of brands and strategies. This year is the beginning of the "14th Five-Year Plan" and the year of the replacement of the new management of Yanghe. In April this year, Zhang Liandong, secretary of the party committee and chairman of Yanghe Co., Ltd. and chairman of Shuanggou Liquor, made his first public appearance, and proposed to do the real "name of famous wine" and implement the new strategy of "double famous wine".
Industry insiders believe that the "double famous wine" strategy is expected to inject new development vitality into Yanghe, and may also bring more surprises to the industry. Over the years, Yanghe has occupied the market advantage with the Dream Blue and Blue Classic series, and on this basis, through the recovery of Shuanggou, it has formed complementary interaction with Yanghe in terms of region and price, and gradually formed a double brand and double brand strategy of "Yanghe + Shuanggou", which is expected to further enhance the growth potential space.
CITIC Construction Investment Securities said that the "double wine, double brand" strategy has been exerted, and the reform potential has been continuously released. In 2021, the company put forward the development strategy of "double famous wine and double brand", and the dual core drive of "Yanghe + double ditch" drove the company's performance with high quality. In the first three quarters, the company set up a separate sales company to operate the Shuanggou brand effect, and the sales end of the Shuanggou brand achieved a year-on-year increase of 38%, of which the growth of the first row of Su wine and green Su was relatively strong.
Orient Securities said that Shuanggou Liquor industry to promote the revival of famous wines, is expected to contribute to the increase. Dual-brand upgrade to enhance profit elasticity, optimistic about the growth rate in 2022.
Management upgrade: "secondary entrepreneurship" potential energy release
At this year's sealing ceremony, Zhang Liandong released the "14th Five-Year Plan" high-quality development strategy of Yanghe Shares, officially sounding the clarion call of "secondary entrepreneurship". Since then, the Yanghe River seems to have shown a just right "sense of rhythm". From product renewal, brand upgrading, to the adjustment of the marketing system; from the "14th Five-Year Plan" profit increment sharing plan to the "core backbone shareholding plan"; from "100 days to attack", to "three stresses, three bright and three ratios". The pace of Yanghe's "secondary entrepreneurship" is striding forward.
Some analysts believe that this multi-field and deep-level comprehensive action has undoubtedly brought a powerful force for change to Yanghe, and the eye-catching performance of the three quarterly reports is the most direct reflection.
Huaxi Securities said that the company resolved to pass the core backbone shareholding plan in August this year, which covers a wide area, has reasonable incentives and assessment goals, and comprehensively promoted the release of organizational momentum. For Yanghe, the brand gene, channel layout, team quality and other aspects of the foundation is very balanced, in this wave of high-end high-speed expansion, it should eat more dividends.
CITIC Construction Investment Securities pointed out that since 2021, the company's reform potential has gradually been released, and with the landing of incentives, Yanghe's operation has improved, and the inflection point has emerged. Judging from the performance growth since the second half of 2020, Yanghe is currently adjusted in place, and performance growth has opened a new era. At the management level, the company's employee stock ownership plan has been successfully landed, the unlocking conditions for equity incentives have exceeded expectations, and a new round of incentives is expected to further help the company consolidate the achievements of reform and open a new round of high-quality growth.
This article originated from Easy Publishing
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