The company's strategy has been repeatedly adjusted in the short term, resulting in a sharp drop in the company's stock price
Recently, Luzhou Laojiao disclosed the controlling shareholder's plan to increase its holdings in the company, and Luzhou Laojiao Group Co., Ltd. plans to increase its holdings in the company through its wholly-owned subsidiary, Sichuan Jinruo Investment Co., Ltd. (hereinafter referred to as "Jinduo Company"), with an increase of not less than 200 million yuan and no more than 2500 million yuan. Prior to the announcement of the shareholding plan, the company's stock price had evaporated nearly 25% since November.
Even after the release of the company's shareholding plan, the company's stock price is still in a first-class trend, the reason may be that in November, Luzhou Laojiao announced that the settlement price of three products such as 52 degrees Luzhou Laojiao 60 version of the special song five yards (500ml 6) was raised;Unexpectedly, a month later, there was news that Luzhou Laojiao notified the dealer that by December 18, Guojiao 1573 was executed according to 930 yuan bottle, and the original price was 980 yuan. The price of Guojiao 1573 has just been raised in August.
The company's products have changed repeatedlyAfter the price increase, the price was reduced, what is the reason?
Some industry insiders said that because of the weak consumer terminal, Luzhou Laojiao can only continue to adjust prices, even in this case, the company gives profits to dealers, although the accounts receivable are small, but the receivables financing soared year-on-year.
Today's liquor industry is basically a high-inventory enterprise, which is the consensus of the entire market, and many liquor companies want to rely on price increases to digest inventory, but liquor such as Luzhou Laojiao, the last strategy of price increase is useless, and can only choose to reduce prices.
In particular, in the past August, Luzhou Laojiao raised the price of 52 degrees of Guojiao 1573, but even if it was raised to 980 yuan bottles for dealers, the price increase notice was not implemented for a period of time. Unexpectedly, 4 months later, it has been rumored that Luzhou Laojiao's product Guojiao 1573** was lowered by 50 yuan per bottle again.
One up and one down, what is the reason?However, the capital market is still very sensitive to product price reductions, and on December 11, the company opened with a sharp drop of more than 7%, even if it was still down 445%, and in the next few days, the company's share price went all the way downhill.
In response to the price reduction, Luzhou Laojiao said that because the product sales this year are benign, it will carry out profit pre-placement within the scope of the quota for high-quality customers, that is, pay part of the profits that need to be distributed in the later stage to dealers in advance, improve the efficiency of payment collection, and help dealers operate and capital turnover. The actual settlement in the plan** has not been adjusted.
In addition, since November, a number of Luzhou Laojiao's products have been raised in varying degrees, including 52 degrees Luzhou Laojiao 60 version of the special song five-yard pack (500ml 6) and other three product dealer settlement prices have been raised. The annual revenue of these products is about 2 billion to 3 billion, and the overall revenue of the products to the company is limited.
Behind the price increase, the company's stock price has been continuously since November, and on November 1, Luzhou Laojiao touched 229 at the most3 yuan shares, as of December 18**, the company's share price is 17276 yuan shares, down 24 in less than two months66%。Today, the company's stock price has once again reached 17206 yuan shares, the stock price is **0 again41%。
After the company's stock price continues to increase, the company's controlling shareholder is ready to increase its stock price.
On December 15, Luzhou Laojiao disclosed the controlling shareholder's plan to increase its holdings, and the amount of the increase was not less than 200 million yuan and not more than 2500 million yuan. The shareholding increase plan does not set the first range, and will gradually implement the shareholding increase plan according to the overall trend of the capital market and the reasonable judgment of the company's first value.
In addition, Laojiao Group and Jinru Company promised that they would not ** the company's shares during the shareholding increase period, within the statutory period and before the announcement of the completion of the implementation of the shareholding increase plan, and would complete the shareholding increase plan within the above-mentioned implementation period. For this increase, the company said that it is based on confidence in the company's long-term development.
As one of the originators of the liquor industry, Luzhou Laojiao's development in recent years has also grown steadily, and the company's revenue and net profit in the first three quarters of this year were 219400 million yuan, 105700 million yuan, a year-on-year increase. 58%。
The company's performance has increased, mainly due to the relaxation of Luzhou Laojiao's payment policy for dealers, which has also increased Luzhou Laojiao's receivables financing significantly. The receivables financing is mainly bank acceptance bills, Luzhou Laojiao has relaxed the sales policy, allowing dealers to use bank acceptance bills to pick up goods, so as to achieve rapid distribution of goods, promote the goal of sales tasks.
However, according to industry insiders, such a practice leads to the company's channel will be pressed, the company's sales will be slow, and even the phenomenon of low-price dumping of goods in the channel will have an impact on the product's best system.
As of the third quarter, Luzhou Laojiao's receivables financing amount was as high as 497.4 billion yuan, up from 4.5 billion at the beginning of the year8.3 billion yuan, a slight increase of 853%, but compared to 25. at the same point in 20228.1 billion yuan, up 9272%。Now, Luzhou Laojiao has a channel inventory problem, so what should be done?
Not only is the channel inventory problem serious, but even the company's internal inventory has hit a record high. As of the end of the third quarter, the company's inventory was as high as 1100.9 billion yuan, 98 percent from the beginning of the year4.1 billion yuan, an increase of 1187%, an increase of 22 percent from the same point last year64%。
Therefore, can Luzhou Laojiao's plan to increase its holdings pull the stock price back?