Huaan ** shares *** Wan Pengcheng recently conducted research on Bairun shares and released a research report "Pre-blended Liquor Reigns King, Fight Whisky Again", this report gives a ** rating to Bairun shares, and the current stock price is 2241 yuan.
Bairun shares (002568).
Key takeaways: Flavor & Fragrance Leaders are actively transforming premixes.
Relying on the successful launch of the latter's RIO series in China, the company has gradually become a leading pre-blended liquor company in China, and has launched a number of popular products such as Qiangshuang. At present, the company is actively promoting the development and development of whisky business on the basis of traditional pre-blending, and is determined to become a leading whisky spirits company in China. In terms of performance, the company achieved operating income of 24 in the first three quarters of 20235.7 billion yuan, a year-on-year increase of 4935%, net profit attributable to the parent company 66.5 billion yuan, a year-on-year increase of 11819%γ
The basic plate of pre-blended drinks is solid, and the whisky is poised for long-term development.
Offensive and defensive, RIO stabilizes the basic plate of pre-mixed drinks. The company's products and channel construction in RIO has been very mature, in terms of products, the company has launched a number of categories such as tipsy, classic, refreshing, strong and refreshing, the alcohol content covers 3 8 degrees in various ranges, the product capacity includes 275ml 330ml 500ml and other options, the taste is greatly rich, to meet the diverse choices of young customers to the greatest extent. In terms of channels, the company implements differentiated resource allocation and channel play according to the proportion of offline sales supplemented by online, and focuses on multiple platforms and rapid response online, mainly to meet the diversified needs of young peopleOffline deeply cultivates the traditional supermarket KA channel, and chooses a flat mode to strengthen the control ability of the terminal as much as possible. Regionally, it is based on East China and South China, and gradually radiates to the west and northern regions. We believe that the company has been firmly in the TOP1 of the pre-mixed wine track for many years, and has a very scientific and mature production, management and sales system, and has strong certainty in the basic business.
Focus on building a whisky business, aiming at a local whisky leader. Under the strategic guidance of "focusing on the development of whisky, occupying a place for high-quality spirits, and becoming a leader in China's local whisky industry", the company has steadily promoted the spirits business based on whisky. On the one hand, it will help strengthen the control of the upstream base wine source of the pre-blended wine industry chain, and on the other hand, the spirits business is expected to become the company's second growth curve. Since 2021, the Laozhou Distillery has successfully filled various flavors of malt whisky and grain whisky, including rice wine barrels, sherry barrels, wine barrels, bourbon barrels, rum barrels, etc., after layers of strict process testing and quality inspectionIn July 2023, as a new product that embodies the image of Laozhou Distillery and occupies a place of high-quality white spirits, "Jiaoyu" gin and "Lingwei" vodka were unveiled. In the short term, it is difficult for this part of the business to create direct increments, but as the early cultivation of domestic immature categories, it has very important strategic significance.
Investment advice: first coverage, give "** rating.
The estimated revenue for 2023-2025 is: 0.3 billion yuan, the corresponding growth rates were. 4%, net profit attributable to the parent company respectively. 8.9 billion yuan, the corresponding growth rates were. 3%γFor the first time, give a "** rating."
Risk Warning. Sales of large single items of pre-blended drinks were less than expected, and the whisky business was too slow.
*According to the calculation of the research report data released in the past three years, the research team of Guotai Junan Zimeng has conducted in-depth research on the stock, and the average accuracy of the stock in the past three years is as high as 8146%, and its ** attributable net profit in 2023 is 93.7 billion, and the **PE converted according to the current price is 2487γ
The latest profit** breakdown is as follows:
A total of 27 institutions have rated the stock in the last 90 days, with 23 ** ratings and 4 overweight ratingsThe average institutional price target over the last 90 days is 3707γ
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