subject: Shanxi Fen business has scaled on the right track - Shanxi Fen Wine, liquor - food industry industry [print this page] Shanxi Fen business has scaled on the right track - Shanxi Fen Wine, liquor - food industry industry
Shanxi Fen Wine (600 809) is mainly engaged in production and Sell Fen, Trimeresurus series of wine and liquor production and sales; Alcohol High technology and product research, development, production, applications; invest in business and related consulting services. Among Spirit Income accounted for 92.04% main income. Is large is the national large-scale production bases were white, one is a typical representative of Chinese liquor, is also the only Chinese have both "Fen" and "Trimeresurus" two state liquor business. Today investment "online analysts" display: Company 2009-2011 Consolidated earnings per share forecast for the 0.93,1.21 and 1.56 yuan respectively, corresponding to dynamic price-earnings ratio of 32 times, 25 times and 19 times; the current total of 20 analysts tracking which recommended a strong buy, buy, and wait and see 7,12 and 1, respectively, integrated rating coefficient of 1.70.
Shanxi Fen edge in the local market higher, and group together occupy the whole of Shanxi liquor market share of around seventy percent of the market, and about 70% of their income. And because the taste reasons, Shanxi Fen Fen the flavor of wines compared to other obvious advantages in local, but the brand relative to local real estate Fen brand wine is obvious, so in the future the company will maintain these advantages.
Shanxi Fen in the consolidation of local markets, to actively explore markets outside the province, and mainly to the original Fen-traditional markets. Sales of its surrounding provinces accounted for over 60% of sales outside the province, but especially in Henan and Shaanxi, better sales. Consolidated its market capacity of the surrounding provinces, and Shanxi Fen current market share, Shun securities that the company's future expansion space for very large, how to achieve depends on a company's specific initiatives. From the current situation, the company has stepped on the track.
Company brand and original series for the situation too much, reduce the brand, a strong focus. First of all, from the original more than a thousand varieties, reduced to more than 130, and formed three series of high low, high-end of the "National possession Fen" and "Blue and White Porcelain", in the end of the old white-Fen series, as well as low-end Glass bottle Fen installed. And to market ability, product development from the sale conditions. In the sales channels, the company also conducted a large-scale reorganization of the current convergence of interest with distributors, future development can be expected.
Price increase of 10% after the company's products, further enhancing the performance of the second half of a positive impact. Price increase, the company main products of the ex-factory price of 10 old white Fen only 78 yuan, with other companies prices are still low compared to similar products. The company's products to mid-range wine-based sales structure, with the wealth of future product lines, blue and white liquor brands to the line, moving close to high-end product still has great room for price increases. Meanwhile, the company's excellent first half of the cost control, cost of sales decreased by 8.5% over last year, administrative expenses fell 12%, pushing up the cost of decreased profit margins increased by more than 10%. With the growth in sales of high-end products, the future will continue to enhance the company's profit margins. Shanghai Securities is expected in the second half performance of the company will maintain the momentum of rapid growth.
Combined company's development trends and liquor market environment, 2009,2010,2011 Shun Securities expects earnings per share were 1.09,1.36 and 1.59 yuan, respectively, corresponding to dynamic price-earnings ratio of 28.71 times, 23.01 times, and 19.68 times . Rating on the company's first "buy-B", 12-month target price of 40.80 yuan.
Risk warning: macro-economic slowdown in the market put pressure on the province; outside the province to open up the market uncertainty; A-share market volatility.
