This World Marriage (603369): High growth certainty in the coming year, current value is undervalued

This World Marriage (603369): High growth certainty in the coming year, current value is undervalued

According to grassroots research feedback, the company’s current inventory level allows and the price is stable. It is expected that the Spring Festival will have a good performance.

In the context of the increase in the base in Nanjing and the adjustment of competing products, some investors threaten the sustainability of the company’s future growth. We believe that the adjustment of competing products will take time, the company’s channel comparative advantage is still in place, and Nanjing Guoyuan Consumption has been formed.The channel dividend is expected to continue to be released, and the company is well prepared for the future. One is to lay out higher-end V-series in advance, and the other is to focus on the blank market in the province. Nanjing is expected to be the main force for growth in the future.

We believe that the company has a strong accumulation of products, maintains a high profit margin for its products, continues to adhere to the group purchase model to promote consumer effects, rich internal teams and distributors, channels are circulating, the current potential energy dividend is just released, and the growth of the next year is high.

Maintaining EPS 1 for 19-20 years.

15 yuan, 1.

40 yuan, currently corresponding to only 22X for 20 years, the safety margin is high, given 28 X for 20 years, maintaining a target price of 40 yuan, maintaining the “strong recommendation-A” rating.

Complete the task ahead of time, the current inventory level is sufficient, the price is stable, and it is expected that the Spring Festival will have a good performance.

According to grassroots research feedback, the company has completed the 19-year task ahead of schedule, and the additional part of the advance payment has been placed in 20Q1.

The current overall inventory level is reasonable, 1-1.

In May, the stock price of Nanjing, a key market, was currently 250-255 on folio and 380-385 on quarto. The price rose steadily.

The company’s current Spring Festival policy has not yet been issued. It is expected that the policy will be on the 18-20 sunrise, and dealers will begin to make payments during the Spring Festival.

Manufacturers are currently doing two things: one is to let the dealers withdraw funds, and the other is to let the dealers clean up the warehouse and prepare for the Spring Festival.

The current channel inventory is low and the price is stable. It is expected that the Spring Festival will have a good performance.

The structure continued to upgrade, the national borders of main products maintained high growth, and V series sales exceeded expectations.

In 19 years, the national border continued to maintain high growth, and its share of total income increased from 65% in 18 to about 70% in 1919. Among them, the main product Folio / Sikaikai maintained a high growth rate of more than 50%.

In addition, the company’s V-series revenue in 19 years reached 300 million (sales caliber), exceeding the company’s initial expectations.

The company regards the V series as the key layout in the future. For the V 杭州桑拿 series, a high-end wine promotion department has been set up. V9 is a high-end image, V3 and V6 are sales, and higher price bands are set in advance.Reached about 20%.

From defense to offense, the channel’s potential energy is continuously released, and the high increase continues.

The company has maintained a high growth rate for 17 years. This year, in the context of the increase in the market base of the Nanjing market, the profit of the channel has declined slightly, and the channel adjustment of competing products has caused investors to worry about the sustainability of the company ‘s future growth.The company still expects to maintain high growth: 1) Although the channel profit in the Nanjing market has slightly decreased compared to the previous period, the channel profit is still significantly higher than that of the 天津夜网 competing products, and the company has taken relevant measures in 19Q3 to reduce the amount of expenses and actively control the growth.
The chairman is worried about the obstacles of consciousness and requires quality to be faster than speed. He will not rush through the channels to press the goods to increase growth, but to develop healthily and benignly while ensuring channel profits.

It will take time to adjust the competition channel in the province. The company’s comparative advantage is still in place. At present, Nanjing’s national consumption transformation has been formed, the channel is in a positive cycle, and the dividends continue to be released. 2) Looking ahead, the Nanjing market will experience high growth in recent years.Under the background of increasing bases, it is reasonable to subdivide the growth rate in the future. The company has prepared in advance: first, on the product, the higher-end V series is deployed in advance to supplement national border products; second, regionally,It will focus on other blank markets in the province, including potential markets in southern Jiangsu, central Jiangsu, and Xuzhou. It will continue to expand the number of dealers, increase resource input and channel construction. The growth rate in 19 years has increased significantly, and Nanjing is expected to become the main growth force in the future.

Investment suggestion: The growth rate for the coming year is high, the current value is underestimated, and the “strongly recommended-A” rating is re-determined.

We believe that the company has accumulated a lot of money, maintained a high profit margin for its products, continued to adhere to the group purchase model to promote consumer effects, and the internal team and dealers have made rich returns.

It will take time to adjust the competitive product channels. The company’s comparative advantage is still in place. The current potential energy dividend is being released at the right time, and the growth in the coming year is highly certain.

Maintaining EPS 1 for 19-20 years.

15 yuan, 1.

40 yuan, currently corresponding to only 22X for 20 years, the safety margin is high, given 28 X for 20 years, maintaining a target price of 40 yuan, maintaining the “strong recommendation-A” rating.

Risk warning: demand falls, competition in the province increases, and expansion outside the province is less than expected.