Liquor industry boom continues with high-end heavy-duty development
The spirit of the liquor industry continues to the development potential of the second-high-volume Yanghe Co., Ltd. It is expected that the liquor industry has undergone adjustments in recent years, the demand structure and market environment have changed significantly, the industry as a whole is recovering, and it is ushering in another round of development opportunities.
According to Shen Wanwanyuan survey data, in 2017, liquor listed companies had revenues of US $ 164.8 billion, an increase of 27 in ten years.
67%, net profit of 52.6 billion yuan, an increase of 44 in ten years.
In the first quarter of 2018, liquor companies listed had revenue of 614.
9.8 billion yuan, an annual increase of 27.
88%, net profit 217.
2.7 都市夜网 billion, an annual increase of 37.
83%, the liquor industry maintained a high degree of prosperity and accelerated overall.
Based on the data of the past few years and the analysis of the industrial situation, Song Shuyu, the vice chairman and secretary general of the China Wine Industry Association, said that the adjustment of the industrial structure proposed by the liquor industry in the past few years has improved significantly, the industrial adjustment has continued, diversified consumption, intensified competition, and capacityExcessive, long-term lack of good wine development characteristics, the future will usher in a new era, new consumption, new development trends.
The preliminary analysis believes that the liquor boom cycle gradually extends from high-end to sub-high-end to real estate sub-high end. In 2016, 厦门夜网 high-end liquors took the lead to recover. In 2017, the country’s sub-high-end liquors broke out.Accelerated release occurs.
It can be seen that the sub-high-end leader will benefit from this round of industry adjustments and upgrades. As a sub-high-end leader in wine industry, Yanghe Co., Ltd.’s development potential is worth looking forward to.
Middle-income people recommend famous alcohol consumption According to research data from The Boston Consulting Group, 2015?
In 2020, the number of middle- and middle-income groups and upper-middle-income groups will increase from 81 million to 1.
4.2 billion households, with a compound annual growth rate of 12%; the total consumption expenditure of households with middle income and above is expected to increase from 10.
6 trillion to 23.
7 trillion yuan, with a compound annual growth rate of 17%, and the number and purchasing power of people with middle income and above will increase significantly.
From 2010 to 2015, the average monthly disposable income was 1.
Households with more than one in 250,000 increase from 16 million to 53 million, and it is estimated that by 2020, the annual household monthly disposable income will be 1.
The number of households above 250,000 will reach 99 million, with an annual compound intensity of 13%.
The growth of middle-income groups has also brought about the growth of famous wine consumption groups.
Shen Wanhongyuan research report shows that the most, since the beginning of 2013, the price of famous wines has been significantly reduced. Moutai, Guojiao 1573, and Shuijingfang have cut prices by as much as 21%, 37%, and 34%.
At the same time, the per capita disposable income of urban residents has increased steadily, the ratio of famous liquor to the per capita disposable monthly income of urban residents has greatly decreased, and the purchasing power of residents has relatively increased.
As a result, famous wines are “still inexpensive.”
Another detail is that the price of wine for wedding banquets in most cities has also been comprehensively increased. Hangzhou, Jinan and other provincial capitals use 200 yuan for wedding banquets?
The price ranges from 500 yuan. The mainstream prices in provincial capitals have reached more than 200 yuan, and in third- and fourth-tier cities, towns and counties have generally reached more than 100 yuan.
It can be seen that the consumption upgrade has gradually increased the main price band of mass liquor consumption.
Since 2011, the consumption pattern of the liquor industry has changed significantly. In the past, government consumption accounted for over 80%, leading to a gradual increase in the proportion of large-scale consumption. In 2017, it even exceeded the government consumption ratio. The growth of mass consumer demand is a stable processNo cliff-like decline will occur, and this structural change has stretched the boom cycle of the liquor industry.
The consumption upgrade of the industry has created more growth space for the brand.
There are not many famous liquor brands in liquor. From 1985 to the present, the three cycles of the liquor industry have created Fenjiu, Wuliangye and Moutai. The brand is the core asset of liquor enterprises, and the historical accumulation cannot be copied.
As one of the eight famous wines in the country, Yanghe’s brand can be traced back to the “Yanghe Daqu” of the Tang Dynasty. The reorganization of Yanghe as a “new national wine” appeared in various national activities, which effectively made the brand a new one.Stairs.
From the perspective of the current industry structure of liquor, the concentration of high-end liquor is the highest, followed by the high-end liquor, and the low-end concentration is the lowest. Through the reshuffle of the industry, the concentration of the sub-high-end and the middle-low end is further exploded.Will definitely further improve.
Among them, the sub-high-end belt shows a growth trend of both volume and price. According to Shen Wanhongyuan’s view, the sub-high-end price segment is a gold price segment that truly enjoys consumption upgrades.
Anxin Securities believes that the mainstream consumption (80?
300 yuan range) The market size is 250 billion?
300 billion yuan is the largest consumption level of liquor. Consumption upgrades continue, and the foundation for consumption of sub-high-end brand liquor has been greatly expanded and consolidated. The sub-high-end cost-effectiveness with national brand power has been unprecedented, and the current market expansion opportunity is the best.
In 2017, the size of the sub-high-end market is about US $ 30 billion. The proportion of middle-income consumers will continue to increase in the next few years. The sub-high-end market is expected to continue to expand, and the market size is expected to exceed 60 billion US dollars in 2020.
With a conservative consumption upgrade ratio, the next high-end will receive an annual increase of about 15 billion in the future, which is very promising.
In the second high-end zone, Yanghe is obviously relatively strong and expanding.
Comparing the revenues of several major sub-high-end liquor products, in 2017 Crystal Sword revenue was 8 billion, accounting for 22%; Yanghe Dream Blue revenue was 4.5 billion, accounting for 13%; Honghualang product revenue was 3.5 billion, accounting for 10%;The revenue of other brands of sub-high-end products accounts for less than 10%. With the acceleration of the nationalization of Yanghe, it has the potential to quickly increase its volume and gradually become a national single product.
According to the China Industry Information Network report, in 2016, the liquor market in Jiangsu Province totaled 32 billion yuan, accounting for 30% of the high-end and about 9.6 billion, of which Yanghe Dream Blue was about 4 billion, and the world ‘s premium A accounted for 10 billion.5 billion yuan.
Yanghe Dream Blue accounts for about 40%.
Since 2016, Dream Blue’s revenue has maintained high growth, with a growth rate of more than 50% in 2017, accounting for more than Sky Blue.
In the first half of 2018, Dream Blue maintained a growth rate of more than 50%, and overall revenue across Yanghe accelerated at the same time.
With the mainstream price of Jiangsu moving up to 300 yuan and the rapid expansion of the sub-high-end market, Yanghe, as the province’s sub-high-end faucet, enjoys the expansion bonus.
The data shows that in 2017, the dream province’s extra-provincial income accounted for 25%, and in the first quarter of 2018, the dream province’s extra-provincial income accounted for 30%.The upgrade continues, and the income outside of Dreamland rises.
At the same time, the brand of Dream Blue was further spread and strengthened through the slogan “Chinese Dream, Dream Blue” and its frequent appearance on the international stage.
In terms of channels, Yanghe has started to deepen its nationalization since 2011. Research data show that in 2018, the new Jiangsu market has reached 495, with about 9,000 dealers across the country, more than 300 offices and 5,000 sales staff.
Through the operation of the sea blue and sky blue in the early stage, there is a certain amount of experience and channels accumulated in the promotion outside the province, which is conducive to the rapid distribution of Dream Blue in the country.
Can be seen in the brand and channel, Yanghe’s advantages are all advantages, in the next high-end fierce competition will definitely stand out.
Internal and external factors are the key to success. Shen Wanhongyuan stated in the industry in-depth research report that he must choose a company with strong brand + flexible mechanism + excellent team from the bottom up, regardless of team, system, culture, culture or brand, product.To analyze the channels, Yanghe has the qualities that a “good company” should have.
Yanghe has a highly qualified team of colonies.
In particular, the core management personnel have a bachelor degree or above.
The high-quality talent team guarantees the correctness of the company’s strategic direction and the improvement of the company’s management mechanism.
And the core leaders are members from the grassroots level. They have high loyalty and rich experience to the company, and are young and strong. They are one of the most powerful combinations among wine companies.
After two mixed reforms, Yanghe leads the industry in operating efficiency.
Resellers’ shareholdings and the company’s interest constraints, reduce agency costs, fully mobilize the enthusiasm of the connection and dealers, the company has sufficient endogenous driving force for development, and its industry efficiency is leading in the industry.
Leadership is conducive to enhancing the stability of the company’s team and ensuring the effectiveness and consistency of corporate governance.
From the start of the industry boom in 2003, the launch of the big blue single product, let the blue whirlwind sweep across the country, to 2012?
During the industry adjustment period in 2014, other wine companies proposed a deep nationalization during the strategic contraction to establish a new Jiangsu market.
Each step of Yanghe is stepping in the right direction at the right time, accelerating expansion during adversity, and calmly responding to adversity, which reflects the company’s super strategic ability, and the correct strategic direction and teamExecution.
No matter from the level of executives’ individual ability or team execution, Yanghe is leading other sub-high-end wine companies.
It is understood that Yanghe has rebuilt the strategy of “three-do, three-do”, that is, do not sell in the market, do not do products in the brand, do not do the current in the future, and make realistic choices, and continue to create new growth poles.
This is the internal motivation for the achievement of a “good company”, and the innovation and development in brand, product, and channel have been analyzed before, so I won’t repeat them here.
Essence Securities believes that the company’s two major growth poles in the future, one is from the renewed legend of Dream Blue, and the other is the acceleration of its national layout.
It is understood that after 4 years of expenses, Yanghe’s market share outside the province has continued to increase. According to the 2017 annual report, the share of income in and outside the province in 2017 was 53:47.
According to survey data, in the first quarter of 2018, the proportion of revenues from markets outside the province was more than half. Among the markets outside Henan, about 30 billion yuan in Henan in 2017, about 20 billion yuan in Shandong, and about 16 billion yuan in Anhui.
Among them, the new Jiangsu market accounts for more than 70% of the extra-provincial revenue.
In 2017, the growth rate of Henan, Anhui, Shandong, Hebei, and Zhejiang exceeded 20%. In 2018, the growth rate is about 20%.
The current sales situation is good, and the internal planning of markets outside the province exceeds 30%.
In summary, combined with the consumption upgrade of the liquor industry and Yanghe’s own operating and management advantages, the development potential of Yanghe will further explode, and future growth is expected.
By Li Xin