Alcoholic drinks: marketing yet to straighten out investment still has to wait

--Zhao Yang in the Alcoholic Liquor Co., Ltd. (hereinafter referred to as alcoholic drinks) chief Engineer Wu Xiaoping, former general manager of Wuliangye Xu Cochang high-profile Inauguration, alcoholic liquor in the two-tier market has welcomed the high level of investor attention.　　From the company's announcement date, the stock has risen to about 45%. From the stock price trend, the former bartender Wu Xiaoping the bad news has been digested. At the time of the hundred waste Generation Hing, Xu Cochang just came to office, the company will continue to spread good news. First at the Spring Sugar Cocktail party in Chengdu, the dealer was allegedly on the spot to sign sales of alcoholic beverages almost 2008 years a year sales.　　Then Zhuhai's richest man Lee health a toss of millions of alcoholics "hole hidden" series. The marketing system has yet to straighten out alcoholic beverages, the old winery, which is located in Jishou, Xiangxi state, in the early 90 famous. Alcoholic liquor was priced even higher than today's industry giant Maotai, Wuliangye. Because of the diversification of business and then the major shareholder "success" of the account, to the company's operation has brought a heavy burden.　　2007, in the Sugar Group subsidiary of the Imperial Co., Ltd. after the arrival of the company carried out a full range of "treatment", and two consecutive years to complete the performance commitment. However, the "fragrance" of the first line of liquor brands has now been reduced to regional brands. In terms of market distribution, the main products of alcoholic beverages are still concentrated in the base area of Hunan Province. Hunan is one of the most liquor consumption provinces, in 2008 the entire Hunan province liquor sales reached more than 7 billion. "Cake" is large, but there are also a lot of "divided food". Only local competitors will have the opening laugh, Wuling, Xiang Jiao and many other well-known brands.　　2008, alcoholic drinks in Hunan Province sales only 120 million, the market share of less than 2%. Has "liquor industry Three Musketeers" said Xu Cochang airborne alcoholic drinks, but essentially received a "hot potato." "Xu Total set up in Hunan Province in the last three years sales target is 09 more than 200 million, 2010 300 million to 400 million, 2011 reached 500 million to 600 million." "The goal is not difficult to achieve, judging by Mr. Xu's excellent sales ability and extensive network of contacts," said one person close to the alcoholic drink. "Xu Cochang took office immediately after the company launched a survey, from procurement, logistics, quality, marketing, cost management and other aspects of more than 30 suggestions to improve. Xu is always a soldier, very pragmatic, popular inside the company.　　The company insiders told reporters. But many of the problems with alcoholic beverages are clearly not a short-term solution. A liquor industry analyst pointed out that the liquor industry's core elements are marketing, especially brand management. Wuliangye claims to have 600 years of history of the fermentation pool, Luzhou old Cellar stressed that there are 433 years of fermentation pool, and alcoholic liquor, where is the appeal point?　　The word "alcoholic" always gives a feeling of mixed feelings. "The biggest problems at the moment are product pricing confusion, weak channel control and so on." "China Merchants Securities researcher Zhu Weihua pointed out. Currently alcoholic drinks in the product line has three main series: low-end XiangSpring Series priced at about 200 yuan, middle-end drunkard priced at 300-500 yuan, high-end hole reservoir pricing between 600-1000 yuan, conforming priced at more than 1000 yuan. In the high-end market, and competitors Maotai, Wuliangye formation of differential pricing, but in the main low-end of the product line, not only with the difference between the competitor is not obvious, and its own product pricing is also relatively confusing. "For example, the new 50-degree alcoholic drinks and 52-degree alcoholic drinks is only two degrees, the price difference of 200 yuan." In addition, in the channel, many of the provincial distributors have said that products fleeing serious goods.　　Zhu Weihua further explained.　　In fact, the company's future commitment to build a series of caves there is no clear marketing ideas, the future can continue to promote the need to observe.　　Valuation differences in the Xu Cochang of the new leadership, alcoholic drinks can reshape the brilliant? "We think that the fundamental reason for Xu Cochang to join alcoholic drinks is to realize the value of life, the company's fundamental upward inflection point has been very clear."　　National Gold Securities researcher Chen Analysis. But even so, the results will not be reflected in the last two years or so. It is reported that Xu Cochang for the company's sales prospects for the last two years: 09 sales revenue 600 million, 2010 sales revenue of 7.8 billion, but because of the higher period of expense rate swallowed, the annual net profit of only about 500.06 billion.　　The vast majority of the company's net profit in 2008 comes from a one-off income from debt restructuring, even taking into account the tax returns and subsidies of local governments in the late stages, which do not have a noticeable thickening of the company's performance. "The majority of investors ' involvement is essentially a gamble on Xu's ability to be strong."　　"A private-equity insider told reporters.　　According to people familiar with the matter, the company has been considering the general Xu's equity incentive issues, after all, the early Wu Xiaoping of the resignation did give investors a negative impact.　　However, specific to whether the company's shares have reached the right time to buy, different sellers of researchers are still large differences, such as the national Gold securities are relatively optimistic, and the Yangtze River Securities, investment securities are relatively neutral. Zhu Weihua said: "The current share price of the company committed to performance PE55 times, positioning on the high side." "For the value of inflection-point companies, in the process of improving from poor to clear, the rate of income growth will cover less net profit in the first year or two due to cost investment, and only when the sales scale reaches 102 billion or higher, the net profits growth rate will be higher than the growth of sales income. The valuation criteria will then be accepted by most investors. "Chen Analysis.