Agency relay binge drinking blue Yanghe market will overtake Guizhou Moutai?

September 21, 2010, Yanghe shares (002304. SZ) successfully broke through the 200 Yuan mark, the final plate received 208.98 yuan, the whole day Rose 7.37%, the company's share price has reached a record high since the IPO.　　September 27, Yanghe shares in the morning after the profit back to vomit, the afternoon with the market further strength began to shock the rally, the final plate again to refresh the market since the close of the new highs, closed to 209.6 yuan, Rose 0.3%. From November 2009 to land in the board less than a year, Yanghe shares of the second-line liquor listed companies have set off a blue storm (blue is the Yang shares of the high-end liquor Blue Classic series of the logo color), the stock price climbed, rapid catch-up Guizhou Maotai (600519.　　SH) and other first-line liquor listed companies, dominating the liquor industry's top high price shares throne. As of the end of the day, Yanghe stock market value has exceeded 90 billion yuan mark, up to 94.3 billion yuan giant. During the same period, Maotai market value of 159.342 billion yuan. By contrast, the first half of this year net profit is equivalent to the Luzhou old cellar (000568.　　SZ) market capitalisation is only 50.736 billion yuan, only 53.8% of the market value of Yanghe shares.　　Institutions to contribute to this reporter found that in Yanghe shares of the two-tier market share price overlapping innovation behind, is the mechanism of the relay to fuel the results.　　According to the SSE trading information disclosure, September 21 the day of the Billboard show, the former four main buying force are institutional funds, the cumulative purchase of 81.7028 million yuan, and the same day in the sales of the main list of the institutional fund amount is only 14.0624 million yuan.　　Yanghe shares semi-annual report, the company's first half to achieve business income of 3.487 billion yuan, an increase of 93.24%, to achieve total profit of 1.431 billion yuan, the growth of 82.37% per cent, the ownership of the listed company shareholders of the net profit of 1.067 billion yuan, an increase of 81.39%. In the same period, first-line liquor listed companies Wuliangye (000858. SZ), Guizhou Maotai, Luzhou old Cellar 3 enterprises net profit increase between 20%-40%, and ancient Well gong (000596.　　SZ), the gold Seed liquor and other second line liquor net profit increase is up to 200%. In contrast, although the first half of the company's shares in the performance growth in the middle level, in the past three years, regardless of operating income or net profit growth of more than 50%.　　Its performance is not very eye-catching, but the stock price is soaring. From the company's disclosure of the top ten circulating Stock shareholders list, Teda fund took over the baton of the Fund, become the top ten circulating shares of shareholders the largest institutional investors.　　In addition, the letter Cheng Four Seasons Red Hybrid fund, China Ping An fund, the rich days Benefit value fund, Huaxia Prosperity Select Fund also first entered Yanghe shares of the top ten circulating Stock shareholders list.　　Merging double ditch 1+1>2? National Gold Securities analyst Chengang said that the institutional funds favoured Yanghe shares of the important reason lies in the development of the shares of Yanghe repeatedly exceed expectations, opened the second-line wine listed companies imagine space. Company nearOver the past three years, both operating income and net profit growth have been above 50%. The catfish effect produced by the rapid growth of Yanghe shares also promoted the benign competition and development of the leading enterprises, accelerated the liquor industry to concentrate further to the famous wine enterprises, thus pushing up the overall valuation center of the liquor industry.　　Up to now, compared with 2011 years ' performance, the valuation level of second-line liquor listed companies has risen to about 35 times times. "Mid-range wine business needs relatively flexible system, Yanghe shares of the private system and excellent management ability indeed in the mid-range wine operation has a strong advantage." As long as Yanghe shares in the middle of the strong position of wine is not shaken, its growth is still worth looking forward to.　　"Chengang said. April 8, 2010, just landed in the capital market soon, Yanghe shares will be also located in Jiangsu Suqian 40.6% of the double ditch wine industry under the ownership.　　On June 8, the two sides jointly invested 200 million yuan to set up Jiangsu Su Liquor industry, as a marketing management platform integrating Yanghe River and double ditch marketing resources. Child training said, up to now, Yanghe shares of double ditch wine industry integration is orderly, marketing integration effect is worth looking forward to.　　Yanghe, double ditch products more than half of the sales in the province, the original competition is fierce, after the acquisition can reduce unnecessary internal friction, integration of both channels of resources to improve efficiency. However, Shanxi Securities analyst Lo Yin said, the double ditch integration effect still need to gradually appear.　　In April this year, the company acquired the double ditch wine industry and realized and table, although to some extent increased the company's income level, but the contribution of the company's performance is limited, the first half of its net profit of 8.2529 million yuan, accounting for the company's current performance of 0.77%. "The company's gross profit margin was down 5.3% in the two quarter, while sales rates and management rates rose 5 and 2% per cent year-on-year, leading to a reduction in the company's net interest rate by 10%." It can be seen that the profitability of the double ditch is relatively weak.　　"Lo Yin said. and Chengang that the future of the development of Yang shares of the judgment, should pay close attention to two aspects of the changes: First, Wuliangye and Luzhou and other national brands in the mid-range of wine on the force, the second is ancient well gong, present edge, Songhe and other regions of the strong rise of liquor.