The wine is not enough for the development of shares in Yanghe "Qin Qi" worry?

What is the achievement of Yanghe shares? Brokerage reports have given the main reason: performance to pull the share price.　　And in the first high prices in the cities after the stock brokers are still full of expectations, the majority of the brokerage report also gave an overweight evaluation. July 8, Yanghe share price of 156.40 yuan, the market value reached 70.38 billion yuan, high liquor "first Legion" in Luzhou Old cellar 38.9 billion yuan market value nearly one times. "Despite the good performance of the shares in Yanghe, I personally think it is overrated," he said.　　Liujin, an analyst at China Sea Securities, said. "The biggest doubt comes from the base wine. "It is understood that in 2010 Yanghe shares will be paid at least tens of millions of dollars to buy out the base wine, insufficient capacity or become the Achilles heel of shares."　　At the same time, after years of Pianan Jiangnan, how to compete with the Giants in other markets in China has become a problem that Yanghe must face. "It is difficult to predict where the ceiling of Yanghe's shares is, but now the city has been held up by the capital markets, even if there is a problem or a slight performance, it will make the market assessment of its huge fluctuations."　　"said one fund person.　　This may also be the current Shinang of Yanghe shares of the biggest worry. Base wine bottleneck Ching. In the case of shortage of raw materials, how to ensure the speed of development, but also to ensure the quality of products?　　The fast-growing shares of Yanghe are facing such problems. According to the 2009 annual report of Yanghe shares disclosed, the company has separately to Wuliangye Group Two subsidiaries paid two advances, the total amount up to nearly 60 million yuan. In this respect, market people have speculated that these two amounts are used to buy base wine.　　And this speculation in the recent meeting of the shares of Yang Yanghe investors have been confirmed, according to the research report of China Merchants Securities Show, in the Conference on the senior level frankly admitted that the shares, indeed to Wuliangye group to buy base wine. China Merchants Securities Research report said, in the exchange, Yanghe shares chairman Yang Tingdong said: "Yanghe did notice from Wuliangye to buy base wine, but the company will rely on their own to support their leading products." Everyone from the market can also see the product quality of yanghe feedback good, no problem found. Yanghe a large number of middle and low wine really need to shortage make-up from outside, but Yanghe dominant brand is to rely on their original wine guarantee. As the essential material for brewing liquor, the quantity of the base wine and the quality are usually the most important part of liquor enterprises. In fact, under the rapid expansion in recent years, the problem of wine shortage in Yanghe shares may have been there. According to data, since 2007, the stock turnover of Yanghe shares began to rise rapidly, analysts believe that the data from the side reflects the Yang shares of the wine supply tension. Zhu Weihua, star analyst at China Merchants Securities, said, "If the index cannot be lowered through its own production capacity, it will always be a risk." "And in the end there is a shortage of basic wine, the outside can only be guessed from the clues." An analyst who declined to be named told reporters, "60 million yuan of preThe payment or only the whole year to buy the base of the amount of wine, the specific situation also depends on the future disclosure, does not preclude the company will buy more base wine in the future. "The lack of the base wine production of short plate has aroused the high level of the company's shares enough attention."　　Early this year, the company acquired the same two-ditch wine industry in Jiangsu Province, this acquisition or will play a direct remedy for the role of its capacity defects; At the same time, the company also announced a few days ago to invest 1.1 billion of famous wine brewing Technology Phase II project, the project reached the annual new 20,000 tons of high-quality basic wine production capacity However, these investments do not solve the immediate pressing. "The project will take some time to complete after the investment, and the base wine production cycle for several years, if Yanghe continue to maintain the rapid growth in recent years, where the base wine from where to become a problem."　　The analyst said.　　Qin Qi Shadow Yanghe shares from Wuliangye Group buy base Wine fact, also let many insiders can not help but recall years ago Qin Qi wine. 1996, Qin Qi Wine because of the capture of the CCTV ad king a gun and red. But because the enterprise develops too fast, the base wine production is serious insufficient, the company has to buy the base liquor from the Sichuan Liquor enterprise.　　A few years later, as the quality of products declined and sales plummeted, Qin Qi as a meteor disappeared from the public eye.　　And the Yang shares from Wuliangye Group to buy the base wine news also let some investors began to worry, is this the next Qin Qi? "Buying a base wine from another winery, although it can be done through rigorous testing, does not guarantee the quality of the base wine," he said.　　"A person in a Western-listed wine company told the Daily Economic news reporter. Although the shares in Yanghe said that the base liquor purchased from other wineries would only be used to produce low-end products, the high-end products still use the base wine of Yanghe itself. "But this is always a hidden danger-if a section of low-end products suddenly out of quality problems, in the media amplification, will affect the image of the enterprise." "The above listed wine companies said," and the products of different base wine, it will make the difference in the taste of the product is larger, or even lose this part of the market's old customers. For the enterprise, usually only in the absence of means, the enterprise will buy the base wine from other enterprises.　　"Yanghe will not become the next Qin Qi, for this Rong Deng the first high price shares of the company seems to be a pseudo proposition, but in Yanghe shares effectively solve the problem of wine, Qin Qi shadow will still exist."　　How to move to the country?　　As of July 8, Yanghe shares only in terms of market capitalisation, has been among the top three domestic liquor industry, but in the market, the company's situation? "In Hunan's shopping malls or restaurants, it is difficult to see some of Yanghe liquor." "said one Hunan consumer.　　And in the liquor consumption in Sichuan Province, there are shares of Yang Yanghe investors in the network posting, complaining about not finding the wine sales of Yanghe. In fact, although last year, Yanghe in Jiangsu province outside the market, excluding tax sales have reached 1 billion yuan, but in most parts of the country's market, it is more difficult to buy Yanghe wine. This and several other giants, even the stock priceFar lower than Yanghe Luzhou old cellar, are inferior to many.　　Recently, in talking about the future development plan of Yanghe, Yang Tingdong has said that the company's future development focus is the integration of the industry, the second is the expansion of its own scale, and the expansion of its own scale in the process of the most important is the national market.　　But the road to enter the national market is not easy, one of the first to face is the country's regional brand "sniper." Taking ancient well gong as an example, the wine is located in Anhui Province, which is one of the first 4 regions in the national planning of Yanghe shares, and the annual sales of Yanghe shares in the region exceeded 100 million yuan in 2009. But the performance of his shares is still a weak one compared with its strong rivals. According to ancient well gong the latest 2010 Half-year performance forecast, its Anhui market 2010 years ago 5 months liquor sales revenue reached 236,000 tons, an increase of 101.8%. Main push products in Anhui area dot coverage has reached 97%.　　Analysts believe that the consumption of liquor in each region has a certain capacity, the ancient well gong in Anhui Province has also meant to leave the company's space has become less. In fact, although the 2009 Yanghe in Henan, Anhui, Shanghai, Shandong Province, 4 provinces of sales have exceeded billion, but in absolute terms, this is still a small number.　　This also shows that after leaving Jiangsu, Yanghe shares in other areas of development capacity has yet to be tested. Consumption upgrade strategy is the most proud of the risk of Yang Yanghe is its base in Jiangsu. According to the 2009 annual report of Yanghe shares disclosed that 70% of the company's revenue from Jiangsu province.　　How much potential can be dug in Jiangsu province after creating a composite growth rate of 87% of the company's net profits in the past 5 years for Yanghe? "Liquor industry has a word, called ' do a city, can guarantee nearly 100 million sales; do a prefecture-level, can guarantee nearly 300 million of sales; do a provincial capital, basically can guarantee nearly 2 billion sales '. "A senior sales person in the liquor industry told the Daily Economic news reporter. 2009 Yanghe sales income of 4 billion yuan, of which Jiangsu Province contributed nearly 2.8 billion. "In view of the acquisition of double ditch this year, Yanghe's province sales and market share will increase, but unless it is to continue to merge Jiangsu province's enterprises, Jiangsu Province left to Yanghe's market space is not much." "In fact, in the opinion of industry experts, after 5 consecutive years of rapid growth in the province, the shares of Yang Yanghe will continue to grow at the same rate this year, it is not enough to increase market share."　　If the price hike may achieve this goal, the strategy will be fraught with risks. In fact, the strategy of consumption escalation has been brought up by the shares of Yanghe.　　In the investor Exchange meeting, Yang Tingdong said, the company's next step is to continue to upgrade the structure, the company since 2009 all the focus on the blue sky, the current sky blue in the province growth is more rapid, the annual "Haitian dream" the proportion of the target will be increased from 2009 7:2:1 to 6:3:1. Whether the successful completion of the consumption upgrade, perhapsBecome the shares of Yanghe in Jiangsu Province to maintain the 60% growth rate of the most critical point. And in the future, with Yanghe after the listing of a large number of funds, in the acquisition of double ditch, but also into the development of Yanghe shares the most critical period. Whether to go out of Jiangsu and the national market with the traditional Maotai, Wuliangye and other enterprises to challenge, Yanghe's success or failure may be in a few years.