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山西汾酒:以领先增长收官 启动十四五新征程

2020-12-29 08:05  中国酒业新闻  佳酿网  字号:【】【】【】  参与评论  阅读:

核心观点

■事件:12月26日,汾酒在太原召开全球经销商大会,并举办投资者交流大会,回顾了十三五发展成就,并对未来5年营销改革、青花30复兴版发展等进行展望规划。

■以领先增长圆满收官十三五,全国化进程取得重大突破。十三五期间,政府推动公司深入进行改革实践,经营充分授权,引入战投,实现股权激励,集团整体酒业资产实现上市,企业面貌焕然一新,增长动能不断增强,5年收入CAGR约为27%,位居板块前列。2020年在疫情冲击之下,公司目标不调,任务不减,考虑南方市场销售增长积极以及青花提价贡献,预计全年盈利延续前三季度趋势实现高增,领跑白酒行业。据中华网财经报道,通过稳秩序、盯渠道、树品牌、谋发展,公司全国化布局取得有力推进,可掌控终端数量已突破85万家,亿元市场达17个,长江以南市场平均增速超过50%,省外省内市场收入占比首次实现占比结构性反转。针对十四五开局之年,公司提出258成长战略,将充分挖掘长江以南、东部沿海地区的增长潜力,进一步提升省外销售占比。

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■十四五目标进取,青花30引领汾酒复兴。公司十四五目标进取,延续了公司十三五追求“汾酒速度”的风格,彰显了持续快速发展的信心。青花系列既是汾酒深度全国化的产品主力,也是引领汾酒品牌复兴的必然载体,新版青30有望成为千元价格带战略级大单品,对公司增长、盈利贡献值得乐观。根据历年经销商大会信息,青花系列2017年以来估测年均增速在40%以上,表现优异。从品牌、品质、营销、管理共性来看,我们认为当下的青花30复兴版有望如2015年的国窖1573,在未来5年实现高增长,青30复兴版在包装设计上与原有产品进行有意区分,在渠道运作上目前主要与终端连锁渠道大商如华致、永辉、ole、酒便利等合作,对经销商执行严格配额。近年来伴随汾酒改革深入推进,优质经销商资源不断聚集,圈层营销和企业团购开发持续精进,青30复兴版正当时,汾酒复兴可期。

TOUZIJIANYI

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    关键词:汾酒 白酒股 白酒板块  来源:安信食品  苏铖/孙瑜
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