Why does Wuliangye fail? It only talks about dry goods

$Wuliangye(SZ000858)$ $East Ejiao(SZ000423)$

The mid-year report of Wuliangye came out. I simply looked at it and talked about my feelings.

Feeling 1: The decadence of the boss of Luzhou, followed by the decadence of the Luxiang category. This is where the trade-off between strong fragrance and sauce fragrance is involved. In the past ten years, the so-called excess of liquor is actually all of Luxiang, just because there is only one listed company of Maoxiang, so the dispute of thick sauce is not eye-catching. Maoxiang has been developing rapidly in the past ten years. However, in the past two years, there has been a faint sense of overcapacity. Needless to say, the reduction in the total amount of liquor and the increase in the aroma of the sauce equals the decadence of the fragrance.

Wuliangye is roughly in addition to the high-end, mid-end and low-end across the board. In this respect, Laojiao is better than Xiaowu. Laojiao has a great mid-end, while Wuliangye’s mid-end has always been a beating child. . .

Feeling 2: The cold wind of the industry continues to blow, and it starts to get cooler.

This is not unfolding, just feeling.

Feeling 3: There is a problem with the design of its own products, especially the launch of the classic Wuliangye, which directly hits its own Puwu in the face.

It is equivalent to doubling the price of the previously unsellable 1618. This is a bright IQ tax. It’s hard to imagine that this is a full-fledged product design.

From the PE point of view, Wuliangye is very cheap. In fact, the PE is very low, but it looks very uncomfortable. It reminds me of Dong’e Ejiao a few years ago. At that time, several friends recommended it to me. This is the pharmaceutical stock with the lowest PE! Two billion profits, only a dozen times PE.

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