Yanjing beer (000729, close 18.82 yuan) has issued to big distributors raise notice, from 2011 January 18 day, Beijing area of each box mark-up 3.3 yuan of above, ordinary pack product 10 degrees yanjing relaxed, yanjing this life increased about 16% bottle ex-works ~ 18%.

The news from a private persons and a listed company securities analysts place confirmed. \”No special accurate statement, but the company is generally in Beijing area firstly to raise prices, other areas according to the circumstance and then to carry, estimates that the average in the biggest increase 10% above.\” Private personage told reporters.

Cover the cost price rise off-season

Yanjing beer seem to prefer off-season to raise prices, in early January 2010, the company also has improve factory-gate prices, when ordinary pack product 10 degrees yanjing relaxed, yanjing this life bottle factory-gate prices increased about 1.62 yuan, or about 14%. To raise price reason, the company says, coal, electricity, gasoline, diesel oil and other energy prices lead to higher transportation costs, moreover as beer raw material of rice prices also let operating costs.

By 2010, global agricultural prices continue to rise, beer barley, one of the major cost price is risen sharply, cause beer industry overall cost pressure increased.

Merchants securities in a yanjing beer research report, in response to rising costs pressure, quarter off-season was the best prices date, prophase snowflakes beer general manager of the media, said snowflakes prices by 10%. It is reported yan bei Beijing area leading products recently is expected to greatly increasing prices, expected company other areas will also have raised the price. Because yanjing beer executes focus strategy, in Beijing, guangxi, Inner Mongolia has more than 80% of the market share, firmly terminal market price control, less influence on sales.

The above private persons in yanjing beer in the price of also approved. He thinks, although greatly influenced by agricultural prices, but the industry has a key point, is the rising raw material is unsustainable, unlike other agricultural products. Barley is decided by supply and demand, the world\’s total demand is hardly growth, euramerican developed regions and even is backward, so now increasing prices, future can enjoy the benefits of cost down. Unlike many other agricultural downstream, cost is long-term upward, China beer production rate is unpleasant, now industry into the accelerate integrated end. So the next few giant pricing power, both on products or for upstream, will be strengthened.

However, when asked about the price listed company, respect did not comment. Securities analysts expressed, raise price can not undertakes announcement, and according to his understanding, yanjing beer also seems to be not willing to undertakes announcement.

The company has strong release performance of motives

In 2010 in October, yanjing beer is successful 11.3 billion yuan convertible bonds, equity transfer price for 21.86 yuan/shares. On April 15, yanjing turn debt will enter a convertible period, industry insiders judgment, the company has the strong release performance of motives.

Yanjing turn debt trigger equity transfer price, are shares reached 28.42 yuan ($x 21.86 130%), and soon realize equity transfer is the goal of, big shareholders will also clear with share equity transfer, so the company has power to boost profitability, strengthen cost control.

The above private personage expresses, 2010 yanjing beer afer had no control goods, this is because the price is still afer than tsingtao etc of similar enterprises raise price low, so on company performance of ascension in 2010, but has not yet fully appeared in 2011 afer, the company will start accused of goods, prices will greatly appeared superimposed effect, make its 2011 performance is expected to remain fast growth.

In addition, in capacity expansions, management plan \”1025\” during new capacity is 3 million tons, including 1 million tons from takeover. The company in 2010, issuing convertible bonds to raise funds 11.3 billion yuan in 60 million tons of new beer capacity expansion, and have been smooth production. By 2010, henan — two pens acquisition on mountain beer and Inner Mongolia jinchuan beer also fully embodies the company in expanding market share and explore new market actively functioning.

Citic securities and investment securities is given the yanjing beer, the profit forecast, the former is expected to 2010 ~ 2012 earnings per share respectively 0.66 yuan, 0.9 yuanhe 110 yuan, The latter forecast for 0.65 yuan, 0.85 yuanhe 1.07 yuan, two brokers are given respectively 27 yuanhe target price of $26. The personage inside course of study expresses, as a fast consumption category company yanjing current share price corresponding 2011 in 20 times the left and right sides, p/e ratio in FMCG company valuations belong to lowest, Again considering 21.86 yuan turn share price this \”safety pad\”, so the company has long-term investment value, investors can be attention.

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