五粮液的主营业务经营良好,产品结构调整取得了一定的成效,预计2007动态市盈率为19.31倍,远低于食品饮料行业龙头公司的估值水平。此估值水平主要是由于其治理结构缺陷和大量的关联交易而给予的折价,公司和国资委有对关联交易和治理结构进行改进的意愿,一旦获得突破将大幅提升公司的价值。 Wuliangye’s main business is operating well and the product mix has achieved some success. It is estimated that the 2007 P / E ratio will be 19.31 times, much lower than the valuation of leading companies in the food and beverage industry. This level of valuation is mainly due to the discount given by its governance structure defects and a large number of related party transactions. The willingness of the Company and SASAC to improve the connected transactions and governance structure will greatly enhance the Company’s value once a breakthrough is made.