Stable competition pattern, prominent business model Baijiu holdings, high valuations partially lighten up, underestimate the value or encourage a slight increase. After the Spring Festival, the valuation of callbacks is not expected. However, the current cash withdrawal and sales situation did not show the shortage of demand and even inventory risks. Baijiu is still worth redistributing. The competition pattern is stable, and the remaining dairy products and beer leaders have heavy positions, while China Resources beer and Tsingtao Brewery Company Limited(600600) have more positions. Condiment Haitian reduced warehouse and angel increased warehouse. Small food stores have been reduced more, and the uncertainty of the epidemic has led to the contraction of risk appetite. Considering that the valuation has been in a low position and the chip structure has been broken up again, it is expected to usher in good investment opportunities one after another.
On the whole, the proportion of food and beverage positions has not changed much. Eating is not as good as drinking, and the position reduction of eating is obvious. The total market value of institutional positions is 3.7 trillion, and the market value of food and beverage positions is 545.6 billion, accounting for 15%. In terms of structure, the position of top 1-4 “maowu Lufen” accounts for 70%, with a slight increase in the ring ratio. Top 1-10 accounts for 90%, Yili Chaoyang River ranks fifth, followed by Yanghe, Gujing and drunkard in the same order. Bairun slipped from 9th to 12th. Runbeer is stable, and Tsingtao beer is in the top 10.
Baijiu sector holdings 455 billion 600 million, holding accounts for 83.5% of the drinking water sector, the ring slightly higher. Baijiu Baijiu sector is remarkable. In the liquor pattern and business mode, the opportunity cost of food holding is not high. Mao, Wu, Lu and Fen are almost standard, the old cellar has increased its position significantly, which is boosted by incentives, Wuliangye Yibin Co.Ltd(000858) has reduced its position slightly, the market’s expectation of management changes fluctuates, and Yanghe and Gujing are in a stable position. Anhui Kouzi Distillery Co.Ltd(603589) , willing to significantly increase the position, and the second-line varieties with underestimated value have been paid attention to. Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) positions rose 900 million driven by share prices. Fenjiu, Yanghe, Gujing and drunkard reduced their positions more, and some overestimated values should be reduced appropriately; Welcome, water wells reduced significantly.
Eating is not as good as drinking, and drinking is not as addictive. Yili ranks fifth with a heavy position of 33.2 billion. The top three beer makers “run beer, Qingdao beer and heavy beer” have a heavy position of 25.7 billion, ranking around No. 10. Condiments (Haitian and angel) have a position of 7.6 billion, Haitian has decreased slightly, and angel has increased her position significantly. Food warehouse reduction was obvious. Anji and Jue Wei fell to about 20, Shanghai Milkground Food Tech Co.Ltd(600882) significantly reduced warehouse and fell out of the top 20.
In addition to the 20, most of them are Shuanghui, Qiaqia, Dongpeng, Nongfu, pickled mustard, Zhongju, Tomson, Sanquan, Ganyuan, etc. Among them, those who added more positions and fell include Dongpeng, Wanzhou International, etc. Shunxin, Yihai, Shanghai Maling Aquarius Co.Ltd(600073) , Zhou Heiya, Lulu, Ligao, peach and plum, Barbie, etc. have reduced their positions more.
Investment recommendation: Kweichow Moutai Co.Ltd(600519) , Shede Spirits Co.Ltd(600702) , Ganyuan Foods Co.Ltd(002991) , Wuliangye Yibin Co.Ltd(000858) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Jiugui Liquor Co.Ltd(000799) , Angel Yeast Co.Ltd(600298) , Fu Jian Anjoy Foods Co.Ltd(603345) , Juewei Food Co.Ltd(603517) , Eastroc Beverage (Group) Co.Ltd(605499) , Yanker Shop Food Co.Ltd(002847) , Zhou Heiya, Ligao Foods Co.Ltd(300973) , Zhengzhou Qianweiyangchu Food Co.Ltd(001215) etc.
Risk factors: repeated epidemic risk; Food safety risk
