Industry core view:
Last week (from February 7, 2022 to February 13, 2022), the Shanghai Composite Index rose 3.02%, the Shenwan food and beverage index rose 0.31%, outperforming the Shanghai Composite Index by 2.71 percentage points, ranking 25th among the 31 Tier-1 sub industries of Shenwan. Food and beverage sub sectors rose more or less, Baijiu sector slightly callback. During the Spring Festival, all kinds of famous wines competed, and the performance of sauce wine was not satisfactory. Affected by the epidemic, wine merchants in some areas have enjoyed a good growth, but many Baijiu sales are not as good as expected. In addition, the low-end boxed liquor, which was once popular in villages and towns, is accelerating its withdrawal from the market, which has been difficult to find in the market, and the market differentiation has intensified significantly. In the long run, Baijiu consumption is sticky, consumer demand is stable, and the potential energy for inflation remains, and the fundamentals remain good. Suggestions: Baijiu Baijiu Baijiu: Baijiu: high-end liquor growth is higher in certainty, the growth of high-end liquor is still enough, optimistic about high-end, secondary high-end liquor configuration opportunities. 2) Beer: the high-end process of beer is accelerated, the performance of industry leaders is bright, and the long-term trend is clear. 3) Condiments: the performance of mobile sales in the Spring Festival is stable, the pressure on the cost side is gradually relieved, and the inflection point of the industry is approaching. 4) Dairy products: with strong consumer demand and high prosperity of the industry, it is recommended to pay attention to the leading segments.
Key investment points:
Baijiu weekly: last week, the Baijiu sector fell 0.35%, of which Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) (-11.54%), Sichuan Swellfun Co.Ltd(600779) (-2.57%) and Wuliangye Yibin Co.Ltd(000858) (-2.07%) fell by three. Kweichow Moutai Co.Ltd(600519) : last week, the wholesale price of Maotai liquor remained basically unchanged. In the past 20 years, the wholesale price of Feitian Maotai liquor was about 3200 yuan, which was at a high level. The price of Feitian bulk bottles increased slightly, from 2810 yuan to 2820 yuan. The price of Maotai lunar new year tiger wine is almost halved. Maotai year of the Tiger Chinese Zodiac wine, which was stir fried when it was first released, has now been greatly reduced in price. On February 10, the market price of the original box of Maotai lunar new year tiger wine was 4580 yuan / bottle. Although this price is still higher than the official market guidance price of 2499 yuan / bottle, it has fallen sharply compared with the price approaching 6000 yuan / bottle at the beginning of the year. In fact, in previous years, the price of Maotai Chinese Zodiac liquor will experience similar sharp fluctuations. Compared with the conventional version, the Chinese Zodiac wine has more investment attributes. Due to the speculation in the market, the price is raised, but whether consumers are willing to pay is still in doubt. Maotai Group fully resumed work, production, business and market. On February 9, Maotai Group held the Fourth Party committee (expanded) meeting in 2022. The meeting revealed that during the Spring Festival, the sales momentum of Maotai liquor was good, the price remained stable, and the market showed a strong sales trend; The sales of Maotai Maotai flavor liquor series increased significantly; The group's wine, blueberry wine, health wine and other products successfully occupied the "double festival" node and achieved a "good start" in 2022. Up to now, 1365 sales outlets of Maotai liquor distribution units across the country have been reopened, 1360 have been reopened, and 34 self operated companies across the country have been opened for business normally; Maotai Maotai Maotai series liquor dealers across the country have resumed work one after another, and 102 Maotai series liquor experience centers across the country have all been opened; The markets of Xijiu, wine, blueberry wine and health wine under the group have basically resumed business and market. Wuliangye Yibin Co.Ltd(000858) : Wuliangye Yibin Co.Ltd(000858) the price of liquor remains unchanged. The price of puwu (eighth generation) is maintained at 965 yuan / bottle, and the price of puwu (seventh generation) is maintained at 960 yuan / bottle. Sichuan Swellfun Co.Ltd(600779) : Sichuan Swellfun Co.Ltd(600779) · well platform products are suspended from delivery. On February 7, Sichuan Swellfun Co.Ltd(600779) issued a notice that from now on, the delivery and receipt of products of Sichuan Swellfun Co.Ltd(600779) · well platform series (including SKUs such as 52 degree 500ml Sichuan Swellfun Co.Ltd(600779) well platform and 38 degree 500ml Sichuan Swellfun Co.Ltd(600779) well platform) will be suspended, and the subsequent delivery arrangements will be notified separately. Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) : Fu Hongbing, vice president of Yanghe, retired at the age of. On February 7, Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) announced that the board of directors of the company had received the resignation application from Fu Hongbing, vice president of the company. Fu Hongbing applied to resign as vice president of the company because he had reached the legal retirement age and would no longer hold any position in the company after his resignation. Tianyoude liquor: the controlling shareholder plans to reduce its stake by 2%. On February 10, Qinghai Huzhu tianyoude Highland Barley Wine Co., Ltd. announced that the controlling shareholder Qinghai Huashi Technology Investment Management Co., Ltd. will reduce the total shares of the company by centralized bidding within six months after 15 trading days from the date of disclosure of this announcement, accounting for no more than 9.45 million shares, accounting for 2% of the total share capital of the company.
Other sectors of food and beverage:
Beer: Chongqing Brewery Co.Ltd(600132) : release the announcement of 2021 annual performance express. The company expects to realize the net profit attributable to the shareholders of the listed company: 1166243400 yuan, compared with 1076838500 yuan in the same period of last year, with a year-on-year increase of 8.30%. It is expected to realize the net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses: 1142.8534 million yuan, compared with 473.615 million yuan in the same period of last year, with a year-on-year increase of 141.30%.
Dairy products: Shanghai Milkground Food Tech Co.Ltd(600882) : Ms. Chai Xiu, the shareholder holding more than 5% of the company, directly holds 76103632 shares of the company, accounting for 14.74% of the total shares of the company; Jilin Dongxiu Trading Co., Ltd., acting in concert with Ms. Chai Xiu, holds 5280000 shares of the company, accounting for 1.02% of the total shares of the company; Ms. Chai Xiu and Dongxiu trading jointly hold 81383632 shares of the company, accounting for 15.76% of the total shares of the company. After the pledge is lifted and re pledged, Ms. chaixiu and Dongxiu commerce and trade have pledged 81380000 shares, accounting for 100.00% of the total shares of the company and 15.76% of the total shares of the company. Guangdong Yantang Dairy Co.Ltd(002732) : Mr. Xie Limin, the vice chairman who holds 392445 shares of the company, plans to reduce his holdings of no more than 98100 shares of the company (accounting for 0.0623% of the total share capital of the company) by means of centralized bidding within 6 months after 15 trading days from the date of this announcement.
Condiment: Zhengzhou Qianweiyangchu Food Co.Ltd(001215) : four directors and senior executives increased their shares in the company. On February 10, 2022, the company received the notice from Mr. Sun Jian, the chairman of the company, Ms. Bai Rui, the director and general manager, Mr. Wang Zhibin, the director and deputy general manager and chief financial officer, and Mr. Xu Zhenjiang, the deputy general manager and Secretary of the board of directors. The above four directors and executives increased their holdings of some shares of the company through centralized bidding through the trading system of Shenzhen Stock Exchange, The number of shares held after the increase was 619215, 155952, 144864 and 166088 respectively, and the shareholding ratio after the increase was 0.7148%, 0.1800%, 0.1672% and 0.1917% respectively.
Risk factors: 1 Policy risk 2 Food safety risk 3 Epidemic risk 4 Risk of economic growth falling short of expectations
