Key investment points:
Market review of this week: from February 7 to February 11, 2022, SW food and beverage industry index rose by 0.31% as a whole, ranking 25th among all shenwanyi industry indexes, losing about 0.52 percentage points of Shanghai and Shenzhen 300 index in the same period. In the subdivision sector, the beer and Baijiu sectors and the roast food sectors were running the same Shanghai and Shenzhen 300 index in the same period, while the rest of the sectors won the Shanghai and Shenzhen 300 index. Among them, the snack sector rose 4.86% this week, ranking first in the industry. Bakery sector fell the most this week, 0.27%.
Net inflow of land stock link this week: from February 7 to February 11, 2022, land stock link had a total net inflow of 10.744 billion yuan. Among them, the net inflow of banking, non bank finance and non-ferrous metals sector ranks first, and the net outflow of power equipment, computer, medicine and biology sector ranks first. This week, the food and beverage sector had a net inflow of 852 million yuan, ranking eighth in the Shenwan industry.
Industry Week view: Guizhou issued a good announcement on Baijiu, holding high quality and high quality sector. Baijiu sector: Baijiu sector fluctuated in the first week after the holiday, and the valuation was slightly callback than before the holiday. This week, Guizhou Province successively issued the notice of Guizhou development and Reform Commission on vigorously promoting the implementation of 2500 key private investment projects in 2022 (qfgtz [2022] No. 67) and the report on the implementation of Guizhou’s national economic and social development plan in 2021 and the draft national economic and social development plan in 2022, pointing out that (1) 56 alcohol projects are planned to be invested, The total investment exceeds 73.55 billion yuan, and 14.32 billion yuan is planned to be completed in 2022. After the completion of all the projects, Guizhou may increase production by nearly 300000 tons, doubling the existing production capacity; (2) to strengthen the control and protection of the Chishui River Basin’s production areas, and promote the transformation and upgrading of small and Medium wine enterprises according to the “three batch”, and build the Guizhou Baijiu liquor brand fleet, which is led by Moutai, to ensure that the added value of the Baijiu industry has increased by more than 20%. The announcement of Baijiu good announcement issued by Guizhou is conducive to further promoting the healthy development of Baijiu liquor industry in Guizhou. Follow up sustainable attention Baijiu sales situation. In terms of the target, we recommend that we must focus on the high-end Baijiu Kweichow Moutai Co.Ltd(600519) (600519), Wuliangye Yibin Co.Ltd(000858) (000858) and Luzhou Laojiao Co.Ltd(000568) (000568). In the secondary high-end liquor, you can pay attention to Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) (600809), Jiugui Liquor Co.Ltd(000799) (000799), etc; Regional liquor can focus on companies with greater recovery flexibility, such as Anhui Gujing Distillery Company Limited(000596) (000596), Anhui Kouzi Distillery Co.Ltd(603589) (603589), Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) (603369). Popular products sector: the sub sectors showed some differentiation in the first week after the festival. The market will continue to pay attention to the marginal improvement brought by the price increase of products, and grasp the high-quality sector in the industry. In terms of subject matter, we can focus on Foshan Haitian Flavouring And Food Company Ltd(603288) (603288), Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) (600872), Qianhe Condiment And Food Co.Ltd(603027) (603027), Tsingtao Brewery Company Limited(600600) (600600), Chongqing Brewery Co.Ltd(600132) (600132), Inner Mongolia Yili Industrial Group Co.Ltd(600887) (600887), Chacha Food Company Limited(002557) (002557), Fu Jian Anjoy Foods Co.Ltd(603345) (603345), etc.
Risk tips: raw material price fluctuation, product price increase less than expected, channel development less than expected, intensified industry competition, food safety risk and macroeconomic downside risk.
