Core view
In the market, the Wande all a index continued to pick up last week, closing up 1.70%. Last week, power equipment, non-ferrous metals, medicine and biology, beauty care and architectural decoration led the increase. On February 18, 2022, the company issued an announcement on the changes of the members of the board of directors and senior managers, marking the completion of the construction of the new leading group of Wuliangye Yibin Co.Ltd(000858) : Zeng Congqin served as the Secretary and chairman of the Party committee of the group company and the Secretary and chairman of the Party committee of the joint stock company; Zou Tao served as Deputy Secretary of the Party committee and general manager of the group company; Jiang Wenge served as Deputy Secretary of the Party committee, vice chairman and general manager of the joint stock company. Wuliangye Yibin Co.Ltd(000858) the members of this team have entered Wuliangye Yibin Co.Ltd(000858) for a long time, and their understanding and familiarity with the industry and enterprises are in place. We believe that the “seamless” relay of Wuliangye Yibin Co.Ltd(000858) new and old teams is conducive to ensuring the efficient connection and steady progress of various core work, and further improving the cohesion and combat effectiveness of the whole company.
Industry trend review
Overall market performance, last week, the CSI 300 rose 1.21% to close at 4651.24 points, of which the food and beverage industry rose 1.92%, outperforming the CSI 300 index by 0.71 percentage points and ranking sixth among the 28 Shenwan sub industries. In the field of subdivision, last week, most of the food and beverage sub sectors were in a state of rising, of which Baijiu rose the largest, rising 6%, followed by beer (5.86%), other alcoholic beverages (5.18%), yellow wine (3.24%), soft drinks (3.03%). Only meat products fell, down 1.15%. In terms of individual stocks, Shandong Delisi Food Co.Ltd(002330) (31.83%), Royal Group Co.Ltd(002329) (18.40%), Anhui Yingjia Distillery Co.Ltd(603198) (13.39), Shanghai Laiyifen Co.Ltd(603777) (12.59%), Eastroc Beverage (Group) Co.Ltd(605499) (12.36%) led the rise.
Industry highlights and important announcements this week
(1) jiushuo reported that on February 14, Maotai Group held a 2022 market work meeting in the conference center. Ding Xiongjun, Secretary of the Party committee and chairman of the group, attended the meeting and delivered a speech. He stressed that Maotai should always adhere to the mission of brewing high-quality life, deeply practice the “five in one marketing method”, and open the “beauty” era of Maotai marketing with beautiful products, beautiful services and beautiful “competition and cooperation” ecology. (2) According to the headline of Yunjiu, on February 20, Luzhou Laojiao Co.Ltd(000568) announced that after deliberation at the 12th meeting of the 10th board of directors and the 6th meeting of the 10th board of supervisors, it was decided to grant 6.9286 million restricted shares to 441 eligible incentive objects. (3) On February 16, Anhui Golden Seed Winery Co.Ltd(600199) announced that Fuyang investment and development, the sole shareholder of the controlling shareholder golden seed group, plans to transfer 49% of the equity of golden seed group to China Resources Strategic Investment Co., Ltd.
Investment advice
1) after the initial adjustment, the Baijiu sector was pessimistic. Hold tight the Baijiu line and look for two or three lines with high elasticity. We should pay attention to Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) , Shede Spirits Co.Ltd(600702) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) and so on. 2) Although the price increase of mass products last year eased the cost pressure, due to the general rise in global commodity prices and the continuous rise in the prices of many raw materials, the cost side pressure is still relatively large. In addition, the current market demand is still weak, and the phenomenon of high inventory in some sectors exists. We believe that the investment opportunities of the whole board still need to wait.
Risk tips: the risk of epidemic exceeding expectations, food safety risk and market style change risk
