Industry core view:
Last week (February 14, 2022 to February 20, 2022), the Shanghai Composite Index rose 0.80%, and the Shenwan food and beverage index rose 2.97%, outperforming the Shanghai Composite Index by 2.17 percentage points, ranking seventh among the 31 Tier-1 sub industries of Shenwan. Since the beginning of the year, the Shanghai Composite Index has fallen by 4.09%, and the Shenwan food and beverage index has fallen by 7.65%, 3.56 percentage points lower than the Shanghai Composite Index, ranking 21st among the 31 Tier-1 sub industries of Shenwan. Last week, the number of food and beverage sub sectors rose or fell, and the Baijiu sector rose to a certain extent. After the Spring Festival, the capital inflow of liquor dynamic marketing has ushered in, and the liquor merchants in some regions have a good growth. In addition, high-end boxed liquor is accelerating to occupy the market, and the market differentiation is obviously intensified. 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: the growth of high-end liquor is higher than that of the high-end liquor, and the growth of the high-end liquor is still adequate, and the high-end and secondary liquor allocation opportunities are optimistic. 1. 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: affected by the Lantern Festival, the sales volume of condiments has increased and the market scale is prominent. 4) Dairy products: the consumer demand is relatively strong and the industry boom is high. It is suggested to pay more attention to the industry.
Key investment points:
Baijiu weekly: last week, the Baijiu sector rose 3.53%, of which Anhui Golden Seed Winery Co.Ltd(600199) (+37.32%), Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) (11.55%) and Anhui Yingjia Distillery Co.Ltd(603198) (9.52%) rose three. Wuliangye Yibin Co.Ltd(000858) : handsome change! With a doctor’s degree, he served as the chairman of Wuliangye Yibin Co.Ltd(000858) group from Qin. On February 18, Wuliangye Yibin Co.Ltd(000858) joint stock company issued a personnel appointment announcement, which led Wuliangye Yibin Co.Ltd(000858) through the stage of “secondary entrepreneurship”, Li Shuguang announced his official resignation, and Zeng Congqin took over the post of chairman of the group. The leading group of Wuliangye Yibin Co.Ltd(000858) group (joint stock) company was adjusted to: Zeng Congqin served as secretary of the Party committee and chairman of the board of directors of the group and joint stock company; Zou Tao served as the general manager of the group company; Jiang Wenge served as vice chairman and general manager of the joint stock company. Zeng Congqin, his successor, entered Wuliangye Yibin Co.Ltd(000858) in 2019 and later served as general manager of Wuliangye Yibin Co.Ltd(000858) group and chairman of Wuliangye Yibin Co.Ltd(000858) joint stock company. Zeng Congqin, who was born in 1968, has been deeply engaged in economic construction for a long time. “Economic expert” is one of the impression labels of the outside world. According to the resume data, Zeng Congqin has a doctoral degree. His undergraduate, master’s and doctoral majors are all economic management majors, with a high level of economics. 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 2820 yuan to 2850 yuan. Shede Spirits Co.Ltd(600702) : the estimated revenue of shede 2021 is 4.969 billion. On the evening of February 17, Shede Spirits Co.Ltd(600702) released the annual performance express of 2021, with an operating revenue of about 4.969 billion yuan, an increase of 83.8% year-on-year; The net profit attributable to shareholders of listed companies was about 1.246 billion yuan, a year-on-year increase of 114.35%. According to the report, during the reporting period, the company continued to promote the old wine strategy, the quality of old wine was further recognized, the price increased steadily, the profitability of channels increased steadily, the number and quality of dealers improved significantly, and more and more loyal consumers achieved revenue growth and profit increase. Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) : with a total investment of 9 billion, Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) plans to implement the project of intelligent brewing storage center in the South plant area. On February 18, Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) announced that it plans to invest in the implementation of the South plant intelligent brewing storage center project, and the total investment is expected
After completion, it is expected to add 18000 tons of high-quality Luzhou flavor original wine, 20000 tons of high-quality elegant Maotai flavor original wine, 80000 tons of semi open wine storage and 210000 tons of taotan storage; The company’s koji production capacity will reach 102000 tons / year. Weilong Grape Wine Co.Ltd(603779) : change the purpose of share repurchase to be used for employee stock ownership plan. On February 17, Weilong Grape Wine Co.Ltd(603779) announced that the purpose of the company’s share repurchase was: all the shares repurchased this time were used for equity incentive. Within 36 months after the completion of share repurchase, if the transfer of some shares of equity incentive has not been completed, this part of the repurchased shares will be cancelled according to law. According to the actual operation of the company and in combination with the future development strategy and other factors, the company plans to change the purpose of repurchasing shares and change the original purpose “all the shares repurchased this time will be used for equity incentive” to “the shares repurchased this time will be used for employee stock ownership plan”. Except for the above modifications, other contents in the repurchase plan will not be changed.
Other sectors of food and beverage:
Ruixing internal letter: about 360 stores were added in January, and the transaction volume of the Spring Festival Golden Week increased three times year-on-year. Shanghai Laiyifen Co.Ltd(603777) announced that the company’s shareholder Aiwu enterprise management plans to reduce its total holdings of no more than 10.1039 million shares of the company, that is, no more than 3% of the company’s total share capital, including but not limited to centralized bidding trading and block trading.
China Resources Qilin: Qilin and China Resources cancel the joint venture in beverage business. Recently, Kirin announced that it agreed to sell its 40% equity of China Resources Kirin Beverage (Greater China) Co., Ltd. to sectorauconsumer limited at a price of US $1 billion. It is reported that after the sale, Kirin and China Resources will maintain cooperation in China’s soft drink business, including intellectual property licensing. From this point of view, despite the major business changes of the above joint venture, the drinks of afternoon milk tea, hot coffee and other brands of the joint venture may continue to be sold in the Chinese market. According to public information, as a professional beverage enterprise subordinate to China Resources, Yibao has had drinks since its marriage with Kirin in 2011 and began to be responsible for all non-alcoholic beverages of Kirin in China. At present, the Japanese authorized brands operated by China Resources Yibao include “afternoon milk tea” and “fire coffee” series.
Hershey: Hershey Chocolate denies withdrawing from the Chinese market. In January, the WeChat public official account of “good time dessert concept shop” issued a document saying that many outlets had been shut down under the good time line, and had already been evacuated from the offices in Pudong, Shanghai. On February 9, according to the Beijing Youth Daily, Hershey said it would not withdraw from the Chinese market. At present, offline and some online channels are still selling normally. Hershey Chocolate’s official microblog responded that Taobao flagship store was “under renovation” and would resume operation after adjustment.
Risk factors: 1 Policy risk 2 Food safety risk 3 Epidemic risk 4 Risk of economic growth falling short of expectations
