Industry core view:
In January, the online sales data of major e-commerce platforms announced that this year's Spring Festival Golden Week was earlier than in previous years, and some food and beverage consumption demand was advanced to January, making the sales data of various sub industries have a bright performance. Baijiu liquor high-end high-end sales rebound, beer multi platform sales promotion; The online sales performance of the leading products in various sub categories of Volkswagen products has been excellent. Channel comparison, the three major electricity suppliers in the Department of Jingdong platform and Jingdong still dominate, Jingdong online sales growth is rapid, Baijiu, dairy products, condiment industry sales growth rate over 150% year-on-year growth. Baijiu Jingdong has absolute channel advantages, and beer industry sales account for more than 60%. Relying on the first mover advantage and years of accumulation, the Taoxi platform in the popular products industry leads jd.com, and the sales of all sub industries account for more than half. Sales of food and beverage online have been a good start. We should pay attention to the long-term and demand oriented and high-end growth of high-end Baijiu, and the public demand of strong demand and high industry boom.
Key investment points:
Baijiu three platform sales volume rose, Mau five sales rebound. In January, the sales volume of Baijiu platform rose and fell, with sales volume of 1 billion 795 million yuan (YoY+14.30%), sales volume of 3 million 608 thousand and 200 yuan (YoY+15.25%), and the average price of liquor 497.48 yuan (YoY-0.83%). Jingdong liquor sales increased sharply to 5 billion 548 million yuan (YoY+186.53%), and the sales volume of Baijiu Baijiu was 775 million yuan (YoY+56.86%). Kweichow Moutai Co.Ltd(600519) the total sales of the three major e-commerce in January was 769 million yuan (yoy-6.43%), and the online sales of Taoxi platform, jd.com and pinduoduo were 44 / 7.12 / 12 million yuan respectively, accounting for 5.78% / 92.69% / 1.53% respectively. In January 20, the price of Pfizer single bottle fell in the price range of 3200 yuan to 3300 yuan, showing a downward trend in the month; The price of Feitian loose bottle fell in the price range of 2770 yuan to 2830 yuan, showing a fluctuating upward trend in the month. Wuliangye Yibin Co.Ltd(000858) in January, the total sales of Taoxi platform and jd.com were 792 million yuan (YoY + 14.22%), and the sales of Taoxi platform and jd.com were 335 million yuan and 457 million yuan respectively, accounting for 42.25% and 57.75% respectively. In January, the price of single bottle of puwu (eighth generation) fell in the price range of 965 yuan to 970 yuan, and the price of puwu (seventh generation) fell in the price range of 960 yuan to 970 yuan. The price remained stable after a slight reduction at the beginning of the month.
Beer multi platform sales increased year-on-year, and the double leading performance was gratifying. In January, the online sales volume of beer Amoy was 229 million yuan (YoY + 35.43%), the online sales volume was 2.7677 million pieces (YoY + 60.18%), and the online average price was 82.56 yuan (yoy-15.45%). Jingdong beer had sales of 265 million yuan (YoY + 96.75%), pinduoduo beer had sales of 51 million yuan (YoY + 20.29%). The total sales of Tsingtao Brewery Company Limited(600600) Taoxi platform and jd.com are 91 million yuan (YoY + 22.54%), and the sales of Taoxi platform and jd.com are 56 / 36 million yuan respectively, accounting for 61.06% / 38.94% respectively. Budweiser's three major e-commerce online sales reached 107 million yuan (YoY + 20.02%), and the online sales of Taoxi platform, jd.com and pinduoduo were 6492.86/4152.11/58000 yuan respectively, accounting for 60.96% / 38.98% / 0.05% respectively.
The demand for leisure snacks is shunted, and nuts rank first among the best-selling brands. In January, the online sales volume of snack Amoy was 8.269 billion yuan (yoy-15.62%), the online sales volume was 264 million pieces (yoy-4.28%), and the average price was 31.35 yuan (yoy-11.84%). In January, Jingdong's sales of leisure snacks were 4.095 billion yuan (YoY + 43.15%), and pinduoduo's sales of leisure snacks were 3.144 billion yuan (yoy-1.66%). Three Squirrels Inc(300783) the total online sales of the three major e-commerce reached a record high of 2.028 billion yuan (YoY + 30.07%), and the online sales of Taoxi platform, jd.com and pinduoduo were 1.086/869/072 billion yuan respectively, accounting for 53.58% / 42.85% / 3.57% respectively. Bestore Co.Ltd(603719) the total online sales of the three major e-commerce companies exceeded 1 billion yuan for the first time since May 2020, reaching 1.216 billion yuan (YoY + 95.61%), and the online sales of Taoxi platform, jd.com and pinduoduo were 635/580/01 million yuan respectively, accounting for 52.26% / 47.65% / 0.09% respectively. Three Squirrels Inc(300783) continue the main line of nuts, Bestore Co.Ltd(603719) adhere to the diversified innovation of the whole category.
Yili dairy products online sales platform is booming. In January, the sales volume of dairy products Amoy was 2.337 billion yuan (YoY + 158.43%), the sales volume was 34.6425 million pieces (YoY + 128.79%), and the average price was 67.47 yuan (YoY + 12.95%). The sales volume of Jingdong dairy products was 1.897 billion yuan (YoY + 174.00%), and that of pinduoduo dairy products was 292 million yuan (yoy-22.55%). In January, Inner Mongolia Yili Industrial Group Co.Ltd(600887) the three major e-commerce online sales totaled 662 million yuan (YoY + 44.14%), and the online sales of Taoxi platform, jd.com and pinduoduo were 275 / 362 / 24 million yuan respectively, accounting for 41.64% / 54.68% / 3.68% respectively. The total online sales of Mengniu's three major e-commerce companies were 776 million yuan (YoY + 110.14%), and the online sales of Taoxi platform, jd.com and pinduoduo were 435 / 298 / 43 million yuan respectively, accounting for 56.02% / 38.47% / 5.51% respectively. Yili has a balanced development of many categories, and Mengniu focuses on pure milk category.
Jingdong seasoning sales increased significantly, pinduoduo performed poorly. In January, the sales volume of seasoning Alibaba platform was 875 million yuan (yoy-29.88%), the sales volume was 38.5614 million pieces (yoy-19.49%), and the average price was 22.69 yuan (yoy-12.90%). The sales volume of JD condiments was 2.448 billion yuan (YoY + 177.70%), and that of pinduoduo condiments was 2.102 billion yuan (yoy-10.14%). Foshan Haitian Flavouring And Food Company Ltd(603288) the online sales of the three major e-commerce companies were 114 million yuan (YoY + 93.32%), and the online sales of Taoxi platform, jd.com and pinduoduo were 67 / 42 / 04 million yuan respectively, accounting for 59.36% / 37.09% / 3.56% respectively. Foshan Haitian Flavouring And Food Company Ltd(603288) the product sales structure is stable, and soy sauce is the main product.
Risk factors: 1 Policy risk; 2. Food safety risks; 3. Epidemic risk; 4. Risk that the economic growth rate is lower than expected; 5. Risk of incorrect and incomplete statistics of data on each platform.
