Industry core view:
Last week (December 13, 2021 -2021 December 19th), the Shanghai Composite Index fell 0.93%, the Swan food and beverage index fell 3.35%, lost 2.42 percentage points of the Shanghai Composite Index, and ranked twenty-seventh in the 31 first-class industries of Shen Wan. Last week, the plates of food and beverage products rose more or less. The food and beverage sector is strong this week, and the plate is maintaining a trend of upward trend. Baijiu: Luzhou Laojiao Co.Ltd(000568) The prices of Xi liquor have been raised one after another, and the cost at the supply end is gradually transmitted to the downstream demand end. The “unpacking order” of Maotai has been determined as the landing channel dealer, and the optimization of retail policy is expected to increase the sales coverage of Maotai liquor. Baijiu Baijiu is facing Baijiu Baijiu this week, but in the medium and long term, the core factors of liquor demand remain unchanged, the industry development has been improving for a long time, the growth of high-end liquor is strong, the elasticity of secondary Baijiu liquor is highlighting, and the high-end and secondary liquor sector has a good investment opportunity. In terms of mass products, the State Council’s cold chain logistics development plan for the 14th five year plan proposes to promote the construction of cold chain logistics facilities in the main dairy producing areas and strengthen the construction of cold chain distribution system of low-temperature liquid milk, and policies support the cold chain to cover the “last kilometer”. We believe that Baijiu is still a priority track for expanding scale and high barrier level, and recommends the allocation of high-end Baijiu plate.
Key investment points:
Baijiu weekly: last week, the Baijiu plate fell 4.35%. Among them, Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) (+ 4.22%), Anhui Kouzi Distillery Co.Ltd(603589) (+ 3.40%) and Hebei Hengshui Laobaigan Liquor Co.Ltd(600559) (+ 3.00%) rose the top three. Kweichow Moutai Co.Ltd(600519) : the wholesale price of Maotai liquor fell last week, and the wholesale price of Feitian Maotai liquor in the past 20 years was about 3250 yuan, still at a high level, and the price of Feitian bulk bottles was about 2710 yuan to 2750 yuan. Luzhou Laojiao Co.Ltd(000568) : the price of 38 degree and 52 degree national cellar classic packaging was raised. On December 15, Luzhou Laojiao Co.Ltd(000568) The south central and southwest regions of Guojiao Liquor Sales Co., Ltd. issued the notice on adjusting the terminal channel price system of 52 degree Guojiao classic packaging and the notice on adjusting the terminal channel price system of 38 degree Guojiao classic packaging. The contents of the notice showed that the planned quota supply price of 52 degree Guojiao 1573 classic packaging (500ml * 6) terminal channel was increased by 70 yuan / bottle, The supply price of unplanned quota is adjusted to 1080 yuan / bottle. The planned quota supply price of 38du Guojiao 1573 classic (500ml * 6) terminal channel is increased by 40 yuan / bottle, and the unplanned quota supply price is adjusted to 750 yuan / bottle. Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) : there are 1 million controllable terminals. On December 19, Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) successively issued two announcements, namely, the announcement on the resignation of chairman Li Qiuxi at the age of retirement and the announcement on receiving the documents recommending the chairman of the company. The announcement said that on December 17, the board of directors received the written resignation report of chairman Li Qiuxi and applied to resign the chairman, director and Chairman of the strategy committee and member of the nomination committee of the board of directors. After resigning from the above positions, Mr. Li Qiuxi will no longer hold any position in the company; Meanwhile, the letter on adjusting the candidates for directors and chairman of the eighth board of directors of Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) sent by the controlling shareholder Shanxi Xinghuacun Fenjiu Group Co., Ltd. recommended yuan Qingmao as the candidate for directors and chairman of the eighth board of directors of Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) . Wine practice: all regions prepare for the Spring Festival peak season sales. Recently, Xijiu company announced that the company had raised the prices of all products simultaneously on December 12, including 50 yuan / bottle of Xijiu cellar · 1988, 100 yuan / bottle of Junpin Xijiu and 200 yuan / bottle of Xijiu beast head.
Other sectors of food and beverage:
Food processing: Sanquan Food Co.Ltd(002216) : launch “Fuzi Tangyuan”, which is printed on the surface of Tangyuan with plant extraction color. Recently, Sanquan Food Co.Ltd(002216) launched “Fu dumplings”, with the word “Fu” printed on the surface of each dumpling. According to Sanquan Food Co.Ltd(002216) , the printing color on the surface of Tangyuan is extracted from natural plants. The product passes through the – 35 ° C quick freezing tunnel to condense the internal water into nano ice crystals and reduce water loss. This series of products includes Nanfang Black Sesame Group Co.Ltd(000716) , peanut and bean paste. At present, Nanfang Black Sesame Group Co.Ltd(000716) flavor “Fuzi Tangyuan” has been launched in the official flagship store of tmall Sanquan Food Co.Ltd(002216) . The price is 16.9 yuan / bag, with 16 Tangyuan per bag, a total of 320G.
Beverage and dairy products: Inner Mongolia Yili Industrial Group Co.Ltd(600887) : Yili Indonesia dairy production base was put into operation. Yili Group’s first self built factory in Southeast Asia – Yili Indonesia dairy production base (Yili Indonesia dairy) held a phase I project commissioning ceremony, marking Yili’s “global weaving” Another milestone in innovation. The investment of phase I project is 867 million yuan. After the completion of phase I and phase II, it can produce 4 million ice creams a day. It has become the largest ice cream factory in Indonesia. It is also the largest production base built by Chinese dairy enterprises in Southeast Asia, refreshing the record of investment scale of Chinese dairy enterprises in Southeast Asia.
Risk factors: 1 Policy risk 2 Food safety risk 3 Epidemic risk 4 Risk of economic growth falling short of expectations
