This week, there was a correction in the market. The three major stock indexes closed down. The Shanghai index closed down 0.39%, the Shenzhen Component Index closed down 1.06%, and the gem index closed down 4.00%. The turnover of the two markets exceeded 1 trillion for the 46th consecutive trading day.
This week, agriculture, forestry, animal husbandry and fishery, food and beverage performed well, with weekly increases of 6.31% and 3.86% respectively. The data show that the latest PE (excluding negative value, TTM, the same below) value of agriculture, forestry, animal husbandry and fishery industry is 36.40, and the PE percentile is 99.92%, that is, the PE value is higher than 99.92% of the trading days in history, but it has decreased by about 59% from its historical high of 89.62 times in June 2015.
For the agriculture, forestry, animal husbandry and fishery industry, Dongxing Securities Corporation Limited(601198) believes that the pig price rebounded rapidly in November and continued to pay attention to the deregulation of production capacity. After the first bottoming in this cycle, the breeding end has been obviously under pressure, and the trend of capacity de industrialization has been established. However, the increase in the supplement column brought by the recent price rebound and the improvement in the breeding efficiency brought by the increase in the proportion of binary high breeding sows will delay the bottom of pig prices. Recently, the plate has entered the downward range again after the rebound, and the bottom building mood is relatively strong. It is suggested to pay attention to two types of enterprises: one is to select head breeding enterprises with cost advantages and abundant cash flow; Second, after the second bottom of pig prices, it is suggested to pay attention to small and beautiful growth targets with comparative advantages in capacity reserves and valuation.
In addition, the latest PE (excluding negative value, TTM) value of the food and beverage industry is 47.93, and the PE percentile value is 91.38%, that is, the PE value is higher than 91.38% of the trading days in history, but it has decreased by about 25% from its historical high of 64.44 times in February 2021.
For the food and beverage industry, XinDa securities recommends that the Baijiu plate is the first to promote high-end Baijiu liquor with strong outlook and long term performance, such as Kweichow Moutai Co.Ltd(600519) and Wuliangye Yibin Co.Ltd(000858) . At the same time, we recommend the brand atmosphere enhancement, competitive advantage with different competitive advantages, and clear high-end Baijiu liquor such as Shede Spirits Co.Ltd(600702) and Jiugui Liquor Co.Ltd(000799) . In the leisure food sector, it is recommended that Juewei Food Co.Ltd(603517) and Zhou Heiya, the head enterprises of leisure halogen products with accelerated store expansion, actively embrace Yanker Shop Food Co.Ltd(002847) channel changes and Ganyuan Foods Co.Ltd(002991) with concentrated and large-scale new products next year and gradual recovery of profitability. Recommend Bestore Co.Ltd(603719) with continuous improvement of supply chain efficiency. Seasoning price increase policies have been implemented one after another. If the cost of raw materials goes down, the performance will be more flexible next year. Recommended Angel Yeast Co.Ltd(600298) , Yihai international, Qingdao Richen Food Co.Ltd(603755) . China has a large market space for prefabricated dishes, and prefabricated dishes are expected to become the Fu Jian Anjoy Foods Co.Ltd(603345) second growth curve. Ligao Foods Co.Ltd(300973) has the first mover advantage and is driven by both products and channels, which is conducive to seizing more incremental markets. Recommend Fu Jian Anjoy Foods Co.Ltd(603345) , Ligao Foods Co.Ltd(300973) , and pay attention to Zhengzhou Qianweiyangchu Food Co.Ltd(001215) .
In terms of key index valuation, the PE and Pb of SSE 50 are the lowest, 11.41 times and 1.36 times respectively. In terms of market industry valuation, PE and Pb of banks are the lowest, 5.35 times and 0.55 times respectively. The following figure shows the latest valuation table of a shares. Let’s take a look at the important market indexes and the valuation level of the industry.
