“Niulan mountain can’t afford to drink?”
After Luzhou Laojiao Co.Ltd(000568) , gujinggong and Xi Jiu have raised their prices, Beijing Shunxin Agriculture Co.Ltd(000860) also announced that it will raise the sales price of some Baijiu products, and the price of Niulun mountain Baijiu liquor is raised by 20 yuan ~50 yuan / bottle.
due to rising raw material costs
Baijiu mountain part of the liquor price increase
In December 24th, Beijing Shunxin Agriculture Co.Ltd(000860) issued a notice of some Baijiu price adjustment. The company said that in view of the current growth of various production cost components such as raw materials and labor costs, combined with the company’s market situation and product supply and demand, the company plans to adjust the prices of some products.
Since January 1, 2022, 42 500ml Baijiu mountain liquor (Fu Niu) has been raised by 20 yuan / bottle. 42.6 degrees 500ml hundred years of Niulun mountain Baijiu (Jubilee cattle) up to 30 yuan / bottle; 42.9 degrees 500ml hundred years, Niulun mountain Baijiu (national cattle) raised 50 yuan / bottle.
Beijing Shunxin Agriculture Co.Ltd(000860) said that the price adjustment products only involve specific products in some regions, and the impact of the price increase on the company’s operating performance in 2022 is still uncertain. Please pay attention to the investment risk.
It is understood that China’s cattle series products were officially listed in Nanjing, Jiangsu in 2018. In the series, the price of Funiu is 228 yuan, Xiniu is 328 yuan, and the best national cattle is 428 yuan. The pricing of this series of products is aimed at the secondary high-end price, which is much more profitable than Niulanshan aging series.
Beijing Shunxin Agriculture Co.Ltd(000860) will divest the real estate business
Baijiu business revenue accounted for over 7 to
Public information shows that Beijing Shunxin Agriculture Co.Ltd(000860) is the first agricultural listed company in Beijing. Its main business includes Baijiu brewing and sales. Breeding pig breeding, pig breeding, slaughtering and meat product processing; Real estate development. The company has formed the two major industries, mainly Baijiu and pork. Baijiu mountain and Baijiu mountain are the main products of liquor industry. The “Niu Lan Shan” has formed two series of liquor, namely “Erguotou” and “Luzhou”. Ningcheng is mainly fragrant and fragrant Old Town cellar baijiu.
Baijiu Erguotou Liquor Co., Ltd. is the first major business segment of the company. Currently, it has five series: “classic Erguotou”, “traditional Erguotou”, “hundred years of cattle mountain”, “precious cattle mountain”, “aging cattle mountain” and so on. In the first half of the year, Baijiu business accounted for over 71% of Beijing Shunxin Agriculture Co.Ltd(000860) ‘s revenue. During the reporting period, the operating revenue was 6.536 billion yuan, an increase of 1.09% year-on-year, and the performance was relatively stable.
In the announcement, Beijing Shunxin Agriculture Co.Ltd(000860) said that in the first half of 2021, under the background of macroeconomic warming and effective prevention and control of epidemic situation, the Baijiu industry continued to upgrade to the industrial concentration level, the product structure layout was constantly optimized, and the brand name effect became more prominent. On the whole, the industry is developing steadily and showing a structural prosperity.
Although the real estate business accounts for a small proportion, the business has been in a state of loss and has become a “drag bottle”. On December 1, Beijing Shunxin Agriculture Co.Ltd(000860) announced that it would get rid of the real estate business. The announcement said that in order to focus on the main business, it is planned to transfer 100% equity of Beijing Shunxin Jiayu Real Estate Development Co., Ltd. (hereinafter referred to as “Shunxin Jiayu”) through public listing on the property exchange. This transaction collects the information of intended transfer through the property right exchange, and the counterparty and trading conditions cannot be determined temporarily.
In the first three quarters, Beijing Shunxin Agriculture Co.Ltd(000860) achieved an operating revenue of 11.611 billion yuan, a year-on-year decrease of 6.51%; The net profit attributable to the parent company was 372 million yuan, a year-on-year decrease of 14.23%. In the third quarter, Beijing Shunxin Agriculture Co.Ltd(000860) achieved an operating revenue of 2.42 billion yuan, a year-on-year decrease of 16.54%; The net profit attributable to the parent company was a loss of 104 million yuan.
By the end of the third quarter, among the top ten circulating shareholders, Deng Xiaofeng, chief investment officer of Gaoyi assets, had built a large number of positions. The two products under his management had become the fifth and sixth largest shareholders of Beijing Shunxin Agriculture Co.Ltd(000860) , with a total shareholding of more than 22.71 million shares. In the current period, the number of shares held by the national social security fund’s one-one-three portfolio decreased by 8.2872 million shares.
In terms of stock price performance, affected by market factors and other aspects, Beijing Shunxin Agriculture Co.Ltd(000860) the stock price fell by more than 47% during the year, and the stock price nearly halved. As of press time, the stock was reported at 38.13 yuan, with a total market value of 28.284 billion yuan.
wine enterprises have raised prices
Baijiu plate market?
Recently, many Baijiu enterprises issued notice of raising prices. On December 23, Zhejiang Guyuelongshan Shaoxing Wine Co.Ltd(600059) decided to adjust the prices of some products, with a maximum increase of 20%; On December 21, Bozhou Gujing Sales Co., Ltd. issued a notice to adjust the group purchase transaction price of Anhui Gujing Distillery Company Limited(000596) year pulp · year 30 products; On December 14, Luzhou Laojiao Co.Ltd(000568) raised the price of 38 ° and 52 ° national cellar classic clothes; On December 13, Shede Spirits Co.Ltd(600702) issued a price adjustment notice to adjust the price system of collection shede series products from January 1, 2022. In addition, Xijiu company will also raise the prices of all products 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.
In this regard, according to the analysis of Wanlian securities, Luzhou Laojiao Co.Ltd(000568) and Xijiu have raised prices one after another, and the supply side cost is gradually transmitted to the downstream demand side. 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 Baijiu is facing Baijiu, but in the medium and long term, the core factors of liquor demand remain unchanged. The industry has been developing for a long time. The growth of high-end liquor is strong, and the secondary Baijiu liquor is highlighting.
China Securities Co.Ltd(601066) believes that manufacturers lead the upgrading and plate price increase is transmitted to real estate wine. Recently, according to channel feedback, the prices of some products of wine enterprises such as Guojiao, shede, Anhui Kouzi Distillery Co.Ltd(603589) , treasures have been raised one after another; The 1218 Wuliangye Yibin Co.Ltd(000858) dealer conference said that next year, it will launch high-end classic 30 new products in Highland markets such as Beijing and Shanghai, and continue to lead brand upgrading and consumption upgrading. Its analysis shows that Baijiu growth will continue to improve in the next 22 years, and profitability will also be enhanced under the effect of price increase. Therefore, in the Baijiu plate price increase catalysis and 21 years low inventory basis, 22 years Q1 is still worth looking forward to.
Qing and Quan capital pointed out that Baijiu demand is mainly divided into business demand, social needs, gift demand and investment demand. The output of the industry is positively related to the economic growth rate, mainly linked to economic activities and income of residents. However, the demand for gifts and investment is rigid. At the same time, the industry has entered the stage of increasing volume parity, and the periodicity of the industry has gradually weakened. Under the background of steady economic growth, the demand for Baijiu industry is stable. The supply side is planning rationally, and the channel inventory cycle is gradually smoothed. The trend of consumption upgrading and brand concentration continues. Looking forward to 2022, price is still the core factor. Pay close attention to the price increase of high-end wine or the reform of relevant channels, and the growth certainty is high. High end wine is the wind vane of the industry, which is conducive to opening the volume and price space of the industry and conducting downward. On this basis, pay attention to the structural opportunities brought by the matching of performance growth and valuation of the company in each price belt below.
Looking forward to the Spring Festival of 2022, Ping An Securities believes that if the monetary policy continues to be loose, the Baijiu industry is expected to replicate the 2019 market. The high-end liquor with a strong brand strength is in the lead. The supply and demand of Baijiu Baijiu is stable. With its leading brand power, the premium is absolutely guaranteed. The price increase can be effectively realized through stable price control. Meanwhile, the second growth of the Baijiu liquor is flexible. Driven by the trend of consumption upgrading, the secondary high-end is still the fastest growing price band, which has undertaken the upgrading of the medium and high-end price band, and its price ceiling has been opened with the continuous upward movement of Maotai wholesale price.
(China Fund News)
