Industry core view:
last week (December 20, 2021 – December 26, 2021) the Shanghai Composite Index fell by 0.39%, and the Shenwan food and beverage index rose by 3.76%, outperforming the Shanghai Composite Index by 4.15 percentage points, ranking second among the 31 Tier-1 sub industries of Shenwan. The sub sectors of food and beverage rose more and fell less. The food and beverage industry ushered in a price rise tide, performed better than the market as a whole, and had a strong development momentum. In terms of condiments, the cost side pressure promoted it Industry leaders raise prices, and the long-term development logic remains unchanged. It is suggested to pay attention to the marginal improvement of condiments. In terms of beer, the price rise tide of the beer sector continues to ferment, the consumption upgrading trend is prominent, the high-end beer market continues to expand, and the long-term good trend of the sector remains unchanged. Baijiu: with the quality consumption demand brought by the upgrading of consumption, Wen Chuang liquor has won the favor of the market because of its high cultural connotation, high scarcity, high collection value, high added value and so on, or become a new outlet for the next industry. At the end of the year, Baijiu and the distributors’ conference benefiting from the Spring Festival season and the distributors’ conference, we should pay attention to the present performance and target planning of the liquor dealers’ conference. Baijiu Baijiu Baijiu is a stable consumer demand in the long run. The high-end liquor has a high certainty. The growth of the second premium liquor is stronger. The high-end and secondary Baijiu plate has a better chance to configure. 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 rose 4.29%. Among them, Jinhui Liquor Co.Ltd(603919) (+ 9.63%), Kweichow Moutai Co.Ltd(600519) (+ 6.99%) and Anhui Yingjia Distillery Co.Ltd(603198) (+ 5.26%) rose the top three. Kweichow Moutai Co.Ltd(600519) : the wholesale price of Maotai fluctuated slightly last week, and the wholesale price of Feitian Maotai in 20 years was about 3230 yuan, which was still high, and the price of Feitian bulk bottles was about 2710 yuan to 2730 yuan. Maotai responded that there was no policy for shareholders to buy Feitian Maotai. Kweichow Moutai Co.Ltd(600519) The office of the board of directors of liquor said that recently, some shareholders called or sent emails to the office of the board of directors to put forward the demand for liquor purchase. The office of the board of directors pushed the information of shareholders with demand for liquor purchase to the self operated stores in their city, and some shareholders successfully purchased liquor in the self operated stores. The company has not issued the above policies for shareholders to buy wine. Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) : yuan Qingmao and Yu Zhongliang are nominated as candidates for directors. On the afternoon of December 22, Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) issued an announcement. According to the announcement, the board of directors of the company deliberated and adopted the proposal on adding directors to the eighth board of directors on December 22, 2021. It is reported that upon the recommendation of Shanxi Xinghuacun Fenjiu Group Co., Ltd., the meeting agreed to nominate yuan Qingmao as a candidate for the eighth board of directors, with a term of office consistent with that of the eighth board of directors. Upon the recommendation of Huachuang Xinrui (Hong Kong) Co., Ltd., the meeting agreed to nominate Yu Zhongliang as the director candidate of the eighth board of directors, and the term of office is the same as that of the eighth board of directors. Anhui Gujing Distillery Company Limited(000596) : adjust the transaction price of group purchase of raw pulp products on the 30th of the year. On the evening of December 21, Bozhou Gujing Sales Co., Ltd. issued the notice on adjusting the group purchase transaction price of raw pulp products on the 30th of the year. According to the research and decision of Bozhou Gujing Sales Co., Ltd., the group purchase transaction price of raw pulp and new year’s Eve products in Anhui Gujing Distillery Company Limited(000596) year is adjusted as follows: 1. Conventional packaging: the group purchase transaction price of 42 is adjusted to 1400 yuan / bottle, and the group purchase transaction price of 52 is adjusted to 1600 yuan / bottle. 2. Zodiac version: the group purchase price of the year of the tiger Zodiac version is adjusted to 1800 yuan / bottle, and the group purchase price of the year of the ox Zodiac version is adjusted to 2000 yuan / bottle. 3. Wuxi Online Offline Communication Information Technology Co.Ltd(300959) the price shall be adjusted at the same time. After the Spring Festival in 2022, the company will uniformly organize a major inspection. If it is found that the adjustment is not implemented, the relevant responsible persons will be given a faster and heavier punishment. Luzhou Laojiao Co.Ltd(000568) : the group purchase price of 52 degree Guojiao 1573 increased. On December 20, Luzhou Laojiao Co.Ltd(000568) Guojiao Liquor Sales Co., Ltd. issued a price adjustment notice. The notice shows that after research and decision, the recommended group purchase price of 52 degree Guojiao 1573 classic package (500ml * 6) is adjusted to 1100 yuan / bottle, and the recommended group purchase price of 38 degree Guojiao 1573 classic package (500ml * 6) is adjusted to 800 yuan / bottle.
Other sectors of food and beverage:
Wine: Weilong Grape Wine Co.Ltd(603779) : enter the state of “no actual controller”. On December 23, wine listed enterprises Weilong Grape Wine Co.Ltd(603779) issued an announcement to disclose the results of equity auction. According to the announcement, Weilong Grape Wine Co.Ltd(603779) about 21.54 million shares held by Wang Zhenhai, the original controlling shareholder and actual controller, were divided into 14, and the judicial auction was completed from December 9, 2021 to December 16, 2021. The auction shares accounted for 100% of the shares held by Wang Zhenhai and 6.47% of the total share capital of Weilong Grape Wine Co.Ltd(603779) . After the shares are auctioned, Wang Zhenhai will no longer hold Weilong Grape Wine Co.Ltd(603779) shares and Weilong Grape Wine Co.Ltd(603779) will enter the state of “no actual controller”.
Dairy products: Mengniu: terensu has grown into 30 billion single products. On December 23, Mengniu officially announced that since its birth in 2005, telunsu has taken the lead in becoming a high-end dairy brand with high-end quality and achieved rapid growth over the years. In 2021, the total platform sales volume of terensu was nearly 30 billion, maintained a high growth rate of more than 30%, successfully completed the annual KPI and reached a record high.
Risk factors: 1 Policy risk 2 Food safety risk 3 Epidemic risk 4 The risk of economic growth falling short of expectations.
