[market week review and northbound monitoring]
This week, the value of CITIC Baijiu rose 4.50%, which was 3.94% higher than CITIC food and beverage, 0.394% higher than the Shanghai Composite Index, or the top 3 stocks were Kweichow Moutai Co.Ltd(600519) , Anhui Yingjia Distillery Co.Ltd(603198) and Luzhou Laojiao Co.Ltd(000568) , or the last 3 stocks were Hebei Hengshui Laobaigan Liquor Co.Ltd(600559) , Anhui Kouzi Distillery Co.Ltd(603589) and Sichuan Swellfun Co.Ltd(600779) . This week, the net capital outflow from going north was 3.156 billion yuan. The top three stocks with net capital inflow were Anhui Kouzi Distillery Co.Ltd(603589) , Jiugui Liquor Co.Ltd(000799) , Jiangsu King'S Luck Brewery Joint-Stock Co.Ltd(603369) , and the bottom three stocks with capital inflow were Wuliangye Yibin Co.Ltd(000858) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Hebei Hengshui Laobaigan Liquor Co.Ltd(600559) .
[investment perspective]
We have Baijiu Baijiu for six weeks. We are still pushing the high-end Baijiu plate. The high-end liquor will continue to usher in catalysis. We propose that the liquor business has strong barriers in the Baijiu plate and high-end Baijiu, and the business model has the superiority. The performance stability in 2022 is still strong. At present, the market is expecting higher price increase and higher performance. We think that the high-end Baijiu has been shifting at present, and the following will be mainly based on stable operation, so as to improve the quality of its own business. In terms of the price increase, the core logic of the high-end sector is the price increase. We believe that the ability of high-end liquor companies to raise prices has been there all the time. But enterprises steadily increase their prices according to their own development rhythm, which is the way to long-term development. The excessive price increase in the short term or the overall operation quality of enterprises will be affected. Therefore, it is suggested to build high-end Baijiu with a long vision. It is a long-term promising high-quality core asset. High-end Baijiu will continue to push hard and steady Wuliangye Yibin Co.Ltd(000858) and Kweichow Moutai Co.Ltd(600519) .
At present, we maintain a neutral and cautious attitude towards the sub high-end sector as a whole. We suggest paying attention to Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) with stable promotion of high-end and globalization and strong stability towards the good trend: the products are gradually upgraded and adjusted to consolidate the brand image of famous wine. At present, meng6 + has passed the cultivation period and entered the mature period. Since its listing in January, crystal dream is still in the cultivation period, and it is expected to contribute more growth next year. Accumulate channel advantages, continue to consolidate the foundation in the province, continue to make breakthroughs in key markets outside the province, and systematically promote national expansion. The internal management is straightened out. The most difficult period in the early stage of reform has long passed. Next year's business objectives are stable and not radical. It does not pursue high growth based on short-term pressure on goods. It is expected that the stability of performance growth is high.
[recommended subject matter]
Suggestions: Wuliangye Yibin Co.Ltd(000858) , Kweichow Moutai Co.Ltd(600519) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304)
Risk warning: terminal products are in a price disorder, too much backlog of channels, less actual sales, less brand operation, and no price increase. The epidemic affects the regular consumption of Baijiu again and again.
