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Maotai 1935 prices fell.
Maotai 1935 wholesale price has dropped to 1575 yuan / bottle, down 75 yuan from a week ago and nearly 100 yuan from the previous high.
Compared with the ex factory price of 798 yuan / bottle, a batch of manufacturers still have a gross profit margin of 49.3%.
Recently, it is expected that the market launch of this product is still increasing. After Zunyi 1935, Maotai 1935 will lead the Maotai series. Maotai 1935 with a retail guide price of 1188 yuan / bottle will fill the gap of weak products at the price of 10002000 yuan. Maotai 1935 was placed in high hopes and launched Maotai’s 14th five year plan.
According to the “14th five year plan” of Maotai, the revenue target of Maotai series liquor in 2025 is about 25 billion yuan, and the time is urgent.
At present, the revenue of series liquor is RMB 12.6 billion, with a year-on-year increase of 26.1%. Although the proportion of series liquor is low, the growth rate is high.
It is estimated that Maotai 1935 will contribute 2.072-2.59 billion yuan of revenue in 22 years, and the proportion of revenue target of series liquor is still low.
In the future, Maotai 1935 is expected to further expand production capacity and continue to increase production.
Maotai or restart the slimming plan. Channel providers said that Maotai will cancel 10 series of liquor and mainly promote 11 products. We expect that this adjustment will mainly focus on the price band of the company’s products, reduce the proportion of sales of low-cost products and improve revenue and profits in three main directions:
Create large pieces in the high-end price belt of 1000 yuan. The price and revenue of Maotai series of 19352000 yuan will continue to improve the current situation of Maotai, so as to make up for the shortage of Maotai’s main marketing and revenue.
For some liquor models, the entry-level products will be cancelled and the upgraded products will be promoted. For example, the prince liquor series will cancel Maotai Prince liquor, and the golden prince, Prince (Maotai Classic), Prince (treasure) and Prince Zodiac liquor will be promoted; The welcome wine series cancels Maotai welcome wine and mainly promotes the upgraded welcome (purple).
In the early stage of shutdown, the market sales of weak products, or clarify the shutdown information again, such as people’s well-off wine.
Market Review
In the recent week, the food and beverage index fell by 0.95%, ranking 23rd among the 28 industries of Shenwan, outperforming the CSI 300 index by 0.47pct, and the health products (+ 4.33%) in the sub industries performed better.
Top 5 gainers of individual stocks: Juneyao Grand Healthy Drinks Co.Ltd(605388) , Qinghai Spring Medicinal Resources Technology Co.Ltd(600381) , Xinjiang Yilite Industry Co.Ltd(600197) , St Tongpu, Zhejiang Huatong Meat Products Co.Ltd(002840)
Top 5 stocks with declines: Anhui Jinhe Industrial Co.Ltd(002597) , Cabio Biotech (Wuhan) Co.Ltd(688089) , Anhui Yingjia Distillery Co.Ltd(603198) , Fu Jian Anjoy Foods Co.Ltd(603345) , Ganyuan Foods Co.Ltd(002991)
Investment strategy
Key recommendations: 1 Normal temperature and low temperature milk are basically stable, and fali is a dairy giant in infant powder and cheese business Inner Mongolia Yili Industrial Group Co.Ltd(600887) . 2. For companies that occupy a leading position in the subdivided fields, have a good competitive pattern and strong ability to raise prices, and are expected to reduce costs, focus on Chongqing Fuling Zhacai Group Co.Ltd(002507) , Shanghai Bairun Investment Holding Group Co.Ltd(002568) , and pay attention to Angel Yeast Co.Ltd(600298) ; 3. Ternary organism with strong downstream demand, limited upstream bargaining power and leading position in oligopoly pattern in horizontal competition; 4. For the beer industry with improved competition pattern and high-end certainty, recommend Chongqing Brewery Co.Ltd(600132) , China Resources beer and pay attention to Tsingtao Brewery Company Limited(600600) ; 5. the companies with less influence and marginal improvement will recommend Eternal Asia Supply Chain Management Ltd(002183) (Baijiu brand operation and marketing effectiveness).
Risk tips
The risk of geo war has intensified, the recovery of consumption is weak, and the industry competition has intensified.
