Key investment points:
Market review of this week: from February 28 to March 4, 2022, SW food and beverage industry index fell by 1.96% as a whole, ranking ninth among all Shenwan industry indexes, losing about 0.28 percentage points to the Shanghai and Shenzhen 300 index in the same period. In the subdivision sector, only the Baijiu and other alcoholic drinks and the preprocessed food sectors lost the same period of Shanghai and Shenzhen 300 index, while the rest of the sectors won the Shanghai and Shenzhen 300 index. Among them, the health products sector rose 7.27% this week, ranking first in the industry; The pre processed food sector had the biggest decline this week, at 4.70%.
Net inflow of land stock link this week: from February 28 to March 4, 2022, land stock link had a total net inflow of 4.274 billion yuan. Among them, the net inflow of non-ferrous metals, power equipment and electronics sector ranks first, and the net outflow of non bank finance, automobile and food and beverage sector ranks first. This week, the food and beverage sector had a net outflow of 2.488 billion yuan, ranking the third in the Shenwan industry.
Industry Week view: pay attention to the information of the two sessions and grasp the high-quality sector with high certainty. From March 4 to March 5, the national two sessions were successfully held in Beijing. At present, some representatives and members have put forward corresponding development suggestions for Chinese Baijiu, dairy products and wine. In the follow-up, we will pay attention to the important contents of the two sessions and the sectors with high certainty. Baijiu sector: Baijiu Baijiu sector was put forward by some representatives, which added high consumption liquor to consumption tax and strict supervision of liquor disordered capital. This week, Baijiu sector was relatively weak. Driven by the sales point, Baijiu sector head enterprises are expected to get a good start, which will catalyze the first quarter results. In the follow-up, we can grasp individual stocks with high certainty and great performance flexibility. In terms of the target, we recommend that we must focus on the high-end Baijiu Kweichow Moutai Co.Ltd(600519) ( Kweichow Moutai Co.Ltd(600519) ), Wuliangye Yibin Co.Ltd(000858) ( Wuliangye Yibin Co.Ltd(000858) ) and Luzhou Laojiao Co.Ltd(000568) ( Luzhou Laojiao Co.Ltd(000568) ). In the secondary high-end liquor, we can pay attention to Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) ( Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) ), Jiugui Liquor Co.Ltd(000799) ( Jiugui Liquor Co.Ltd(000799) ), Shede Spirits Co.Ltd(600702) ( Shede Spirits Co.Ltd(600702) ), etc; Regional liquor can focus on companies with greater recovery flexibility, such as Anhui Gujing Distillery Company Limited(000596) ( Anhui Gujing Distillery Company Limited(000596) ), Anhui Kouzi Distillery Co.Ltd(603589) ( Anhui Kouzi Distillery Co.Ltd(603589) ), Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) ( Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) ). Popular goods sector: affected by the conflict between Russia and Ukraine and the drought in South America, the Shenzhen Agricultural Products Group Co.Ltd(000061) prices of soybeans and corn are at a high level, and the cost pressure of popular goods sector remains. The market will continue to pay attention to the marginal improvement brought by the price increase of products, and grasp the high-quality sector in the industry. In terms of subject matter, we can focus on Foshan Haitian Flavouring And Food Company Ltd(603288) ( Foshan Haitian Flavouring And Food Company Ltd(603288) ), Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) ( Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) ), Qianhe Condiment And Food Co.Ltd(603027) ( Qianhe Condiment And Food Co.Ltd(603027) ), Tsingtao Brewery Company Limited(600600) ( Tsingtao Brewery Company Limited(600600) ), Chongqing Brewery Co.Ltd(600132) ( Chongqing Brewery Co.Ltd(600132) ), Inner Mongolia Yili Industrial Group Co.Ltd(600887) ( Inner Mongolia Yili Industrial Group Co.Ltd(600887) ), Chacha Food Company Limited(002557) ( Chacha Food Company Limited(002557) ), etc.
Risk tips: raw material price fluctuation, product price increase less than expected, channel development less than expected, intensified industry competition, food safety risk and macroeconomic downside risk.
