Key investment points:
Market review this week: from March 7 to March 11, 2022, SW food and beverage industry index fell by 2.06% as a whole, outperforming the Shanghai and Shenzhen 300 index by about 2.16 percentage points in the same period. In the subdivision sector, Baijiu, pre processed food, meat products, dairy products and other liquor sectors won the Shanghai and Shenzhen 300 index in the same period, and the rest of the sectors lost the same Shanghai and Shenzhen 300 index. Among them, the Baijiu sector fell 0.64% this week, the smallest sector decline. The snack sector had the biggest decline this week, at 10.10%. In terms of the rise and fall of individual stocks, about 18% of individual stocks recorded positive returns and 82% of individual stocks recorded negative returns. Among them, Anhui Golden Seed Winery Co.Ltd(600199) (+ 33.83%), Qinghai Spring Medicinal Resources Technology Co.Ltd(600381) (+ 12.80%) and Shandong Delisi Food Co.Ltd(002330) (+ 11.51%) led the increase Chacha Food Company Limited(002557) (- 13.88%), Sirio Pharma Co.Ltd(300791) (- 13.87%), Toly Bread Co.Ltd(603866) (- 11.32%) led the decline.
Net inflow of land stock link this week: from March 7 to March 11, 2022, land stock link had a total net outflow of 36.320 billion yuan. Among them, the net inflow of public utilities, national defense and military industry and architectural decoration sector ranks first, and the net outflow of banking, food and beverage and power equipment sector ranks first. The net outflow from the food and beverage sector was 4.3 billion yuan, ranking the second in the week.
Industry Week view: Baijiu fundamentals stable and good, concerned about the performance of the high quality sector. Baijiu sector: this week, many Baijiu enterprises released performance data. Among them, Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) and Anhui Gujing Distillery Company Limited(000596) released the performance data of 2021, which ended successfully in 2021 and achieved steady growth Kweichow Moutai Co.Ltd(600519) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Jiugui Liquor Co.Ltd(000799) and Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) released the business data in 1-2 months of 2022. From the published data, four Baijiu enterprises performed well in the core products during the Spring Festival, and achieved a good start. The first quarter of Baijiu performance is worth looking forward to. 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 products: this week Inner Mongolia Yili Industrial Group Co.Ltd(600887) released the production and operation data from January to February 2022. During the Spring Festival, the company’s products continued the upward trend, ushered in a good start and high-quality development on schedule. Recently, affected by the conflict between Russia and Ukraine and the drought in South America and other factors, the Shenzhen Agricultural Products Group Co.Ltd(000061) prices of soybeans and corn are at a high level, and the cost pressure of popular products 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.
