Summary of this issue:
Since the beginning of this year, the food and beverage sector has been significantly callback, with the high value of the stock return being obvious, and the food callbacks are more than baijiu. The trend of capital hedging is obvious. On the contrary, the stocks with the highest rise are mainly concentrated in the stocks concerned by low institutions, and the undervalued stocks in the subdivided sectors have less decline. Combined with the operating data from January to February disclosed by Maotai, Fenjiu, Yili, Jiugui Liquor Co.Ltd(000799) and other companies this week, these stocks rebounded as a whole, reflecting that the market as a whole still has positive expectations for the negative impact of the epidemic. From the perspective of investment, the short-term national epidemic trend of multi-point outbreak has become a key variable affecting the company’s short-term performance. Although some stock callbacks are more, they are also limited to the whole process of valuing the value of the Baijiu after the valuation is down.
We are optimistic about the Baijiu, which has obvious value for callbacks and high performance. Especially for the national high-end liquor and wine drinkers who are more controversial in the market, we believe that the price of the national liquor consumption will not rise during the epidemic period, and the expansion of the price range of Shenzhen Jt Automation Equipment Co.Ltd(300400) yuan and 1000 yuan will be more than the same. This trend will not only enhance the certainty of the high growth of 2022, but also increase the price of the Baijiu liquor. It will also exceed market expectations in the sustainability of growth in subsequent years.
For the food sector, in addition to undervalued leading stocks, actively look for opportunities with cognitive differences with the market, such as Ganyuan Foods Co.Ltd(002991) , high income uncertainty and uncertain profit, and the catalysis of the decline of high cost will bring higher growth; Another example is Juewei Food Co.Ltd(603517) , although the profit is uncertain due to the epidemic, the corresponding valuation of the potential profitability brought by the stores that have expanded significantly in two or three years has been at a low level.
Recommended investment recommendations include the following investment recommendations for the following: followingthe following of the ‘ Kweichow Moutai Co.Ltd(600519) ;, Juewei Food Co.Ltd(603517) , Fu Jian Anjoy Foods Co.Ltd(603345) , Angel Yeast Co.Ltd(600298) , Yanker Shop Food Co.Ltd(002847) , etc.
Risk factors: repeated epidemic risk; Food safety risks.
