Industry perspective:
(1) papermaking, packaging and printing: 1) wood pulp paper: the high cost of white cardboard was supported by the shock, the export orders brought good results, and some paper enterprises raised prices in the early stage. Cultural paper pulp prices continued to be high, forming support, the profits of small and medium-sized paper mills were under pressure, and some dealers tentatively raised prices. Pulp: Overseas pulp supply side events occur frequently, resulting in high pulp prices. From the perspective of wood pulp fundamentals, we believe that the impact of short-term disturbance factors on pulp prices is temporary, and will return to the reasonable price level determined by supply and demand in the long term, with limited impact on the profits of paper enterprises. Recommended wood pulp faucet [ Shandong Sun Paper Co.Ltd(002078) ] [ Shandong Bohui Paper Industry Co.Ltd(600966) ]; 2) Waste paper is a kind of paper: the price increase of leading paper enterprises (Shanying paper industry) in the early stage partially landed, which led to the rise of some small and medium-sized paper mills in the market. The recent trend of national waste has stabilized, which has brought support, the paper price has increased slightly month on month, and the demand side is stable as a whole. In the long run, large factories continue to strengthen the construction of national waste channels, improve the control of yellow paperboard raw materials, and are expected to expand the market share in the rising cost of raw materials; In the early stage, the paper enterprises that distributed waste pulp overseas mastered the source of low-cost long fiber and enhanced their voice in the field of high-end box board paper. Recommend high-end carton board manufacturer [ Shandong Sun Paper Co.Ltd(002078) ], carton board tap [ Shanying International Holdings Co.Ltd(600567) ] with good layout of waste pulp outside; 3) Special paper: benefiting from the rapid development of downstream e-commerce, express industry, panel furniture industry, food and beverage and other consumer industries, the corresponding special cardboard block has great performance flexibility, the recommended production capacity is released steadily, and the proportion of high gross profit products continues to increase [ Xianhe Co.Ltd(603733) ].
(2) furniture: a number of favorable policies have been introduced in the domestic market. (1) Domestic market: the marginal improvement of real estate policy is worthy of attention. At present, the downstream enterprises of the industrial chain have outstanding cost performance from the perspective of valuation; (2) Export market: the strong recovery of American real estate has driven the strong demand for home export. At present, the growth rate of second-hand housing transactions is still stable, and the steady growth rate of sales and new construction is expected to maintain the prosperity of furniture demand in the United States. It is recommended to bring competitive advantage through internal channel management reform in the downward trend of the industry, with strong brand, product and other advantages α [ Oppein Home Group Inc(603833) ] [ Suofeiya Home Collection Co.Ltd(002572) ] [ Zbom Home Collection Co.Ltd(603801) ] [ Goldenhome Living Co.Ltd(603180) ] [ Jason Furniture (Hangzhou) Co.Ltd(603816) ] [Minhua holdings] of attribute, multi brand & multi category matrix.
(3) personal care: domestic substitution & Channel fission & professional division of labor, the absorbent sanitary products industry welcomes new opportunities for development, recommends product innovation to lead the development of the industry, focuses on [ Hangzhou Haoyue Personal Care Co.Ltd(605009) ] with prominent manufacturing advantages and intensive cultivation of independent brands, and [ Chongqing Baiya Sanitary Products Co.Ltd(003006) ] with upgraded channels.
(4) entertainment Jewelry: the industry has a strong consumption attribute, and the consumption trend is gradually branded, and its development is closely related to the development of the overall economic level. It is optimistic about the stable development of traditional business, the stationery leader [ Shanghai M&G Stationery Inc(603899) ] gradually developed by kelip and high-quality cultural innovation, and the jewelry leader [ Chow Tai Seng Jewellery Company Limited(002867) ] of “leading mode + first channel + brand marketing”, It is suggested to pay attention to the “bubble Mart” with deep IP barriers and deepening channel layout.
(5) other light industries: in the post epidemic era, with the continuous evolution of LED and civil electrical industry and the continuous fission of channels, the competitive strength of leading enterprises is prominent. It is recommended to have a strong terminal offline network layout and actively expand tob, e-commerce and other new channels, and the continuous innovation of [ Gongniu Group Co.Ltd(603195) ] and the deep cultivation of [ Opple Lighting Co.Ltd(603515) ] in the field of LED lighting have steadily increased the demand of the industry, [ Shanghai Rongtai Health Technology Corporation Limited(603579) ] with high valuation and cost performance.
(6) new type of tobacco: at present, China’s management measures have been implemented, which began to be implemented on May 1, 22, strictly limiting the access threshold, sales channels and tastes, and returning the industry competition to the origin of products. Considering the current regulatory situation, it is considered that the future export may be the key direction. It is recommended to lead the global electronic cigarette OEM leader [SIMORE international] in technology to provide R & D services for Chinese tobacco customers, and the [ Shenzhen Jinjia Group Co.Ltd(002191) ] invested by its own brand.
Risk tip: China’s real estate market sales are lower than expected, the global epidemic continues to spread, and the production capacity is lower than expected.
