Recently, we visited a number of enterprises in Sichuan and Chongqing, investigated large supermarkets such as Chengdu Wal Mart, Metro and Carrefour, and tracked the terminal sales of basic condiments, composite condiments and condiments, in order to restore the real terminal sales of condiments. The overall conclusions are as follows:
1. Summary of investigation on grass roots of seasoning in Chengdu
Soy sauce: the channel inventory has been cleared in place, and the promotion efforts have been narrowed. Among the large supermarkets we investigated, the age of soy sauce products of various brands further narrowed, mostly falling in the range of 2-3.5 months (at the end of September 2021, the age of goods in Chongqing fell in the range of 3-4.5 months). The average age of Haitian soy sauce is 2.7 months, that of Qianhe soy sauce is about 3.5 months, and that of Li Jinji and Chubang soy sauce is about 2 months respectively. Compared with Chongqing data at the end of September 2021, the average age of terminals is narrowed by about 1 month, 1 month, 2 months and 1.5 months respectively. In terms of promotion, the promotion efforts of supermarkets have narrowed, and there has been no full reduction in a large area. Most of them focus on stack display promotion, combined with small-scale bundle sales and full reduction activities of some designated products. From the price point of view, the prices of some products have increased steadily.
Compound seasoning: in the peak season, the terminal sales are driven, local brands bloom, and the demand for winter seasoning increases. In the Chengdu supermarkets surveyed in this survey, the average age of each brand is less than 4 months, of which the average age of haorenjia, Dezhuang and Haidilao products are about 3.7 months, 3.5 months and 3.1 months respectively. Compared with the data of Chongqing tracked by us at the end of September, it is narrowed by 3.2 months, 2.9 months and 0.8 months respectively. Other brands are famous, jixiangju The average age of Xiaolongkan is about 2.6, 2.8 and 1.6 months respectively. The channel inventory is cleared in place, and the peak season is coming to drive the terminal dynamic sales. The downward trend of pig price drives the demand for winter seasoning. In the supermarkets we visited, there was no display of winter seasoning, and the salesperson said it had been sold out and off the shelf.
Pickled mustard: the terminal price plate moves up, and the terminal goods age remains benign. The age of pickled mustard of all brands is at the level of 2-4 months, of which the average age of Chongqing Fuling Zhacai Group Co.Ltd(002507) , jixiangju and Yuquan is about 4 months, 2 months and 2 months respectively. Compared with the data of Chongqing at the end of September, the age of Chongqing Fuling Zhacai Group Co.Ltd(002507) is slightly higher, and the age of other brands has decreased. The price of Chongqing Fuling Zhacai Group Co.Ltd(002507) moves up, and the main products move up from the price band of 2.5-3.5 yuan to the price band of 3.5-4 yuan.
Vinegar: the average age of goods at the terminal narrowed, and there was no obvious promotion. We investigated the vinegar sales of some supermarkets in Chengdu. Compared with the survey data of Chongqing at the end of September 2021, the average age of Hengshun and Qianhe terminals decreased by 1.6 months, 2.4 months to 4.5 months and 1.6 months respectively. In addition, the average age of Baoning and water tower terminals were about 4 months and 3.2 months respectively, which were in a relatively benign range.
2. Summary of investigation of Sichuan and Chongqing Enterprises
In the third quarter, all condiment companies put the channel inventory cleaning in an important position. At present, the effect is remarkable. 1) Sichuan Teway Food Group Co.Ltd(603317) : the channel cleaning effect is obvious, and the sales popularity of winter dispatching has reached a record high. According to the feedback of dealers, the inventory of single products has decreased significantly (at present, except for the popular funds, the inventory is basically zero), and the price adjustment has little impact on the terminal dynamic sales. At the same time, the company has arranged the winter adjustment products in advance. According to the feedback of some dealers, the sales of winter adjustment has doubled, and the sales popularity has reached a record high. 2) Qianhe Condiment And Food Co.Ltd(603027) : the overall inventory fell to the level of about one month. At present, according to the feedback of some dealers, the high-end zero addition inventory has been cleared, and the overall inventory has fallen to the level of about one month. We expect that the price of medium and high-end products can be increased in disguise by reducing promotion. Direct price increase is not necessary in the short term.
Risk warning: the number of research samples is limited; The selected samples are not completely consistent; Industry competition intensifies.
