Industry growth from the third quarterly report of 2021
The income and profit growth of the food and beverage industry is moderate, and the ranking of the whole industry is lower. According to the industry classification of Shenwan, the food and beverage industry realized an operating revenue of 6707.7% in the first three quarters of 2021 Billion yuan, a year-on-year increase of 12.02%; The net profit attributable to the parent company was 124.1 billion yuan, a year-on-year increase of 12.35%. It ranks 25th and 18th among Shenwan’s 28 first-class industries respectively.
The molecular plates showed that the growth rate of other wine, wine and Baijiu in the first three quarters of 2021 was 43%, 23% and 20% respectively, and the three growth rate was listed before the plate growth. The growth rate of net profit attributable to the parent company of wine, other wines and dairy products was 135%, 124% and 39% respectively, ranking among the top three sectors.
The share price reflects the certainty premium, and the increase of food and beverage has been below the medium level since this year. From the valuation side, the current overall valuation of A-Shares is 18.9 times, and that of food and beverage (Shenwan) pe-ttm is 43.99 times. The valuation has dropped, and the premium rate is about 120% compared with a shares. The average valuation of the food and beverage industry over the past decade is 35.94 times, and the current valuation is higher than the past average valuation.
Fund allocation in the food and beverage industry: the position continues to decline, and the over allocation returns to the central level in the past 17 years. The market value of food and beverage stocks held by 2021q3 fund accounted for 14.62% of the total market value of fund investment, with a month on month decrease of 1.32pct and a year-on-year decrease of 1.40pct. Baijiu and public goods together have all seen a reduction in the stock, Baijiu reduced the warehouse price, the public products were subject to the increase in price, dairy products and condiments were higher than the other stores, and other sub sectors all reduced their positions, of which beer and other liquors were the largest.
