Market review this week: from March 21 to March 25, 2022, SW food and beverage industry index fell by 3.47% as a whole, ranking the fourth among all Shenwan industry indexes, losing about 1.33 percentage points to the Shanghai and Shenzhen 300 index in the same period. Among the sub sectors, meat products, snacks, pre processed food, other wines and condiments outperformed the CSI 300 index in the same period, while other sectors outperformed the CSI 300 index in the same period.
Net inflow of land stock link this week: from March 21 to March 25, 2022, land stock link had a net outflow of RMB 12.779 billion. Among them, the net inflow of power equipment, non-ferrous metals and petroleum and petrochemical sectors ranks first, while the net outflow of food and beverage, non bank finance and building materials sectors ranks first. This week, the food and beverage sector had a net outflow of 4.829 billion yuan, ranking first in the Shenwan industry.
Industry Week view: Maotai may restart the e-commerce platform and pay attention to the marginal inflection point of mass products. Baijiu sector: relevant personages said that Moutai will soon start the official business platform “519 marketing platform”. In the early stage, it will do pilot projects in self run stores, mainly involving non-standard products such as Moutai 1935, tiger year wine and treasures. Restarting the e-commerce marketing platform will be an important measure for the reform of the company’s marketing system, and the company’s marketing structure is expected to be further improved and optimized. In addition, the suggested retail price of badaipu five is raised from 1399 yuan per bottle to 1499 yuan, which can boost the enthusiasm of dealers to a certain extent. Recently, influenced by external market and other factors, the market risk aversion increased, and Baijiu sector fluctuated greatly. From the performance point of view, most Baijiu enterprises achieved steady growth in 2021, and the sales of core products such as Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) and Jiugui Liquor Co.Ltd(000799) during the Spring Festival period were good. In 2022, the liquor business 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) ). Mass market segment: this week Foshan Haitian Flavouring And Food Company Ltd(603288) , Guangzhou Zhujiang Brewery Co.Ltd(002461) , Shanghai Milkground Food Tech Co.Ltd(600882) and other companies released performance data for 2021. Affected by factors such as repeated epidemic, rising costs and incomplete recovery of terminal demand, some companies’ performance in 2021 was under pressure and profitability declined. From the cost side, affected by the conflict between Russia and Ukraine and the drought in South America, the Shenzhen Agricultural Products Group Co.Ltd(000061) prices of soybeans, soybean meal and corn are at a high level, and the cost pressure of some 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. Industry weekly report industry research Securities Research Report
