Industry core view:
Last week (from March 28, 2022 to April 3, 2022), the Shanghai Composite Index rose 2.19%, and the Shenwan food and beverage index rose 2.90%, outperforming the Shanghai Composite Index by 0.71 percentage points, ranking 12th among the 31 Tier-1 sub industries of Shenwan. Last week, all sub sectors of food and beverage rose, and the performance of food and beverage industry was stronger than that of the market as a whole. In March, the national liquor chain price index rose, from the classification index, the Baijiu price index increased by 100.05, rising 0.05%. Maotai achieved an operating revenue of 106.19 billion yuan in 2021, with a year-on-year increase of 11.88%; The net profit was 52.46 billion yuan, a year-on-year increase of 12.34%. The revenue and net profit maintained double-digit growth, and the scale of revenue exceeded 100 billion yuan for the first time. Maotai, its digital marketing app, has been online for three days, and the number of subscribers has continued to rise to nearly 6.7 million. The company has changed the traditional offline sales mode, actively explored e-commerce direct sales channels and improved product penetration. Many Baijiu enterprises have been pushing forward the layout of the new investment project: Jiannanchun Datang National Wine Ecological Park is unveiled in Mianzhu, Sichuan, and the project is planning to build 5 new liquor shops; Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) invested in the establishment of Tibet earth third pole wine industry Co., Ltd Xinjiang Yilite Industry Co.Ltd(600197) plans to build 293 million grass wine culture industrial park, and layout the production center of the low and medium baijiu. In the long run, Baijiu consumption is sticky, consumer demand is stable, and the potential energy for inflation remains, and the fundamentals remain good. In terms of beer and popular products, the Intellectual Property Office issued infringement guidance cases on the use of recycled beer bottles, and the market showed standardized development; The operating performance of many enterprises in 2021 was brilliant: 6006 Zoje Resources Investment Co.Ltd(002021) net profit attributable to the parent company was 3.155 billion yuan, a year-on-year increase of 43.34%; Mengniu Dairy achieved a revenue of 88.141 billion yuan in 2021, a year-on-year increase of 15.9%, and the net profit attributable to the parent was 5.025 billion yuan, a year-on-year increase of 42.6% Guangzhou Restaurant Group Company Limited(603043) last year, the net profit was 558 million yuan, realizing a double increase in revenue and net profit. Suggestions: Baijiu Baijiu Baijiu (Baijiu): Liquor: high-end liquor is stable in the market, continuous reform, and the growth of the second high-end liquor is large. It is suggested that the high-end and secondary liquor allocation opportunities should be focused on; 1. 2) Beer: the process of high-end and standardization of beer development is accelerated, the performance of industry leaders is bright, and the long-term good trend is clear. It is suggested to pay attention to high-end beer leaders; 3) Popular food: the demand for popular food is rigid, and the cost drives the price increase logic of the popular food industry, which is expected to be continuously verified. It is suggested to pay attention to the leaders of popular food such as condiments and leisure snacks.
Key investment points:
Baijiu weekly: last week, the Baijiu sector rose 3.06%, of which Xinjiang Yilite Industry Co.Ltd(600197) (+6.54%), Kweichow Moutai Co.Ltd(600519) (+5.33%) and Jiugui Liquor Co.Ltd(000799) (+4.60%) rose by three. Kweichow Moutai Co.Ltd(600519) increased by 5.33%, and Wuliangye Yibin Co.Ltd(000858) increased by 1.72% The price of Maotai rose to 6009 yuan last week, and the price of Maotai rose to 6009 yuan last week; The price of Feitian loose bottle is 2700 yuan / bottle. Maotai’s revenue exceeded 100 billion for the first time in 2021. In the early morning of March 31, Maotai released its financial report, which showed that Maotai achieved an operating revenue of 106.19 billion yuan in 2021, a year-on-year increase of 11.88%; The net profit was 52.46 billion yuan, a year-on-year increase of 12.34%; After deducting non profits, the net profit was 52.581 billion yuan, a year-on-year increase of 11.84%; The basic earnings per share increased by 12.34% year on year. At the same time, it also launched a dividend plan, which plans to distribute 216.75 yuan of cash dividends (including tax) to all shareholders of the company for every 10 shares, with a total profit of 27.228 billion yuan, and the remaining 133489 billion yuan will be reserved for future annual distribution. I Maotai has been online for three days, and nearly 6.7 million people have made reservations for purchase. In recent days, the reporter of Nandu new consumption index research group noted that the number of subscribers of Kweichow Moutai Co.Ltd(600519) ‘s digital marketing app – “I Maotai” continued to rise. On April 2, more than 2.4 million people and 6.3 million people attended the appointment of related products. According to incomplete statistics, “I Maotai” has been online for three days, and nearly 6.7 million people have participated in wine purchase appointments. Jiannanchun: “Datang National Wine Ecological Park” was unveiled in Mianzhu, Sichuan. Recently, Mianzhu City, Sichuan Province held the unveiling ceremony of Jiannanchun Datang National Wine Ecological Park. It is understood that the total investment of the brewing project of Datang National Wine Ecological Park (phase II) is planned to be 1.667 billion yuan, covering an area of more than 500 mu. It is planned to build five Qujiu workshops, equipped with mechanized brewing production lines and brewing direct combustion energy-saving system, and it is planned to increase the production capacity of Qujiu by 30000 to 50000 tons / year; Supporting the construction of taotan wine warehouse and indoor wine warehouse, and increasing the storage capacity of Qu wine by 25000 tons Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) : invest and establish a new company. Enterprise check app shows that on March 29, Tibet earth third pole wine industry Co., Ltd. was established with a registered capital of 400 million yuan. Its business scope includes: wine business; Food production; Production of wine products; Food sales; Food Internet sales; Tourism business; Network culture management, etc. According to the equity penetration of enterprise investigation, the company is jointly held by Tibet earth third pole Industry Development Co., Ltd. Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Lhasa pure land industry investment and Development Group Co., Ltd. and Shenzhen Baoneng Food Technology Group Co., Ltd Xinjiang Yilite Industry Co.Ltd(600197) : it is planned to invest 293 million yuan to build Caohu liquor culture industrial park. In March 30th, Xinjiang Yilite Industry Co.Ltd(600197) announced that the company plans to build a Xinjiang Yilite Industry Co.Ltd(600197) grass lake Baijiu Culture Industrial Park in the forty-one division of the Xinjiang production and Construction Corps, the third division, the Grass Lake Culture Park. The industrial park will be located in the sales center, brand exhibition center and production center of the middle and low end liquor in southern Xinjiang. The industrial park covers an area of 130 Mu and has an investment of 293 million yuan. It is a special industrial tourism industrial park with brand image display, wine culture tourism, craft experience and Baijiu production. Jiugui Liquor Co.Ltd(000799) : Teng Jianxin resigned as Jiugui Liquor Co.Ltd(000799) deputy general manager. On March 30, Jiugui Liquor Co.Ltd(000799) announced that Mr. Teng Jianxin applied to resign from the post of deputy general manager of the company due to age and job adjustment, and the resignation report will take effect from the date it is delivered to the board of directors of the company. After his resignation, Mr. Teng Jianxin is still engaged in other positions in the company.
Other sectors of food and beverage:
Beer: Tsingtao Brewery Company Limited(600600) : Tsingtao Brewery Company Limited(600600) released the annual report of 2021. In 2021, Tsingtao Brewery Company Limited(600600) revenue was 30.167 billion yuan, an increase of 8.67% year-on-year; The net profit attributable to the parent company was 3.155 billion yuan, a year-on-year increase of 43.34%.
Snack food: Guangzhou Restaurant Group Company Limited(603043) : on March 30, Guangzhou Restaurant Group Company Limited(603043) disclosed the annual report of 2021. The company achieved an operating revenue of 3.89 billion yuan in 2021, an increase of 18.33% year-on-year; The net profit attributable to shareholders of listed companies was 558 million yuan, a year-on-year increase of 20.28%. During the reporting period, the operating revenue of the company’s food manufacturing industry increased by 13.22% year-on-year to 3.052 billion yuan. Among them, moon cake products are still the core of the revenue, maintaining an increase of more than 10%, accounting for about 40% of the company’s revenue, and quick-frozen products account for 22% of the company’s revenue.
Dairy products: Mengniu Dairy: on the evening of March 30, Mengniu Dairy announced that in 2021, Mengniu Dairy achieved a revenue of 88.141 billion yuan, a year-on-year increase of 15.9%, and the net profit attributable to the parent was 5.025 billion yuan, a year-on-year increase of 42.6%. The announcement shows that Mengniu Dairy’s main businesses such as normal temperature, low temperature, ice products, fresh milk, milk powder and cheese have achieved considerable growth.
Risk factors: 1 Policy risk 2 Food safety risk 3 Epidemic risk 4 The risk of economic growth falling short of expectations.
