Key investment points:
Market review this week: from March 28 to April 1, 2022, SW food and beverage industry index rose by 2.90% as a whole, ranking 12th among all Shenwan industry indexes, outperforming the Shanghai and Shenzhen 300 index by about 0.47 percentage points in the same period. In the subdivision sector, meat products, snacks, dairy products, beer, health products, Baijiu and pre processed food sectors won the Shanghai and Shenzhen 300 index in the same period, while the rest of the sectors lost the same Shanghai and Shenzhen 300 index in the same period. Among them, Qinghai Spring Medicinal Resources Technology Co.Ltd(600381) (+ 25.85%), Henan Shuanghui Investment & Development Co.Ltd(000895) (+ 10.22%), Chacha Food Company Limited(002557) (+ 7.63%) led the increase Star Lake Bioscience Co.Inc.Zhaoqing Guangdong(600866) (- 24.20%), Yantai Shuangta Food Co.Ltd(002481) (- 8.86%), Juneyao Grand Healthy Drinks Co.Ltd(605388) (- 8.15%) led the decline.
Net inflow of land stock link this week: from March 28 to April 1, 2022, land stock link had a total net inflow of 22.902 billion yuan. Among them, the net inflow of power equipment, food and beverage and non-ferrous metals sector ranks first, and the net outflow of pharmaceutical biology, real estate and commercial retail sector ranks first. This week, the food and beverage sector had a net inflow of 3.465 billion yuan, ranking second in the Shenwan industry.
View of Industry Week: Maotai will make a good start in 2022 and grasp the high-quality sector of the industry. Baijiu sector: this week Baijiu sector warming, flying price increases compared to last Friday. On March 31, Maotai's online platform "I Maotai" was officially launched, which attracted great attention from the market. In terms of performance, Kweichow Moutai Co.Ltd(600519) released the main financial data of 2021 and the announcement of main business conditions in the first quarter of 2022 this week. The company ended successfully in 2021 and made a good start in 2022. From the performance data released by Baijiu enterprises, the performance of several wine companies in 2021 has been growing steadily. Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Jiugui Liquor Co.Ltd(000799) and other companies have performed well in the core products during the Spring Festival. The performance of Baijiu in the first quarter 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 Tsingtao Brewery Company Limited(600600) , Chongqing Brewery Co.Ltd(600132) , Sichuan Teway Food Group Co.Ltd(603317) , Yanker Shop Food Co.Ltd(002847) and other companies released performance data for 2021. Affected by factors such as repeated epidemic, rising costs and incomplete recovery of terminal demand, the performance of some companies in 2021 was under pressure. 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.
