In the first quarter, the Sichuan composite index fell 18.90% and the Chongqing composite index fell 7.90%.
As of March 31, 2022, the PE of Sichuan sector is 33.81 times, and the overall valuation level has decreased; The PE of Chongqing sector is 18.41 times, and the overall valuation level has decreased. By industry, the top three sectors in Sichuan and Chongqing this month were household appliances (+ 23.34%), non-ferrous metals (+ 16.25%) and textile and clothing (+ 12.46%). From the perspective of listed companies, the top three gainers are Lihang Technology (+ 228.93%), Cccg Real Estate Corporation Limited(000736) (+ 122.68%) and Yimikang Tech.Group.Co.Ltd(300249) (+ 121.36%); The top three declines were Great Wall International Acg Co.Ltd(000835) (- 64.60%), Changhong energy (- 45.10%) and San Yang Ma (Chongqing) Logistics Co.Ltd(001317) (- 44.52%). The 42 listed companies we focus on in Sichuan and Chongqing fell by 13.60% on average, and the top three were: Chengdu Jafaantai Education Technology Co.Ltd(300559) (+ 48.23%), Sichuan Jinlu Group Co.Ltd(000510) (+ 25.55%), Sichuan Languang Development Co.Ltd(600466) (+ 12.25%); The top three declines were: Chengdu Leejun Industrial Co.Ltd(002651) (- 39.91%), Dongfang Electric Corporation Limited(600875) (- 36.69%), Sichuan Teway Food Group Co.Ltd(603317) (- 33.12%).
The new infrastructure industry and digital economy in Sichuan and Chongqing will maintain rapid development.
The Sichuan Provincial Department of Justice issued the regulations on the development of big data in Sichuan Province (Draft for comments), which made it clear that the development of big data should be promoted from a series of application scenarios such as consolidating the development foundation, building a digital government base, building government services, public services, platform ecology, social governance, macro decision-making and smart city. At the same time, the construction of digital infrastructure in rural areas should be strengthened to promote the common prosperity of urban and rural areas. Promoting the digital transformation and upgrading of regional industries, on the one hand, will help promote the rapid development of industries in Sichuan and Chongqing, on the other hand, promote the digital transformation, and provide new opportunities for the development of regional new infrastructure industrial chain and related enterprises in the subdivided field of digital economy.
Many Sichuan and Chongqing Baijiu enterprises released 2021 performance data, Sichuan liquor in 2022, the results are strong.
Wuliangye Yibin Co.Ltd(000858) released the performance forecast for 2021. It is estimated that the company will achieve an operating revenue of about 66.2 billion yuan, an increase of about 15% year-on-year, and a net profit attributable to shareholders of listed companies of about 23.35 billion yuan, an increase of about 17% year-on-year Shede Spirits Co.Ltd(600702) released the annual report for 2021 and the performance forecast for the first quarter of 2022. In 2021, the company achieved an operating revenue of 4.969 billion yuan, a year-on-year increase of 83.80%, and a net profit attributable to shareholders of listed companies of 1.246 billion yuan, a year-on-year increase of 120.89%. The company expects to realize a net profit of 460560 million yuan attributable to shareholders of Listed Companies in the first quarter of 2022, with a year-on-year increase of 52% – 85%. Despite the impact of the economic cycle and social consumption weakness, the consumption of liquor during the Spring Festival has declined. However, the consumption of high-end liquor and sub high end liquor has long-term toughness. From the channels and the disclosure of data from Baijiu enterprises, the sales of high-end liquor have maintained steady growth, and the high-end liquor has continued to expand. The consumption of Sichuan and Chongqing is stable and good. With the gradual development of Shuangcheng economic circle, a large number of major projects will continue to fall. This will help to keep the economic activities in Sichuan and Chongqing areas active and promote Baijiu consumption. It is estimated that the annual performance of Sichuan liquor is strong and it is suggested that Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) and so on.
Risk tip: macroeconomic growth is lower than expected, covid-19 epidemic continues to be at risk, and consumption recovery is lower than expected.
