Industry core view:
Last week (April 4, 2022 – April 10, 2022), the Shanghai Composite Index fell 0.94%, the Shenwan food and beverage index fell 1.37%, 0.43 percentage points lower than the Shanghai Composite Index, ranking 15th among the 31 Tier-1 sub industries of Shenwan. Last week, the food and beverage sub sectors fell and the Baijiu fell the smallest. A number of Baijiu enterprises continue to promote the layout of the new investment projects: Jinhui Liquor Co.Ltd(603919) set up sales companies in Shanghai and Jiangsu, and actively expand the East China market; Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) agreed to add two departments: brewing management center and intellectual property protection department. 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 investment in alcohol racing track is mainly focused on low alcohol wine, sparkling wine and fine brewing aimed at the new generation and female population, ranking first in the capital overweight consumption industry and favored by capital. At the same time, many enterprises have steadily increased their market plans: Yili released the 11th “spring rain plan” and announced that it would continue to increase the salary of employees Beijing Yanjing Brewery Co.Ltd(000729) (Shandong) Co., Ltd. recently held the foundation laying ceremony for the phase I production base project with an annual capacity of 500000 tons Hai Nan Yedao (Group) Co.Ltd(600238) complete the equity transfer of starch industry Jiangsu Hengshun Vinegar-Industry Co.Ltd(600305) revealed that it has entered the field of prefabricated vegetables and looked for new growth points. 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 fell 0.65%, of which Jiugui Liquor Co.Ltd(000799) (-4.48%), Sichuan Swellfun Co.Ltd(600779) (-5.11%) and Shede Spirits Co.Ltd(600702) (-5.47%) fell by three. Kweichow Moutai Co.Ltd(600519) rose 0.22%, and Wuliangye Yibin Co.Ltd(000858) rose 0.43% Kweichow Moutai Co.Ltd(600519) : last week, the price of Maotai remained stable after a slight rise, and the price of Feitian Maotai was raised to 2950 yuan / bottle in 20 years; The price of Feitian loose bottle is maintained at 2700 yuan / bottle. Fate of this life: “change of command”: Gu Xiangyue at the helm and Zhou suming as honorary chairman. On April 6, Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) announced that Mr. Zhou suming had resigned as chairman of the board of directors, chairman of the strategy committee of the board of directors, member of the nomination committee and other positions due to his retirement. The above resignation report shall take effect from the date of serving on the board of directors. After his resignation, Zhou suming will be the honorary chairman of the company Wuliangye Yibin Co.Ltd(000858) : passed the re evaluation of the National Enterprise Technology Center for 6 times. Recently, the development and Reform Commission of Yibin City, Sichuan Province reported that in the 2021 evaluation results of the National Enterprise Technology Center released by the general office of the national development and Reform Commission, Wuliangye Yibin Co.Ltd(000858) with the highest score of 82.3 for liquor enterprises, passed the re evaluation of the national enterprise technology center and continued to retain the qualification of “national enterprise technology center”. This is the sixth re evaluation of Wuliangye Yibin Co.Ltd(000858) since it was recognized as “national enterprise technology center” in 2009 Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) : hold a special meeting on stabilizing production and ensuring supply in response to the epidemic situation. On April 6, yuan Qingmao, Secretary of the Party committee and chairman of Fenjiu, presided over a symposium on Fenjiu’s response to the epidemic, stabilizing production and ensuring supply. In view of the company’s response to the epidemic situation, stabilizing production and ensuring supply at this stage, yuan Qingmao put forward three requirements: first, we should unify our thinking, raise awareness and unite a strong joint force for the development of Fenjiu. Second, we should promote at a high level, strictly defend the position, and pay close attention to the fine normalization of epidemic prevention and control. Third, the party and the government should share the same responsibility, pay close attention to the joint management, consolidate the responsibility, and vigorously promote the establishment of two departments to stabilize production and ensure supply. On April 7, Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) announced that the board of directors of the company had reviewed and approved it
