Key investment points:
Market review of this week: from April 6 to April 8, 2022, SW food and beverage industry index fell by 1.37% as a whole, about 0.30 percentage points lower than Shanghai and Shenzhen 300 index in the same period. In the subdivision sector, only the Baijiu sector won the Shanghai and Shenzhen 300 index in the same period, and the rest of the sectors lost the same Shanghai and Shenzhen 300 index. Among them, the Baijiu sector fell 0.65% this week, the smallest sector decline. The pre processed food sector had the biggest decline this week, at 6.15%. Among individual stocks, Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) (+ 22.17%), Hai Nan Yedao (Group) Co.Ltd(600238) (+ 7.56%) and St China Portugal (+ 6.41%) were among the top gainers Shandong Delisi Food Co.Ltd(002330) (- 15.88%), Ganyuan Foods Co.Ltd(002991) (- 11.98%), Suzhou Weizhixiang Food Co.Ltd(605089) (- 10.15%) led the decline.
Net inflow of LST this week: from April 6 to April 8, 2022, lst had a net outflow of RMB 6.557 billion. Among them, the net inflow of banking, power equipment and architectural decoration sectors ranks first, and the net outflow of pharmaceutical and biological, transportation and electronics sectors ranks first. This week, the food and beverage sector had a net outflow of 810 million yuan, ranking sixth in the Shenwan industry.
Industry Week view: enter the performance disclosure period and grasp the high certainty sector. Baijiu sector: in 2022, the bulk price of fly in the Ming and Ming holidays increased, and the total price was increased by 20 yuan / bottle compared with last Friday. At present, the sector has entered the period of performance disclosure. From the performance data released by Baijiu enterprises, the performance of several wine enterprises 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, and 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) ). Popular products sector: Recently, companies in popular products sector have successively released performance data for 2021 and the first quarter of 2022. Affected by factors such as repeated epidemic, rising costs and incomplete recovery of terminal demand, the performance of some companies in 2021 is 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.
