Industry core view:
Last week (January 3, 2022 to January 9, 2022), the Shanghai Composite Index fell by 1.65%, the Shenwan food and beverage index fell by 3.78%, outperforming the Shanghai Composite Index by 2.13 percentage points, ranking 23rd among the 31 Tier-1 sub industries of Shenwan. Food and beverage sector continued to callback, the sub plate fell more or less, Baijiu plate callback range is still larger. Near the Spring Festival, Baijiu market will “price” to a climax, Moutai, Luzhou Laojiao Co.Ltd(000568) , Anhui Gujing Distillery Company Limited(000596) , Shede Spirits Co.Ltd(600702) and other 10 Super Baijiu enterprises have announced that some products are rising. Due to a certain time lag in the implementation of price increase measures to dealers, most of the relevant liquor products have not yet achieved price increase. Recently, the outbreak of epidemic around the country is of great concern for the consumption of Baijiu in Spring Festival. But in the long run, the trend of Baijiu consumption upgrading is unchanged, and the upward trend of the plate has a solid demand base. Suggestions: Baijiu Baijiu Baijiu (Baijiu): Liquor: high end liquor has strong profitability, and the second high-end liquor continues to grow. It is optimistic about the investment opportunities of high-end and secondary high-end liquor plates. “1. 2) Beer: under the background of consumption upgrading, the high-end beer has been accelerated, and the fine brewing has ushered in a wind mouth of 100 billion. The long-term good trend of the plate remains unchanged. 3) Condiment: the cost is expected to decline at a high level, the industry can recover gradually, and the peak season of the Spring Festival is coming. It is suggested to pay attention to the dynamic sales. 4) Dairy products: the industry integration is accelerating, the profitability will be improved in the future, and the sector is expected to usher in a performance period. It is suggested to pay attention to the leading segments of the sector.
Key investment points:
Baijiu weekly: last week, the Baijiu plate fell 4.68%, of which Anhui Yingjia Distillery Co.Ltd(603198) (-9.34%), Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) (-9.00%) and Jinhui Liquor Co.Ltd(603919) (-7.46%) fell by three. Kweichow Moutai Co.Ltd(600519) : last week, the wholesale price of Maotai liquor increased slightly. In the past 20 years, the wholesale price of Feitian Maotai liquor was about 3320 yuan, at a high level. The price of Feitian bulk bottles increased slightly, from 2790 yuan to 2820 yuan. The export price of Maotai liquor has risen, which is consistent with that of China. On January 7, the ex factory price of 53 degree Feitian Maotai liquor rose to $150 / bottle. After the price rise, the export price of 53 degree Feitian Maotai liquor is consistent with that in China. The market guiding price of Kweichow Moutai Co.Ltd(600519) wine (treasures) is determined. In January 8th, Moutai time and space official account showed that retail price of 53%vol500ml Kweichow Moutai Co.Ltd(600519) wine (treasures) was 4599 yuan / bottle, located between Moutai boutique and Kweichow Moutai Co.Ltd(600519) wine (15). Luzhou Laojiao Co.Ltd(000568) : price adjustment of multiple products. On January 4, Luzhou Dacheng Luzhou flavor Liquor Sales Co., Ltd. issued a notice, which showed that the prices of Luzhou Laojiao Co.Ltd(000568) eight year song series, Luzhou Laojiao Co.Ltd(000568) six year Jiaotou song iron box version 14 and Luzhou Laojiao Co.Ltd(000568) blue flower porcelain head song series will be increased from now on. Among them, Luzhou Laojiao Co.Ltd(000568) for six years, the unit price of 14 edition of Jiaotou iron box made by dealers will be increased by 8 yuan per bottle; The dealer unit price of Luzhou Laojiao Co.Ltd(000568) eighth year song series and Luzhou Laojiao Co.Ltd(000568) blue flower porcelain head song series will be increased by 15%. Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) : yuan Qingmao was elected chairman of the company. On the evening of January 7, Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) issued an announcement to elect yuan Qingmao as the chairman of the eighth board of directors of the company, and the term of office is the same as that of the current board of directors. At the same time, the board of directors elected yuan Qingmao as a member and chairman of the strategy committee of the eighth board of directors, and Yu Zhongliang as a member of the strategy committee of the eighth board of directors; Yuan Qingmao was co elected as a member of the nomination committee of the eighth board of directors.
Other sectors of food and beverage:
Snack food:
It announced that in view of the continuous rise in the costs of main raw materials, labor, transportation and energy, in order to better provide high-quality products and services to dealers and consumers and promote the sustainable development of the market and industry, the company decided to adjust the product price of the company’s solid brewing milk tea (including classic series and good material series) after research and decision. The announcement shows that the price increase range of main products is 2% – 8%, and the new price will be implemented according to the price adjustment notice of each product from February 1, 2022. Wahaha: in response to the price increase of AD calcium milk: the ex factory price of dealers has not been adjusted. On January 5, in response to the news of the recent increase in the price of Wahaha AD calcium milk, the relevant person in charge of Wahaha told the media that Wahaha Group has not adjusted the ex factory price of dealers, but dealers may adjust the price according to their own situation.
Dairy products: Inner Mongolia Yili Industrial Group Co.Ltd(600887) : Issue 5 billion short-term financing bonds. On January 5, Inner Mongolia Yili Industrial Group Co.Ltd(600887) announced that the company successfully issued the 34th ultra short-term financing bonds of 2021 on January 4. The term of the financing bonds issued this time is 56 days. The total amount actually issued is 5 billion yuan, the issue interest rate is 2.35%, and the issue price is 100 yuan / 100 yuan face value. The value date is January 4, 2022 and the payment date is March 1, 2022.
Condiment: Yanker Shop Food Co.Ltd(002847) : equity incentive landing. The number of restricted shares to be granted under the incentive plan is 2236701 shares, accounting for 1.73% of the total capital stock of the company on the announcement date of the incentive plan of 129.36 million shares. The total number of incentive objects of the incentive plan is 32, including directors, senior managers and core technicians of the company. The grant price of restricted shares in the incentive plan is 53.37 yuan / share. The assessment year for the lifting of the restriction on sales of the incentive plan is three fiscal years from 2021 to 2023, one assessment in each fiscal year, and the annual performance assessment is determined to be no less than 28% / 38% / 66% of the growth rate of operating revenue in 2020.
Risk factors: 1 Policy risk 2 Food safety risk 3 Epidemic risk 4 The risk of economic growth falling short of expectations,
