Industry core view:
Last week (April 18, 2022 to April 24, 2022), the Shanghai Composite Index fell 3.87%, and the Shenwan food and beverage index fell 1.80%, outperforming the Shanghai Composite Index by 2.07 percentage points, ranking fourth among the 31 Tier-1 sub industries of Shenwan. In the food and beverage sector last week, except beer (+ 0.29%), all other sub sectors fell. Liquor production and price index all rose: 1-3 month, Baijiu Baijiu liquor production increased by 4.7% over the same period. In mid April, the national Baijiu price index rose 0.22%, of which the price index of famous liquor increased by 0.19%. Kweichow Moutai Co.Ltd(600519) actively expand online channels. The total number of registered users of “I Maotai” has exceeded 10 million, and more than 131 million people have participated in the subscription Wuliangye Yibin Co.Ltd(000858) will gradually upgrade the existing 1 million mu special grain base for brewing to 2 million mu around the plan of ” Wuliangye Yibin Co.Ltd(000858) high quality multiplication project” Shede Spirits Co.Ltd(600702) plans to invest in the project of increasing production and capacity expansion, with an estimated total investment of 7.054 billion yuan. After completion, it is estimated that the annual output of raw wine will be increased by about 60000 tons and the energy storage of raw wine will be increased by about 342500 tons. 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 public food, the 1.2 million kiloliter expansion project of Tsingtao Brewery Company Limited(600600) smart Industrial Park has passed the main body acceptance and is expected to be completed and put into operation by the end of May 2022. The operating performance of many enterprises is outstanding: Three Squirrels Inc(300783) last year, the net profit increased by 36.43% year-on-year Shanghai Milkground Food Tech Co.Ltd(600882) first quarter net profit increased by 130% year-on-year. 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 rise 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 quick-frozen food, prefabricated dishes, condiments and leisure snacks.
Key investment points:
Baijiu weekly: last week, the Baijiu sector fell 1.99%, of which Xinjiang Yilite Industry Co.Ltd(600197) (-8.47%), Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) (-7.74%) and Anhui Golden Seed Winery Co.Ltd(600199) (-5.91%) fell by three. Kweichow Moutai Co.Ltd(600519) decreased by 1.83%, and Wuliangye Yibin Co.Ltd(000858) decreased by 2.63% Kweichow Moutai Co.Ltd(600519) : last week, the price of Maotai remained unchanged. For 20 years, the price of Feitian Maotai remained at 2950 yuan / bottle, and the price of Feitian bulk bottle rose slightly to 2750 yuan / bottle. I Maotai opens the “tiger Mao” special session. On April 18, official data showed that the total number of registered users of “I Maotai” exceeded 10 million, with a total of more than 497345 million people and 131 million people participating in subscription. From 20:00 to 20:30 on the evening of April 19, “I Maotai” launched a special activity of “tiger grass”, and 9999 bottles of “tiger grass” were put into the country. The 216000 Mu organic production area in Qianxi has become a Maotai raw material supply base. On April 20, according to Tianyan news, in recent years, Qianxi has vigorously promoted the development of Sorghum Industry and driven farmers to increase income and become rich by introducing leading enterprises, promoting the use of modern agricultural technology and cooperating with Maotai Group. In 2021, the city completed the planting of 61200 mu of sorghum, with an output value of 120 million yuan. The city’s 216000 Mu organic origin has been recognized and has become the raw material supply base of Maotai Group sauce wine. In 2022, Qianxi city plans to plant more than 100000 mu of sorghum Wuliangye Yibin Co.Ltd(000858) : last week, the price of Wuliangye Yibin Co.Ltd(000858) liquor changed slightly. The price of puwu (eighth generation) rose slightly to 980 yuan / bottle, and the price of puwu (seventh generation) remained at 965 yuan
2022 grain planting ceremony with the theme of “brewing of grain of hope and taste of beauty” Zeng Congqin, party secretary and chairman of Wuliangye Yibin Co.Ltd(000858) group (joint stock) company, said that “grain is the foundation of wine” and Wuliangye Yibin Co.Ltd(000858) should build the “first workshop” in the field. During the 14th Five Year Plan period, the company will gradually upgrade the existing 1 million mu special grain base for brewing to 2 million mu based on the plan of ” Wuliangye Yibin Co.Ltd(000858) high quality multiplication project”. Further promote the cultivation of good grain, build a good base and pay close attention to development, constantly brew high-quality wine for consumers, and continue to write the legend of China’s wine king with the responsibility of Luzhou flavor as a big country and the original mission of Hemei Wuliang Shede Spirits Co.Ltd(600702) q1 has a revenue of RMB 1.884 billion, and it is planned to invest RMB 7.054 billion to build a production increase project. On April 21, Shede Spirits Co.Ltd(600702) released the first quarter report of 2022. The report shows that the company’s operating revenue in the first quarter was 1.884 billion yuan, a year-on-year increase of 83.25%; The net profit attributable to the shareholders of the listed company was 531 million yuan, a year-on-year increase of 75.75%. At the same time, Shede Spirits Co.Ltd(600702) also issued an announcement on investment in production and capacity expansion projects. The announcement shows that in order to continuously promote the strategy of old wine, the company plans to invest in the construction of production and capacity expansion projects. The total investment of the project is expected to be 7.054 billion yuan; Upon completion, it is expected that the annual output of raw wine will be increased by about 60000 tons, the energy storage capacity of raw wine will be increased by about 342500 tons, and the annual koji making capacity will be increased by about 50000 tons Shede Spirits Co.Ltd(600702) e-commerce ERP digitization project was launched. On April 21, Shede Spirits Co.Ltd(600702) and geek cloud held the “launching meeting of Shede Spirits Co.Ltd(600702) e-commerce ERP project” online. A project team of nearly 50 people, including technology, service center, financial center and itbp, has been established under the personal leadership of senior executives of both sides to ensure the high-quality implementation of the project Jiugui Liquor Co.Ltd(000799) : Jiugui Liquor Co.Ltd(000799) “landscape character” will be launched in JD. It was reported on April 19 that the 54 degree 500ml Jiugui Liquor Co.Ltd(000799) (landscape character) product jointly created by Jiugui Liquor Co.Ltd(000799) and Beijing Jingtang wine industry will be launched in Jingdong limited time at 10 a.m. on April 26, and the final payment will be accepted at 10 a.m. on May 5 Sichuan Swellfun Co.Ltd(600779) : Sichuan Swellfun Co.Ltd(600779) last year’s revenue was 4.632 billion, with a target increase of about 15% this year. On April 22, Sichuan Swellfun Co.Ltd(600779) released the annual report for 2021. During the reporting period, the company achieved a revenue of 4.632 billion yuan, an increase of 54.10% year-on-year; The net profit was 1.199 billion yuan, a year-on-year increase of 63.96% Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) : Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) established a new company in Guizhou. On April 22, Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) newly invested enterprise Guizhou Gansu Huangtai Wine-Marketing Industry Co.Ltd(000995) Co., Ltd., with an investment ratio of 10%.
Other sectors of food and beverage:
Beer: Tsingtao Brewery Company Limited(600600) : the 1.2 million kiloliter expansion project of Tsingtao beer was put into operation in May. Recently, the 1.2 million kiloliter expansion project of Tsingtao Brewery Company Limited(600600) smart Industrial Park has passed the main body acceptance and is expected to be completed and put into operation by the end of May 2022. The 1.2 million kiloliter expansion project will add two production lines, infrastructure such as saccharification and fermentation, sewage treatment system and other projects. At that time, the annual beer production capacity of Tsingtao Brewery Company Limited(600600) No. 3 Brewery will reach 1.2 million kiloliters, which will become the largest single scale intelligent beer production center in China with world-class hardware configuration.
Snack food: Three Squirrels Inc(300783) : Three Squirrels Inc(300783) released the annual performance report, which said that the operating revenue in 2021 was about 9.77 billion yuan, a year-on-year decrease of 0.24%; The net profit attributable to the shareholders of the listed company was about 411million yuan, an increase of 36.43% year-on-year. During the reporting period, the company’s nut category revenue was 5.058 billion yuan, a year-on-year increase of 4.33%.
Risk factors: 1 Policy risk 2 Food safety risk 3 Epidemic risk 4 The risk of economic growth falling short of expectations.
