Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
Shanxi Securities Co.Ltd(002500) : in the next 3-5 years, China's Prefabricated vegetable industry is expected to become the next trillion catering market
Lazy house economy promotes the rapid development of prefabricated vegetable industry. Chinese households are increasingly dependent on industrialized food production and socialized food supply. Prefabricated dishes simplify the tedious steps of buying, washing, cutting and cooking, integrate quality, nutrition and taste, and cater to the lifestyle of young consumer groups under the fast-paced life. In 2021, the space scale of Chinese prefabricated dishes is expected to reach 340 billion yuan, with a year-on-year increase of 18%. In the next 3-5 years, China's Prefabricated food industry is expected to become the next trillion catering market.
At present, local epidemics occur occasionally in China, and the frequency of family meals increases. Prefabricated vegetable bags have gradually become a necessity for isolated life at home. Chinese food industrialization and standardized production demand drive the expansion of b-end market of prefabricated dishes. Prefabricated dishes replace the processing of food materials and cooking of dishes in the back kitchen. The standardized production process can ensure the stable taste of dishes. While reducing costs, food enterprises can avoid cumbersome food material processing process, improve restaurant floor efficiency and improve the overall profitability.
The increase of takeout penetration rate and the change of family structure promote the increase of C-end sales of prefabricated dishes. The explosive growth of takeout not only introduces a steady stream of passenger flow and orders into the catering industry, but also improves the convenience requirements. The decline of young people's enthusiasm for studying cooking and the rise of women's enrollment rate and employment rate have greatly reduced the time spent by households in the kitchen compared with the previous decade. Prefabricated dishes that can ensure the taste of dishes have become the first choice for family cooking. Suggestions: 1) specialized manufacturer of prefabricated vegetables: Suzhou Weizhixiang Food Co.Ltd(605089) ; 2) Involved in semi-finished food and beverage enterprises: Guangzhou Restaurant Group Company Limited(603043) , Tongqinglou Catering Co.Ltd(605108) ; 3) Enterprises with food manufacturing business: Fu Jian Anjoy Foods Co.Ltd(603345) , Zhongyin Babi Food Co.Ltd(605338) , Longda food. []
Anxin Securities: the growth space of China's Prefabricated dishes is expected the segment track with large space in the frozen food industry
There is room for the growth of Chinese prefabricated dishes. Frozen food in China is mainly divided into quick-frozen hot pot ingredients, quick-frozen rice noodles and quick-frozen dishes. Among them, the traditional rice noodles (dumplings and dumplings) have entered the mature stage, the emerging rice noodles (such as hand grasping cakes and purple potato balls) and hot pot materials are still in the growth stage, and the dishes are in the introduction stage.
At present, the industrialized production technology of quick-frozen dishes in China is not mature. The driving force of the industry mainly comes from the demand of the third-party catering supply chain, but the C-end has been started. The penetration at the C-end will be driven by factors such as technological breakthrough, improvement of product power and convenience, creation of explosive products, change of intergenerational consumption habits and so on. In the long run, there are rich categories of dishes, and as a dinner, the consumption frequency and product added value are high. It is a subdivision track with large space in the frozen food industry. []
open source Securities: the demand of the prefabricated vegetable industry is gradually released is in a period of rapid development
The prefabricated vegetable industry is in the stage of accelerated development and has broad development space. (1) B end: Prefabricated dishes can effectively reduce the cost of rent, raw materials and labor of catering enterprises, ensure the consistency of chain catering products, and have high operation efficiency; (2) C-end: Prefabricated dishes have high cost performance and good taste, which can effectively reduce the cooking burden of consumers and improve the quality of life. At present, the industry has obvious regional characteristics, the competition pattern is scattered, and it is still in the stage of horse racing and enclosure. In the future, with the gradual release of b-end and C-end demand, the industry has broad development space and a trillion market can be expected.
The demand of the prefabricated vegetable industry is gradually released and is in a period of rapid development. Old prefabricated vegetable enterprises Suzhou Weizhixiang Food Co.Ltd(605089) and haodeli have been deeply engaged in the prefabricated vegetable industry for many years, and Shandong Delisi Food Co.Ltd(002330) , Fu Jian Anjoy Foods Co.Ltd(603345) and other enterprises in the food industry have arranged the prefabricated vegetable industry one after another. Relevant enterprises can be the first to layout the market and enjoy the dividends of the rapid development of the industry. It is recommended to pay attention to Suzhou Weizhixiang Food Co.Ltd(605089) . In addition, Shandong Delisi Food Co.Ltd(002330) , Fu Jian Anjoy Foods Co.Ltd(603345) will also benefit. []
Tianfeng Securities Co.Ltd(601162) : the development of prefabricated vegetable industry is in full swing selection of food stocks
Benefiting from the chain development of food enterprises, the demand for cost reduction and efficiency improvement, and the cultivation of family consumption scenes by the epidemic, the prefabricated vegetable industry is developing in full swing. It is recommended to pay attention to quick-frozen food faucet Fu Jian Anjoy Foods Co.Ltd(603345) , frozen baking faucet Ligao Foods Co.Ltd(300973) , b-end service focused Zhengzhou Qianweiyangchu Food Co.Ltd(001215) and prefabricated dishes East China faucet Suzhou Weizhixiang Food Co.Ltd(605089) . At the same time, Jiahe Foods Industry Co.Ltd(605300) continues to be recommended, mainly because Jiahe Foods Industry Co.Ltd(605300) is the leader in China's vegetable fat powder industry, and the diversified expansion of coffee, plant-based drinks and other businesses. Taking advantage of existing customers and channels, the coffee business is expected to grow into the second growth curve. []
Boc International (China) Co.Ltd(601696) : 2022 is a year to test the adjustment and improvement results of snack food companies
The impact of sales channel reform on snack food continues. In the short term, focus on companies with clear adjustment ideas and initial results, and recommend companies with competitive advantages and clear growth logic in the long term.
(1) looking back at 2021, the change of sales channels has changed the sales mode and customer acquisition mode of leisure food companies. The trend of online traffic decentralization has diverted traditional e-commerce, while offline traditional supermarkets have been impacted by new channels such as community group purchase.
(2) we judge that 2022 is a year to test the adjustment and improvement results of leisure food companies, the industry is expected to differentiate, and the adjustment effect is expected to affect the competition pattern of the industry.
(3) the first quarter is the traditional peak sales season of leisure food, and the upcoming Spring Festival is the key battle to win. We believe that companies that do a good job in channel layout, product matching and marketing promotion have more competitive advantages.
(4) focus on companies with clear adjustment ideas and initial results in the short term, and recommend companies with competitive advantages and clear growth logic in the long term. To sum up, we recommend Chacha Food Company Limited(002557) and focus on Three Squirrels Inc(300783) , Yanker Shop Food Co.Ltd(002847) , Bestore Co.Ltd(603719) , Ganyuan Foods Co.Ltd(002991) . []
China Galaxy Securities Co.Ltd(601881) Securities: focus on the track value of food comprehensive sub categories and condiments
The food and beverage industry as a whole is in a mature development period, and individual segments maintain a high growth rate; Weak demand leads to consumption upgrading and degradation differentiation; Brand is the core competitiveness, and the market share continues to be the leading concentration. In Baijiu, we focus on two kinds of varieties: the stock types with first-line Baijiu brand value and high quality genes, and the long-term value driving value of their quality brands. Mass Baijiu brand effectively locks the price band and enjoys the elastic varieties of the mass consumption center moving upward.
At the same time, it is suggested that investors can also pay attention to the growth value of high-quality dairy enterprises, as well as the market value of food comprehensive sub categories and condiments. []
Guosen Securities Co.Ltd(002736) : the overall valuation of the mass food sector has fallen to a reasonable level the price increase is expected to boost the performance elasticity of relevant enterprises
The turning point of mass products has come, and the strategic layout is at the right time. After last year's adjustment, the overall valuation of the Volkswagen food sector has dropped to a reasonable level, and the price increase is expected to boost the performance elasticity of relevant enterprises this year. At the same time, in the medium and long term, we are optimistic about the process of high-end beer and the medium and long-term development opportunities of dairy products / condiments / frozen food / snack food.
At this stage, we believe that we should pay attention to industry leaders with both valuation cost performance, high performance flexibility and medium and long-term growth stability, and focus on Tsingtao Brewery Company Limited(600600) / Chongqing Brewery Co.Ltd(600132) / Inner Mongolia Yili Industrial Group Co.Ltd(600887) / Foshan Haitian Flavouring And Food Company Ltd(603288) / Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) / Qianhe Condiment And Food Co.Ltd(603027) / Chongqing Fuling Zhacai Group Co.Ltd(002507) / Ligao Foods Co.Ltd(300973) / Juewei Food Co.Ltd(603517) / He Bei Cheng De Lolo Company Limited(000848) . []
Minsheng Securities: grasp the elasticity of price transmission and consumption scenario repair catering industry chain related companies such as prefabricated dishes will benefit
The demand inflection point is upward, grasp the elasticity of price transmission and consumption scenario repair, pay attention to the sub industries with significantly damaged demand in 2021, and relevant companies in the catering industry chain such as quick-frozen food and prefabricated vegetables will benefit.
Condiment: the sector fluctuates weakly with four factors: demand, cost, inventory and price increase. After the marginal cost is improved, the leading companies will get out of the trough faster and release the performance elasticity brought by price increase; Dairy products: demand recovers, the marginal of cost side is better, and the gross sales difference meets the inflection point; Snack food: large industry, small company, preferably companies with product innovation ability. Recommendation of investment targets, Angel Yeast Co.Ltd(600298) , Inner Mongolia Yili Industrial Group Co.Ltd(600887) , Foshan Haitian Flavouring And Food Company Ltd(603288) , Fu Jian Anjoy Foods Co.Ltd(603345) , Chacha Food Company Limited(002557) , Zhe Jiang Li Zi Yuan Food Co.Ltd(605337) , Ganyuan Foods Co.Ltd(002991) , Juewei Food Co.Ltd(603517) , etc., pay attention to Ligao Foods Co.Ltd(300973) , Sanquan Food Co.Ltd(002216) .
