Topic of this week: as of April 29, the 2021 annual report of A-share Baijiu listed companies has been fully disclosed. 20 Baijiu listed enterprises achieved a total revenue of 301.58 billion yuan, an increase of 18.9% year-on-year. By horizontal comparison with the total data of the whole industry, in 2021, enterprises above the scale of Baijiu industry achieved a cumulative revenue of 603.3 billion yuan, an increase of 18.6% year-on-year. 20 Baijiu listed enterprises account for half of the industry. Among them, the first tier liquor enterprises (Maotai, Wuliangye Yibin Co.Ltd(000858) , Luzhou Laojiao Co.Ltd(000568) , Jiangsu Yanghe Brewery Joint-Stock Co.Ltd(002304) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) etc.) remained basically stable and achieved double high growth in revenue and profit; The second tier camp has gradually expanded, raising the threshold to a revenue of 5 billion yuan, and Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) , Anhui Kouzi Distillery Co.Ltd(603589) , Shede Spirits Co.Ltd(600702) , Sichuan Swellfun Co.Ltd(600779) , Anhui Yingjia Distillery Co.Ltd(603198) , Hebei Hengshui Laobaigan Liquor Co.Ltd(600559) , Jiugui Liquor Co.Ltd(000799) have become the main force of the second tier. Under the trend of upgrading the consumption structure, Chinese Baijiu industry is at the key node of structural growth. Although the epidemic has repeatedly impacted on consumption scenarios, the demand for high-end Baijiu is rigid, the performance is growing steadily, and there is good risk resistance. In addition, the current Baijiu consumption is in the off-season, and the short-term impact has little impact on the whole year. We are optimistic about the risk resistance and sustainable growth of leading liquor enterprises and regional leading liquor enterprises.
Industry highlights: 1) Sunshine Dairy is about to make an initial public offering. 2) Inner Mongolia Yili Industrial Group Co.Ltd(600887) 2021 revenue increased by 14.15% year on year. 3) The revenue of Haidilao in 2021 increased by 43.68% year-on-year. 4) PepsiCo 2022q1 revenue increased by 9.31% year-on-year. 5) Xinjiang Tianrun Dairy Co.Ltd(600419) 2021 revenue increased by 19.32% year on year. 6) Bestore Co.Ltd(603719) 2022q1 revenue increased by 14.30% year-on-year. 7) Foshan Haitian Flavouring And Food Company Ltd(603288) 2022q1 revenue increased by 0.72% year-on-year. 8) Luzhou Laojiao Co.Ltd(000568) 2021 revenue increased by 23.96% year on year.
Rise and fall of the secondary market: from April 25 to April 29, food and beverage in the secondary market + 0.83%, commerce and trade – 4.39%, agriculture – 7.09%, ranking No. 4, 24 and 28 in CITIC 30 industry.
Risk tips: 1. The risk of macroeconomic weakness; 2. The risk of long-term epidemic prevention and control in China; 3. Risks of major food safety incidents; 4. Major agricultural epidemic risk.
