The revenue and profit of popular products increased by 10% / – 6% in 2021 and 3% / – 13% in 2021q1
In 2021, the revenue of mass products was 813.4 billion yuan, a year-on-year increase of 10%. In the first quarter of 2022, the industry revenue was 209.1 billion yuan, a year-on-year increase of 3%; In 2021, the profit of popular products was 52.1 billion yuan, with a year-on-year change of – 6%. In the first quarter of 2022, the industry profit was 14.9 billion yuan, with a year-on-year growth rate of – 13%.
The sub industries with rapid income growth in 2021 are wine, food and dairy products; The sub industries with rapid profit growth in 2021 are dairy products, beer and yellow rice wine.
The annual revenue of the popular products sector in 2021 continued to be stable and the profit side was under pressure. The pressure of 22q1 remained and waiting to be improved. Dairy products: the revenue of the dairy industry in 2021 was 177.3 billion yuan, a year-on-year increase of 16%, and the industry revenue in the first quarter of 2022 was 48.1 billion yuan, a year-on-year increase of 12.22%. In 2021, the profit of dairy industry was 10.5 billion yuan, with a year-on-year change of 46%. In the first quarter of 2022, the profit of dairy industry was 4.1 billion yuan, with a year-on-year increase of 23.5%.
Condiment: in 2021, the revenue of condiment industry was 41.5 billion yuan, with a year-on-year increase of 5%. In the first quarter of 2022, the revenue of condiment industry was 11.6 billion yuan, with a year-on-year increase of 2.45%. In 2021, the profit of condiment industry was 8.2 billion yuan, with a year-on-year change of – 6%. In the first quarter of 2022, the profit of condiment industry was 2.3 billion yuan, with a year-on-year growth rate of – 7.6%.
Meat products: in 2021, the revenue of meat products industry was 124.2 billion yuan, a year-on-year decrease of 9%. In the first quarter of 2022, the industry revenue was 26.7 billion yuan, a year-on-year increase of – 24.95%. In 2021, the profit of meat products industry was 4.5 billion yuan, with a year-on-year change of – 44%. In the first quarter of 2022, the profit of the industry was 1.7 billion yuan, with a year-on-year growth rate of – 17.85%.
Beer: in 2021, the revenue of the beer industry was 61.1 billion yuan, a year-on-year increase of 11%. In the first quarter of 2022, the industry revenue was 17.3 billion yuan, a year-on-year increase of 7.82%. In 2021, the profit of beer industry was 5.2 billion yuan, with a year-on-year change of 28%. In the first quarter of 2022, the profit of beer industry was 1.5 billion yuan, with a year-on-year growth rate of 19.48%.
Comprehensive food: in 2021, the income of the comprehensive food industry was 355.3 billion yuan, a year-on-year increase of 17%. In the first quarter of 2022, the income of the industry was 89.9 billion yuan, a year-on-year increase of 8.89%. In 2021, the profit of the comprehensive food industry was 19.7 billion yuan, with a year-on-year change of – 8%. In the first quarter of 2022, the profit of the industry was 4.1 billion yuan, with a year-on-year growth rate of – 35.56%.
Leisure snacks: in 2021, the income of the leisure food industry was 45 billion yuan, a year-on-year increase of 6%. In the first quarter of 2022, the income of the industry was 12.8 billion yuan, a year-on-year increase of 1.43%. In 2021, the profit of the snack food industry was 3.5 billion yuan, with a year-on-year change of – 33%. In the first quarter of 2022, the profit of the industry was 800 million yuan, with a year-on-year growth rate of – 35.38%.
Cost pressure catalyzes the differentiation of profitability. The demand and cost pressure of popular products with strong pricing power are still unavoidable, but the cost transmission has begun, and the profit improvement brought by the large-scale price increase of 21q4 popular products is expected to be realized quarterly from 22q2; In the medium and long term, the impact of the epidemic will eventually end and the cost cycle will be reincarnated. At that time, the public goods segment with good competition pattern and strong product differentiation attribute will usher in profit improvement, and the certainty is also strong. At the same time, among all sectors, the leading enterprises with strong pricing power deserve more attention. Among the highlights that focus on the recommendations of the following: followingthe following key to focus on the focus of the following: ‘002 ” Juewei Food Co.Ltd(603517) , it is recommended to pay attention to Henan Shuanghui Investment & Development Co.Ltd(000895) , Fu Jian Anjoy Foods Co.Ltd(603345) , Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) , etc.
Risk tips
1. The consumer demand is not up to expectations, and the product upgrading speed is lower than expected; 2. Raw material cost fluctuation risk, intensified market competition, etc.
