In 2021, enterprises above Designated Size in the beer industry achieved a total output of 35.62 million kiloliters, with a year-on-year growth rate of 5.6%, but the sales volume has not yet returned to the pre epidemic level (37.65 million kiloliters in 2019), a year-on-year decrease of 5.4% (without considering the change of caliber). In terms of half a year, the first half of the year benefited from the recovery of consumption and the low base. Compared with 2020, the sales growth rate was 10.3%, a slight decrease of 3.1% year-on-year in 2019. However, in the second half of the year, due to the repeated epidemics and the impact of natural disasters, the production end and sales end were restricted to varying degrees, resulting in a narrowing of the final sales growth compared with 20 years.
In terms of individual stocks, in 2021, China Resources beer / Tsingtao Brewery Company Limited(600600) / Budweiser Asia Pacific (West) / Beijing Yanjing Brewery Co.Ltd(000729) / Chongqing Brewery Co.Ltd(600132) / Guangzhou Zhujiang Brewery Co.Ltd(002461) achieved sales of 1106 / 793 / 772 / 362 / 279 / 1280000 kiloliters respectively, up from – 0.4% / + 1.4% / + 9.8% / + 2.4% / + 15.1% / + 6.4% respectively in 2020; Year on year in 2019 – 3.0% / – 1.5% / – 4.0% / – 5.0% / + 18.9% / + 1.5% respectively.
By summing up the sales volume of the six companies, we can also see a trend similar to that of the industry: the total sales volume in 2019 / 2020 / 2021 is 3491 / 3311 / 34.4 million kiloliters respectively, and the year-on-year growth rate in 2020 / 2021 is – 5.2% / + 3.9% respectively, while the total sales volume in 2021 has not returned to the pre epidemic level (2021 year-on-year – 1.5% in 2019). Among the six major liquor enterprises, except that heavy beer benefited from Carlsberg’s asset injection and the two consecutive increases in sales brought by Wusu’s rapid volume, other liquor enterprises were affected by the epidemic to varying degrees, and most of them did not return to the pre epidemic level
According to our monthly demand report, the beer industry achieved a total revenue of 162.2 billion yuan in 2021, up + 10.4% year-on-year and + 3.6% year-on-year in 2019. Thanks to the improvement of profitability brought by the consensus on product structure upgrading reached by the industry, the revenue end of the industry has exceeded the pre epidemic level. By summing up the income of the six liquor enterprises, we can observe that after experiencing the impact of 2020, the income in 2021 has rebounded strongly. The total income in 2019 / 2020 / 2021 was 120.1/113.5/128.6 billion yuan respectively, and the year-on-year growth rate in 2020 / 2021 was – 5.5% / + 13.3% respectively. The total income in 2021 has exceeded the pre epidemic level and returned to the growth track (2021 + 7.1% year-on-year in 2019).
