According to the data of the Ministry of industry and information technology, from January to April 2022, the Baijiu output of national brewing enterprises above Designated Size reached 2.609 million kiloliters, a year-on-year increase of 4.2%; Beer output was 10.747 million kiloliters, down 6.2% year-on-year; The output of wine was 65000 kiloliters, a year-on-year decrease of 32.3%.
It is worth noting that from January to April, the production of Baijiu of national brewing enterprises above designated size increased by 4.2% year-on-year. Wanlian Securities believes that the revenue of Baijiu will increase in 2021, the leading high-end Baijiu makers with strong brand influence and channel control under the epidemic show strong business resilience, and the performance in the first quarter of 22 years is brilliant. In the long run, the consumption of Baijiu is sticky, the consumption demand is stable, the high-end Baijiu has a stable share in the market, and the growth space of secondary high-end Baijiu is large. Continue to recommend the good high-end and secondary high-end Baijiu sectors.
Soochow Securities Co.Ltd(601555) pointed out that under the environment of economy + epidemic impact this year, we should adhere to “giving priority to the certainty of high-end Baijiu + actively embracing the flexible secondary high-end”. 22q1 Spring Festival sales laid a good foundation for the whole year, Q2 sales were affected and gradually digested inventory, and Q3 consumption scenario is still expected to recover; From the perspective of sector thinking, Q2 still gives priority to high-end Baijiu and continues to pay attention to the positive changes of high-end liquor, such as the continued implementation of Kweichow Moutai Co.Ltd(600519) marketing reform, Wuliangye Yibin Co.Ltd(000858) internal and external operation optimization, price improvement, and Laojiao battle. In the second half of the year, secondary high-end stocks will be selected from the perspective of scene recovery, brand strength, channel profits, and dynamic sales performance. Throughout the year, Kweichow Moutai Co.Ltd(600519) , Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) , Luzhou Laojiao Co.Ltd(000568) , Wuliangye Yibin Co.Ltd(000858) , Shede Spirits Co.Ltd(600702) .
