Key investment points:
Market review this week: from May 16 to May 20, 2022, SW food and beverage industry index rose by 1.31% as a whole, underperforming the CSI 300 index by about 0.92 percentage points in the same period. Among the segments, soft drinks, snacks and pre processed food outperformed the CSI 300 index in the same period, while the other segments outperformed the CSI 300 index in the same period.
Net inflow of land stock connect this week: from May 16 to May 20, 2022, land stock connect had a total net inflow of RMB 15.218 billion. Among them, the net inflow of banking, basic chemical industry and public utilities sector ranks first, and the net outflow of real estate, light industry manufacturing and national defense industry sector ranks first. This week, the food and beverage sector had a net inflow of 1.199 billion yuan, ranking the fourth in the Shenwan industry.
View of Industry Week: I Maotai is officially put into operation, and the northward capital of the industry will realize a net inflow this week. The 5-year LPR announced on Friday fell more than expected, the market sentiment has warmed up, and the northward capital of the industry realized a net inflow this week. In addition, there has been a marginal inflection point in the recent epidemic in Shanghai. Shanghai said that it will consolidate and improve the results of resumption of work and production, constantly strive to achieve the goal of full resumption of work and production, and restore the normal production and living order in Shanghai as soon as possible. Under the background of the steady improvement of the epidemic situation and stimulus policies, the industry is expected to usher in the opportunity of recovery and recovery. Baijiu: on May 19, Maotai was officially put into operation. Five new products, including Feitian 53 ° 100ml Kweichow Moutai Co.Ltd(600519) wine, Feitian 43 ° Kweichow Moutai Co.Ltd(600519) wine, 43 ° 500ml Kweichow Moutai Co.Ltd(600519) wine (wedding banquet · red), Maotai Prince wine (Golden Prince) and Maotai welcome wine (purple), were launched simultaneously. Among them, the retail price of 100ml Feitian is 399 yuan / bottle, which is about 33% higher than the direct selling price of 1499 yuan / bottle of 500ml Feitian. The successful operation of Maotai marks the progress of the company in channel reform. The profit distribution between dealers and direct channels will be further improved. The channel structure of the company is expected to be stable and good, and the performance is expected to be thickened. At present, the consumption of Baijiu is in the off-season. Liquor enterprises mainly control the goods and prices, and can grasp the opportunity of consumption recovery brought by the inflection point of the epidemic. In terms of subject matter, it is suggested to pay attention to high-end Baijiu with strong certainty Kweichow Moutai Co.Ltd(600519) Kweichow Moutai Co.Ltd(600519) , Wuliangye Yibin Co.Ltd(000858) Wuliangye Yibin Co.Ltd(000858) Luzhou Laojiao Co.Ltd(000568) Luzhou Laojiao Co.Ltd(000568) ; In the secondary high-end liquor, we can pay attention to Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) ( Shanxi Xinghuacun Fen Wine Factory Co.Ltd(600809) ), Jiugui Liquor Co.Ltd(000799) ( Jiugui Liquor Co.Ltd(000799) ), Shede Spirits Co.Ltd(600702) ( Shede Spirits Co.Ltd(600702) ), etc; Regional liquor can focus on companies with greater recovery flexibility, such as Anhui Gujing Distillery Company Limited(000596) ( Anhui Gujing Distillery Company Limited(000596) ), Anhui Kouzi Distillery Co.Ltd(603589) ( Anhui Kouzi Distillery Co.Ltd(603589) ), Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) ( Jiangsu King’S Luck Brewery Joint-Stock Co.Ltd(603369) ). Popular products: affected by factors such as repeated epidemic, high cost and incomplete recovery of terminal demand, the performance of some popular products is under pressure and differentiated. At present, there has been an inflection point in the epidemic, which is catalyzed by the superposition of policies and other factors, and the market pessimism has been alleviated. In the follow-up, we will continue to pay attention to the marginal improvement brought by factors such as product price increase, cost reduction and demand recovery, and grasp the high-quality sector in the industry. The aspect of the subject can focus on the aspect of the subject, which can focus on the aspect of the subject, and can focus on the aspect of the subject. It can focus on the aspect of the subject, and can focus on the subject of the Foshan Haitian Flavouring And Food Company Ltd(603288) ( Foshan Haitian Flavouring And Food Company Ltd(603288) ( Foshan Haitian Flavouring And Food Company Ltd(603288) ( Foshan Haitian Flavouring And Food Company Ltd(603288) Foshan Haitian Flavouring And Food Company Ltd(603288) ) ( Foshan Haitian Flavouring And Food Company Ltd(603288) ( Foshan Haitian Flavouring And Food Company Ltd(603288) ( Foshan Haitian Flavouring And Food Company Ltd(603288) ( Jonjee Hi-Tech Industrial And Commercial Holding Co.Ltd(600872) ) ( Huadian Power International Corporation Limited(600027) ), the Qianhe Condiment And Food Co.Ltd(603027) ( Qianhe Condiment And Food Co.Ltd(603027) ) ( Qianhe Condiment And Food Co.Ltd(603027) ), the Qianhe Condiment And Food Co.Ltd(603027) Qianhe Condiment And Food Co.Ltd(603027) , the \ ( Suzhou Weizhixiang Food Co.Ltd(605089) ), Fu Jian Anjoy Foods Co.Ltd(603345) ( Fu Jian Anjoy Foods Co.Ltd(603345) ), Zhengzhou Qianweiyangchu Food Co.Ltd(001215) ( Zhengzhou Qianweiyangchu Food Co.Ltd(001215) ), etc.
Risk tips: raw material price fluctuation, product price increase less than expected, channel development less than expected, intensified industry competition, food safety risk and macroeconomic downside risk.
