2024-05-20, Wanlian Securities released a research report in the food and beverage industry, which states that liquor has fallen slightly, and food and drinking companies have gradually promoted the 2024 target plan.
The specific content of the report is as follows:
Industry core point: Last week, the food and beverage sector fell 0.39%, ranking 18th in the 31 sub -industries.Last week (May 13, 2024-May 19, 2024), the CSI 300 Index rose 0.32%, Shenwan Food and Beverage Index fell 0.39%, and ran 0.71 percentage points in the Shanghai and Shenzhen 300 index.The first -level sub -industry is ranked 18th.At the beginning of the year, the Shanghai and Shenzhen 300 Index rose 7.19%, the Shenwan Food and Beverage Index rose 1.22%, and ran 5.97 percentage points in the Shanghai and Shenzhen 300 index, ranking 16th among the 31 first -level sub -industries.Last week, most of the food and beverage sectors fell, of which snacks (-3.50%), meat products (-2.80%), and seasoning and fermented products (-1.82%) fell the top three.In terms of macro, the added value of industries above designated size in April actually increased by 6.7%year -on -year.In terms of liquor, the deputy secretary of the Moutai Group Party Committee attended the 2024 Corporate Social Responsibility Conference; Moutai Group attended the 2024 “Chinese Brand Day” media event and shared the main purpose.() Start the “Global Recruitment Event”.() Hold the 2023 Performance Network Explanation Meeting.() Release the annual equity distribution announcement of the 2023 annual equity distribution.() The group convened the Laojiao Capital Strategy Promotion Conference and the 2024 Operation Planning Conference.In terms of beer, China Resources Beer has a total of 12 discontinued factories for sale.() In order to eliminate the relevant matters related to the 33 incentive objects of the incentives, the relevant matters related to the sales restriction and shares listing.In terms of Volkswagen Food, Yili intends to invest 4.457 billion yuan in the five major projects this year.() The gross profit margin of mustard products exceeds 50%.() In 2024, the basic targets for sales of snacks and mass dealers were 300 million to 400 million yuan.Suggestions: 1) Liquor: In the short term, as the economy continues to recover, there is still room for improvement of liquor business banquet; in the long run, the liquor industry is in the era of existing competition, branding and quality into the development direction, and the concentration of the industry is constantly concentrated.Improvement and differentiation have continued to intensify.It is recommended to pay attention to high -end wines with relatively stable performance, and sub -high -end alcohol; 2) Beer: The long -term high -end trend continues, short -term raw materials are expected to decline, the cost pressure of beer companies has eased, and there is still room for recovery in the consumer market.It is recommended to track the structural improvement and price recovery brought about by high -end drinking and repair. Pay attention to the high -end product structure and long -term margin of good beer faucets; 3) Volkswagen products: Volkswagen food demand is strong and has obvious performance.It is recommended to pay attention to the leaders of popular products in the popular products industry such as quick -frozen food, condiments, soft beverages, dairy products, leisure snacks, etc.Investment points: This week’s quotation review: Last week, the food and beverage sector fell 0.39%, ranking 18th in the 31 sub -industry.Last week (May 13, 2024-May 19, 2024), the CSI 300 Index rose 0.32%, Shenwan Food and Beverage Index fell 0.39%, and ran 0.71 percentage points in the Shanghai and Shenzhen 300 index.The first -level sub -industry is ranked 18th.At the beginning of the year, the Shanghai and Shenzhen 300 index rose 7.19%, the Shenwan Food and Beverage Index rose 1.22%, and won 5.97 percentage points of the Shanghai and Shenzhen 300 index, ranking 16th among the 31 first -class sub -industries.Last week, most of the food and beverage sectors fell, of which snacks (-3.50%), meat products (-2.80%), and seasoning and fermented products (-1.82%) fell the top three.White wine talks every week: Last week, the liquor sector fell 0.32%, of which () (+8.93%), () () (+8.76%), () (+4.97%) ranked among the top three, () fell 1.38%, Wuliangye rose up1.28%.Guizhou Maotai: Last week, the batch price of flying Moutai maintained 2780.00 yuan/bottle in 23 years, and the price of flying bottle in 23 years was reduced from 2575.00 yuan/bottle to 2550.00 yuan/bottle.Deputy Secretary of the Moutai Group Party Committee attended the 2024 Enterprise Social Responsibility Conference; Moutai Group attended the 2024 “Chinese Brand Day” melting media activities and shared the main purpose.Wuliangye: Last week, the price of Puwu (eight generations) maintained 965.00 yuan/bottle.Luzhou Laojiao: Last week, the price of Luzhou Laojiao (52 degrees) maintained a price of 320.00 yuan/bottle.Food and beverage and other sections: Beer: China Resources Beer: There are 12 factorys that have been discontinued for sale. Assets mainly include land use rights and fixed assets on -ground buildings.Tsingtao Beer: It is related to the eligible 33 incentive objects to lift the relevant matters related to the sales restriction and shares listing.Volkswagen Food: Fuling mustard: Chickenberry margin exceeds 50%, and other category gross margin is roughly in 25%-40%.Qiaqia Food: In 2024, the basic target for sales of snacks and sales channels was 300 million to 400 million yuan.Risk factor: 1. Policy risk 2. Food safety risk 3. Economic growth is not as good as expected risk
