CITIC Construction InvestmentIt is believed that the epidemic has limited consumption scenarios since the beginning of this year, and the epidemic in some key cities has exacerbated market concerns, and the sector has been adjusted to the current valuation with a margin of safety. Although the duration and impact of the epidemic are still uncertain, looking back on 2008/2018/2020, after the impact of non-policy external factors, the revenue and profits of leading companies have hit new highs, and the resilience of the industry has been continuously enhanced. The current digging market is worthy of attention. , some leading wine companies already have a 3-year doubling space under the neutral assumption, and the certainty is high, and the investment odds have increased significantly. Considering that Maotai’s growth as an industry anchor will boost the overall valuation system, the opportunity is more worthy of cherishing.
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Liquor enters the layout space, and the demand for dairy products is resilient
Moutai’s Q1 exceeded expectations to boost confidence, and the investment odds of digging holes in the epidemic increased significantly
Moutai’s Q1 exceeded expectations to boost confidence, and the popularity of i Moutai appointments showed consumption confidence.this weekKweichow MoutaiThe 2021 annual report and the 22Q1 business situation were released. The production and sales volume of Moutai in 21 years has increased significantly, with sales volume of 36,300 tons, a year-on-year increase of 5.7%; output of 56,400 tons, an increase of 6,200 tons. The highlights of 21 years of operation are 1) direct sales accounted for 23%, an increase of 9pcts; 2) series of wine grossinterest rateIncrease 3.6pcts.3) Financial income of 900 million yuan, 20 years is 200 million, and in the futurefinancial managementEarnings are worth looking forward to. The revenue target in 2022 is about 15%, which is a significant improvement compared to the previous two years. This year, the launch of treasures / 1935, etc., the launch of e-commerce platforms / dealers’ non-standard store delivery and other reform measures have significantly accelerated, 22Q1 revenue / return to the mother increased year-on-year Around 18%/19%, the high growth in Q1 laid the foundation for the whole year, and the development of the Fourteenth Five-Year Plan officially took a step forward. At the same time, the number of reservations on the first day of i Moutai’s launch was about 2.3 million, and the popularity showed the confidence of consumption. We expect that the e-commerce channel will greatly increase the company’s market control in the future.
The short-term epidemic has led to the digging market, and the investment odds have increased significantly. Since the beginning of this year, the epidemic has limited consumption scenarios, and the epidemic in some key cities has exacerbated market concerns. The sector has been adjusted to the current valuation with a margin of safety. Although the duration and impact of the epidemic are still uncertain, but looking back on 2008/2018/2020, the revenue and profits of leading companies hit new highs after the impact of non-policy external factors, and the industry’s resilience continued to increase. We believe that the current digging market It is worth noting that some leading wine companies already have a 3-year doubling space under the neutral assumption, and the certainty is high, and the investment odds have increased significantly. Considering that Maotai’s growth as an industry anchor will boost the overall valuation system, the opportunity is more worthy of cherishing.Highly recommentedKweichow Moutai、Luzhou Laojiao、Gujing tribute wine、Shanxi Fenjiu、alcoholic drinkand other high-quality targets.
The demand for dairy products is resilient, and profitability is expected to improve
Since the beginning of the year, the price of raw milk has dropped slightly year-on-year/month-on-month. It is expected that the supply and demand will be in a tight balance in 2022, and the cost of milk price will rise slightly. Regarding the cost of raw milk that the market is worried about, leading companies will continue to achieve the goal of increasing operating profits through structural improvement and cost control. As consumers pay more attention to health, dairy products have maintained double-digit growth year-to-date in 2022. Although sales expenses have increased year-on-year, the better mobile sales market has boosted the profit side. It is expected that the second quarter will continue the trend of steady growth in the first quarter.Focus onmicolanto、Yili Shares、Mengniu Dairy、Chinese flying crane、New Dairy。
(Article Source:securitiesTimes)