Market review last week (4Asiangames2020.22-4Asiangames2020.28) Food and Beverage Index + 4.01%Asiangames2020Ranked seventh out of 31 industries in Shenwan, outperforming 2.81pct in the CSI 300 index. In the food and beverage sub-industries, liquor, seasoning fermented products and beer performed relatively well, with weekly rises and decreases of + 4.93%, + 3.56% and + 2.78%, respectively, compared with + 3.73pct, + 2.36 pct and + 1.57pct. Talk about every Monday: liquor quarterly report beautiful moving sales observation index + dividend is expected to guide the market liquor performance to show toughness, expected to verify the moving sales observation index + dividend is expected to guide the market. Last week, liquor plate intensive disclosure of annual reports and quarterly reports, the performance showed a differentiated pattern, various price leading enterprises and local competition pattern favorable real estate liquor enterprises performance showed resilience. Guizhou Moutai, Shanxi Fenjiu, Gujing tribute Liquor, Yingjiagong Liquor Annual report and one-quarter report are expected to drive the current plate repair upward, and the follow-up is expected to deduce the logic of higher-than-expected performance + marginal changes in price inventory + dividends to drive the stock price. Industry inventory during the year, support price pressure is still in, the market quickly digested the first quarter report results, inventory and approval prices are still important observation indicators for investors. At present, the industry is in the off-season market, support the price stage, superior real estate and sub-high-end leading enterprises still have the power to take the initiative to adjust product prices. Throughout the year, business and personal public consumption are expected to make up for changes in demand scenarios such as wedding banquets. Overall, it is expected that the growth rate at the table end of the 24-year report will not be greater than that of moving sales. Changes in the market competition pattern in the stronghold market and the growth of subdivided prices of wine enterprises are a main line of concern for the performance of real estate wine, and this world and Yingjia tribute wine are expected to continue. Under the performance differentiation, it is suggested to pay attention to the outstanding opportunities of high-end and real estate wine enterprises and sub-high-end high-quality growth enterprises such as Fenjiu. From the perspective of the whole year, there may be high odds for companies that reverse expectations at the reporting end such as Shuijingfang and Shunxin Agriculture. Beer reported high base pressure in one quarter, and Yanjing Beer's profit continued with high elasticity. Among the major beer enterprises that have announced quarterly results, with the exception of Chongqing Beer, the revenue growth rate in the first quarter is generally lower than that in the same period, which is expected to be mainly affected by the high base in the same period. After entering the peak season, the volume of core products and deep ploughing of enterprise channels are expected to improve performance growth. Yanjing Beer released its quarterly report last week that 24Q1 achieved 3.587 billion yuan in revenue, up 1.72% from the same period last year, and its mother's net profit was 103 million yuan, up 58.90% from the same period last year. Revenue growth has slowed down in a single quarter, and the peak season U8 release and new product delivery are expected to accelerate sales. U8 is expected to achieve high growth in the first quarter, Q1 gross profit margin increased 0.40pct year-on-year, the rate of superimposed sales expenses decreased, Q1 net profit margin increased 1.06pct to 3.61% compared with the same period last year. At present, the company's net profit level still has a lot of room to improve from the industry benchmark, and continuous structural upgrading and cost savings are expected to improve the company's profitability, or continuously contribute to higher profit elasticity. In the case of unstable recovery expectations, food and beverages may gradually deduce the high dividend investment logic of higher dividends. Consumer enterprises usually have stable cash flow, less capital expenditure and steady growth. at present, under the condition of valuation suppression and performance growth, consumer enterprises have the potential to improve dividend yield continuously. It is suggested that attention should be paid to the possibility of gradual deduction of this logic. According to the data of wind as of April 28, the dividend yield of the food and beverage sector increased by about 61 stocks in 2023 compared with the same period, accounting for a large proportion of sector stocks. Alcohol and food companies have excellent channel structure and payback model, which can support stable cash flow performance. And such companies can open up the growth space through the development of new products, and have investment value in the aspects of growth potential, valuation performance-to-price ratio, dividend return and so on. At present, compared with electric power, coal, highway and other high dividend stocks, food and beverage companies still have room to increase the proportion of cash dividends. Wait for it in home appliances.Asiangames2020In his more concentrated consumer goods industry, when the industry gradually matures and the growth rate of enterprises is slow, increasing the cash expenditure of dividends and maintaining a better level of return on net assets will be a better choice for enterprises to return shareholders and respond to assessment. Investment strategy investment advice: 1. High-end liquor and real estate have strong certainty, and the company with favorable regional pattern, price belt layout advantage and strong operation ability is expected to win. Under the performance differentiation, it is recommended to pay attention to Guizhou Moutai, Shanxi Fenjiu, Wuliangye, Gu Jing Gong Liquor, Jiuyuan, Yingjia tribute Liquor, etc. under the performance differentiation, it is suggested that we should pay attention to the high odds opportunities of the earlier enterprises such as Jiugui Liquor, Shuijingfang, Shunxin Agriculture and so on. 2. It is suggested that we should pay attention to the beneficial beer enterprises such as Yanjing Beer, which benefit from the operation and reduce the loss and cost. 3. It is suggested to pay attention to Zhongjing food, Tianwei food and Zhongju high-tech food related to condiments. 4. The food sector pays attention to Yili shares and Shuanghui development from the perspective of high dividend, high-demeanour leisure food enterprises Yanjin Shop, Ganyuan Food, Jinzi Food, catering supply chain enterprises Anjing Food and Qianwei Central Chef, Dongpeng soft drinks and Happy Home and regional dairy enterprises. The risk indicates the risk of food quality and food safety, the intensification of market competition, the change of raw material price and so on. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
