Shengang Securities recently released the research weeks of the food and beverage industry: consumer high -frequency data fluctuations, food and beverages have high dividend potential.
The following is a research report Abstract:
Last week (4.15-4.21) the food and beverage index rose+0.74%, ranking 10th among the 31 industries in Shen Wan, and the Shanghai and Shenzhen 300 index was 1.15pct.The performance of dairy products, soft beverages, and beer in the food and beverages industry is relatively good., -0.39pct.
Talking every Monday: Consumer high -frequency data fluctuation food and beverages have high dividend potential
The zero growth rate of the community fell from the previous month, and the basic consumption was stable, and the pressure of catering and tobacco and alcohol was under pressure.Last week (4.15-4.21) The National Bureau of Statistics released the zero data in March. In March, the retail sales of consumer goods in March increased by 3.9%, and the growth rate decreased by 1.3PCT compared with the same caliber data from January to February.The growth rate of 1.9PCT and catering revenue is reduced by 5.6PCT from January to February.The growth rate of grain and oil food in March fell from the previous month from January to February.In summary, the basic consumption in March continues to be stable, the continuous pressure of catering, and the zero growth rate of the tobacco and alcohol society is affected by seasonal factors and the basis of the basis of the same period. Combined with the March CPI data, it is currently reflected in the high -frequency economic indicators reflecting the reflection of high -frequency economic indicators.The consumer recovery is still unstable.
Food and beverage leading company has the ability to improve dividends and potential space.Recently, the market’s high dividend style is dominant, and the policy level emphasizes dividends and shareholders’ return.Consumer enterprises have stable cash flow, less capital expenditure, and stable growth. Under the current valuation suppression and performance growth, they have the potential to increase the dividend rate.Possibility.Those with a higher dividend rate of alcohol -listed companies can reach about 4%. From the dividend of 2022, Chongqing Beer, Kouzi Cellar, and Yanghe shares are above 3%.The dividend rate under the value was further moved up.The dividend rate of the food sector has excellent performance, Yangyuan Beverage, Yuanzu shares and Shuanghui Development and Yili shares have reached a higher level of dividend rates in recent years.Channel structure and repayment model can support stable cash flow performance.In addition, most companies have potential incremental spaces in new product development, and have investment value at the level of growth potential, valuation cost performance, dividend return and other aspects.
We compare the annual dividend ratio of the leading enterprises in the food and beverage industry to the current typical high -dividend stocks in the market. It can be seen that the current high -dividend stocks such as electricity, coal, highway, and banks in food beverages still have room to increase the proportion of cash dividends.On the other hand, the situation of the consumer goods industry with higher concentrations such as home appliances, after the industry is gradually mature and the company’s growth rate is gentle, increasing the cash expenditure of dividends, and maintaining a good net asset yield level will be the better of corporate returns shareholders and better response to the assessment.choose.Food and beverage leading enterprises have good potential from the ability to enhance dividends to enhance dividends.
Investment Strategy
At present, the industry has entered the annual report and the period of dense disclosure of the first quarter. From the perspective of the progress of the white wine, the first quarter report is still expected to maintain better performance growth.The inventory goes well.Volkswagen consumption such as condiments, leisure snacks, and other public consumption benefits their sub -industry logic and specific company operating measures under economic weak recovery.1. The high -end liquor and strong real estate are strongly determined. Companies with both price band layout and strong operating capabilities are expected to win.It is recommended that Guizhou Maotai, Shanxi Fenjiu, Wuliangye, Gujing Gongjiu, Jinshiyou, Gong driving wine, etc., which are offective and potentially bonus. The layout is willing to liquor and alcoholic wine in the bottom of the high -end target under the expected economic reversal expectations.2. It is recommended to pay attention to multiple favorable beer industries such as benefit costs.3. It is recommended to pay attention to Zhongjing Foods, Sky Foods, and Mid -torch High -tech.4. The Volkswagen Plates pays attention to Soft drinks and regional dairy companies such as Yanjinpu, Ganyuan Foods, Jinzi Foods, Catering Supply Chain Enterprise Anai Food and Qianwei Chong Kitchen, Dongpeng Beverage and Happy Home.
risk warning
Food quality and food safety risks, intensified market competition, changes in raw material prices, etc.(Shengang Securities Xu Guangfu)
