In the early trading of April 14, liquor concept stocks soared collectively. As of press time, Huangtai Liquor and Tianyoude Liquor rose more than 9%, Luzhou Laojiao rose 5%, Wuliangye rose 3.68%, and Kweichow Moutai also rose 2.49%. The entire sector index rose 3.34%, ranking second in the industry’s increase list.
In terms of news, Kweichow Moutai WeChat official account news, Moutai Group Party Secretary Ding Xiongjun clarified the key work content of Moutai Group in the second quarter and the whole year of 2022 at the 12th Party Committee (expanded) meeting in 2022, including promoting the reform of the marketing system , speed up the reform of the supply system, etc. At this meeting, Ding Xiongjun made it clear that Moutai Group will continue to promote the reform of the marketing system, “to fight the tough battle of the market system, and to further promote the ‘Five Combined Marketing Law'”.
Zheshang Securities believes that the current expectations and fundamentals dominate the performance of the sector, and the industry boom is still in the background. It is expected that the liquor wind will rise after the inflection point of the epidemic. It is preferred to have strong operating strength and anti-risk ability, the main base market is less affected by the epidemic, the performance driving force comes from mature single products rather than investment promotion, the valuation is reasonable, and the 22Q2 performance growth rate is still better than 22Q1.
CITIC Securities believes that the impact of the current epidemic is still expanding, and there is a staged impact on alcohol consumption scenarios. Alcohol consumption in March and April is facing certain pressure. However, due to the off-season, from the perspective of the whole year, assuming that the epidemic will not further expand nationwide and the lockdown measures can be gradually lifted in May, the impact is still relatively limited. The follow-up mainly depends on the implementation of the stable growth policy, which is crucial to the recovery of the industry’s prosperity. At present, baijiu is still the first to promote high-end, pay attention to the sub-high-end and the marginal change of real estate wine.
Shanxi Securities believes that after the previous correction, the pessimism of the liquor sector was released. Hold on to the first-line liquor and look for the second and third lines with high elasticity. It is recommended to pay attention to Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shede Wine Industry, Shanxi Fenjiu, etc.