Today, this speculation wind has spread from liquor to rice wine.
On November 20, Guyue Longshan (600059, SH), Kuaijishan (601579, SH) and Jinfeng wine (600616, SH) harvested two plates.
Today (23rd), the above three rice wine stocks continued to rise. As of 10:42, Guyue Longshan rose 3.78%, and its stock price was 12.63 yuan, with a total market value of 10.212 billion yuan. Kuaijishan rose 6.25%, with a stock price of 12.21 yuan and a total market value of 6.073 billion yuan. Jinfeng liquor industry was up again, the third limit in the near future, with a stock price of 7.49 yuan and a total market value of 5.011 billion yuan.
Image source: wind
Mr. Dong Xiaomi had nothing to do with the companys economic activities on the 20th, and Mr. Dongs news was mainly from the market Tianfeng securities food and beverage chief analyst Liu Chang told reporters, rice wine stocks rose because, on the one hand, rice wine is valuation depression. On the other hand, the signing of RECP agreement will benefit export logically, but this logic has not yet been realized.
Photo source: Daily Economic News (photo)
Liquor profits flow to valuation depression
After A-share liquor plate soared, rice wine three swordsmen ushered in the market hot.
According to the situation of listed companies, Liu Qichao said: Jinfeng liquor industry has no major events to be disclosed, and Jin Xuequan, director of Kuaiji mountain, said: the production and operation of the company are normal, and there are no matters that should be disclosed but not disclosed. The general environment of rice wine has not changed.
Gu Yue Longshan Dong secretary Wu Xiaojun disclosed to reporters that on November 20, several secretaries of the yellow rice wine industry also exchanged views on the stock price trend of these two days, believing that it was mainly due to the linkage of the concept of liquor, which had nothing to do with the rice wine industry. There are funds in the care, but according to the preliminary due diligence, capital has no such passion for rice wine, which may be from the joint efforts of funds.
In the first three quarters of 2020, the performance reports of the three listed rice wine companies reflect that both revenue and net profit have declined. Zhu danpeng, an analyst of Chinas food industry, told the daily economic news (micro signal: nbdnews) that the biggest pain point of the whole yellow rice wine industry is the low overall profit margin, so it is not likely to be pursued by capital. In addition, the consumption of rice wine is concentrated in Jiangsu, Zhejiang and Shanghai, and the consumption scenario is relatively single, resulting in the small market volume of rice wine in the whole wine category and relatively in the valuation The disadvantage position of.
According to the three quarterly reports of Guyue Longshan, Kuaijishan and Jinfeng liquor in 2020, the gross profit rates of the three companies are 38.20%, 40.61% and 41.06% respectively, and the net interest rates are 9.74%, 9.82% and 1.67% respectively. In contrast, the profit margin of liquor industry is far higher than that of rice wine. Taking Guizhou Maotai (600519, SH) as an example, the gross and net profit margins of the company can reach 91.33% and 53.34%.
On the issue of low profit of rice wine, which is generally believed by the industry, Wu Xiaojun said: this is right. Judging from the current market behavior, it is still considered that rice wine is of low value, unlike liquor, which has high added value. This is related to the cultivation of rice wine market in the past. In fact, we also have good wine, but the market does not accept it. We are trying to change this consumption habit, which will take time.
Liu Chang analyzed to the daily economic news reporter that the regional characteristics of yellow rice wine are obvious, which leads to the limited consumption population and no long-term development logic and space. This is the place where investors are more worried. At the same time, the enterprise value of rice wine itself is difficult to improve, so the valuation has been suppressed all year round.
What is the value of rice wine?
Jin Xuequan further told reporters that yellow rice wine is a highly regional consumer goods, which is mainly consumed by the public and often occurs in the scene of individual drinking. Therefore, consumers are more sensitive to the price, and a number of benchmark products have been born in the liquor market, and consumers recognition of the value of liquor is far higher than that of yellow rice wine.
The daily economic news reporter learned that many leading enterprises of rice wine, including Guyue Longshan, Kuaijishan and tapai, are launching high-end rice wine products to enhance consumers overall understanding of the industry.
Wu Xiaojun, the Secretary of the board of directors of Guyue Longshan, said: we also took the good wine from the central liquor store to the consumers, and launched the no top yellow rice wine with a price of 300 yuan and the national liquor making industry of 1959 yuan. It depends on whether (the market) can accept it. The yellow rice wine industry is a very decentralized market. Compared with the full competition of liquor, the yellow rice wine industry tends to fight on its own and has no obvious joint force. Although the long-term attitude of the rice wine industry must be to change peoples consumption habits, it is hard to say when such a general recognition can be achieved. We hope to shorten the time as far as possible, because a lot of cost and time investment are needed in the early stage.
Since the implementation of Pan rice wine strategy, the product structure of Jinfeng liquor industry has shown more diversified characteristics. Liu Qichao, the certificate agent of Jinfeng liquor industry, told reporters that the first strategic new product of non yellow rice wine has been officially put on the market. The price of the rice wine is 199 yuan, which has been sold in some restaurants. The company will continue to improve the distribution rate of high-end catering and high-end wine shop, and reshape the companys product image.
It is not difficult to see that business banquets have become the main consumption scene jointly launched by rice wine enterprises. In this regard, Liu Chang told the daily economic news (micro signal: nbdnews) reporter that high-end rice wine will certainly become a trend, but it will take a long process for consumers to recognize it, because this category has already had an inherent impression in the minds of consumers, so the reform has a long way to go. (this article is for reference only and does not constitute an investment proposal. Therefore, the operation risk shall be borne by yourself) reporter Zhang Yun editor Liang Xiaoxiao Li Jinghan Du Bo proofread Lu Xiangyong source: Daily Economic News Editor: Yang Bin_ NF4368
It is not difficult to see that business banquets have become the main consumption scene jointly launched by rice wine enterprises. In this regard, Liu Chang told the daily economic news (micro signal: nbdnews) reporter that high-end rice wine will certainly become a trend, but it will take a long process for consumers to recognize it, because this category has already had an inherent impression in the minds of consumers, so the reform has a long way to go.