[ The valuation has decreased and the price/performance ratio has improved. The oversold and the outstanding stocks still have the upward momentum.
Guangheng Hengsheng pointed out that the market decline does not have to worry too much, paying attention to oversold stocks and industry leaders. Last week, the valuation of the sector declined. As of August 19, the food and beverage industry was valued at 26.9 times, down 7.66% year-on-year, and the year-to-date valuation fell by 26.9%. The price/performance ratio has been greatly improved and it is worth reconfiguring. Guokai Securities also said that from the perspective of valuation, the price-earnings ratio of the sector has recently fallen below the three-year center and the callback is sufficient.
[Performance highlights the same factors, the stock market is the key]
National Securities believes that the performance of the company’s interim results, the stocking situation and the sales rate of the Mid-Autumn National Day peak season is still a key factor. Today, Yanghe shows that the Mid-Autumn Festival quota is tight, which is obviously lower than the market demand. Subsequent price increases are imperative. Other first-line liquors are facing the same situation in the Mid-Autumn Festival. However, it also said that in the current market sentiment is relatively fragile, even if the slight performance is not as expected and the demand performance is not good, it will bring a heavy blow to individual stocks and even sectors. However, if the performance is stable, the demand in the peak season is good, and the supply of health will boost the confidence of the sector.
[The dark time will pass, the white wine will be the first to be differentiated from the dairy sector]
Guojin Securities pointed out that the overall view of the liquor sector is more certain than in May and June. The high probability will decline. It is expected that the performance differentiation will push the Q3 sector out of the market. It is recommended to adhere to the fundamentals to determine the first-line liquor and some low-value real estate wines, such as Yilite and Jiujiu. The valuation of the dairy sector is lower than that of other food segments, and the increase in revenue due to cost increases is determined. The condiment sector is expected to be free from macroeconomic impacts in the medium and short term to maintain high-speed growth in revenue/profits.
[Single stock layout]
Erie shares: The growth rate in the second quarter returned to the normal level, and consumption upgrade is still the main driving force for industry development. Reasonable value is the right time to layout.
1) Haitian Weiye: The profit rate continues to increase, and the scale effect is prominent. Benefiting from the decrease in cost-end expenditure and the effect of cost reduction under the scale effect, the company’s gross profit margin (47.1%) and net profit margin (25.8%) both reached a record high in the first half of the year;
2) Zhongju High-tech The interim report warned that the second quarter results accelerated, the condiment accelerated growth, and the real estate accident was happy. Category expansion + national expansion + channel improvement, long-term growth is excellent.
Spread food: Q2 new store opening up is expected to accelerate in the second half of the year, raw material prices are up, the cost is controllable, gross profit margin is improved compared with Q1, profit Ability to maintain a high level.
Alcoholic wine: the lowest valuation of the next high-end. As the only listed company platform of COFCO Wine, it is expected to benefit from the expansion strategy of COFCO and COFCO.
Yili: 18 years of high probability of achieving more than 20% of revenue growth, recently affected by the large adjustment of the market and liquor sector, the current valuation is only 17X, the margin of safety is sufficient.