Awake Shares! Liquor Stocks Retreated Across Large Area, 17 Out of 18 Liquor Stocks Declined |

Original title: A shares “wake up”! Callback of liquor shares

Summary

[A condivide “svegliati”! Le scorte di liquori si sono fortemente ritirate, 17 delle 18 scorte di liquori sono diminuite]The liquor sector, which had a positive trend in the previous period, weakened and 17 of the 18 liquor stocks fell. Yilite, Yingjiagongjiu, Laobaiganjiu, Kouzijiao, Jinhuijiu Limit. China International Capital Corporation pointed out in the research report that the hype of some small wineries has already diverged from fundamentals, or has a large overdraft of performance growth, and funds are increasing. You need to be alert to the impact of short-term emotional decline. (West China Metropolis Daily)

“There are only two stocks, liquor and others.” During this time, liquor stocks have soared, sparking ridicule from warehouse friends.

On November 13, the three major A-share indices rose and fell in a mixed fashion. At the close, the Shanghai Composite Index fell 0.86% to 3310.10 points;Shenzhen Component IndexIt fell 0.27% to 13,754.55 points;Market index of growing companiesIncreased by 0.23% to 2706.81 points. The total turnover of the two cities was 727.1 billion yuan.

The initial performance of the liquor sector weakened, 17 of the 18 liquor stocks fell.Elite、Welcome drive wine、Ancient dry white wine、Kouzijiao、Jin HuijiuLimit.

　　CICCinResearch reportHe pointed out that the current advertising campaign of some small wineries has broken away from the fundamentals, orPerformanceThere is a big overdraft of growth and funds are increasing, you need to be alert to the impact of emotional decline in the short term.

　　Jin HuijiuIncreased by over 260% during the year

Among the liquor stocks,Jin HuijiuIt received critical attention and led the drop in the opening and eventually closed with a lower limit of 48.96 yuan per share.

Since the beginning of this year, Jinhuijiu’s share price has risen by more than 260%. The share price at the beginning of the year remained substantially around 13 yuan / share, and in March it fell slightly, dropping to the low of the year of 9 yuan / share, before starting to rise. Especially in early October, the share price exceeded 20 yuan per share; on 12 November it closed at 54.4 yuan per share, setting a new high for the year.

Thethe companyIssue a hazard warning on November 12thadHe said the company’s current share price corresponds to a static P / E ratio of 101.97 and a P / B ratio of 10.59, which is significantly above the industry average. Secondary market transactions and valuation are affected by many factors and the risk of stock fluctuations is relatively high. The current production and operation of the company are all normal and there are no major changes or anomalies from the previous period. Except for the information disclosed above, there is no other material information that should be disclosed but not disclosed.

The third quarterly report shows that Jinhui Wine has achieved results in the first three quartersOperating income1.045 billion yuan,Year after yearDecrease of 5.53%, attributable to listed companiesshareholderofNet profit159 million yuan, down 2.28% year-on-year. Jin Huijiu said that affected by the outbreak, the company’s first quarterprofitA decrease of 47% compared to the same period last year; with the progressive improvement of the epidemic prevention and control situation, the company’s sales in the second quarter gradually recovered and profit in the second quarter increased by 141.69% compared to the same period of the previous year; profit in the third quarter increased 40.07% compared to the same period last year, however, the impact of the epidemic on the market continued, leading to the first three quartersNet profitCompared to the same period last year, there has been a decrease.

　　Many liquor stocks are limited

In addition to Jinhui wine,Elite、Welcome drive wine、Ancient dry white wine、KouzijiaoIt also closed at a lower bound.

The liquor sector began to rise in late September and the upward momentum remained unchanged after National Day. Statistics show that the liquor index has risen by more than 26% over the past month.Ancient dry white wineAn increase of over 45%,Wine with golden seedsAn increase of over 30%,Alcoholic liquor、Elite、KouzijiaoThese increases exceeded 10%.

As for the increase in liquor stocks, on November 13,CICCAccording to the research report “Cool Thinking under the Small Wine Boom”, there are three main reasons for the recent increase in small wineries:

Firstly, since the beginning of the year, the market focus has been mainly on leading high-end and sub-high-end companies, and expectations for small wineries are low.enterpriseQuarter-over-quarter performance generally improved significantly. In the third quarter, revenues and profits essentially returned to double-digit growth. The performance of the performance attracted the attention of the market. After the third quarterly report, there will be a performance gap until April next year. Combined with the potential flexibility of performance brought by the low base in the first half of next year, these companies have won the favor and speculation of funds. .

The second is, in part, the recent disruption of market styleCash flowThe entry into the liquor sector, which has always had a “defensive function” throughout history, has strengthened the mood of the sector. Currently the market has expanded from the liquor leader to small third and fourth tier wineries and other wine sectors such as rice wine and wine.

Three isAlcoholic wineIts in-house series of ginseng wines performed well after the outbreak and became the liquor’s “little dark horse” this year.Fosun GroupThe acquisitions have allowed the liquor industry and high-quality wineries to win the favor of capital: it is a value extraction process that has been a benchmark for the sector. capital, some investors have started looking for someAlcoholic liquor, Gold emblem dark wine horse potential target.

　　The advertising campaign broke away from the fundamentals

For the liquor inventory market, many institutions have said they continue to be optimistic, but there are tooAnalystTips on the risks of liquor stocks.

　　CICCHe said the current ad campaign of some small wineries has deviated from fundamentals, or has a large overdraft of performance growth and that funds are rising. You need to be alert to the impact of emotional decline in the short term.

butCICCHe also stated in the research report that the main logic of the past increase in liquor stocks has not changed, pointing out that the future is still to update prices andBrandDuring the concentration process, high-end, sub-high and light bottled wine taps will continue to increase market share and achieve sustainable and deterministic growth.

　　Tianfeng SecuritiesHe said the epidemic situation has gradually eased since the third quarter and consumer scenes such as catering parties and business banquets have progressively recovered. The National Day and Mid-Autumn Festival are coming to further stimulate liquor consumption.ProductMovable pinCondition improves and pressure on channel inventory is eased. In addition, various liquor companies have adjusted their channel policies in response to the outbreak and have stabilized through expansion of group purchases and new retail sales. .Order salesIn the third quarter, the upturn in performance is evident. As consumer enthusiasm continues, this trend is expected to extend into the fourth quarter.

Bohai Securities believes the fourth quarter is a low season for liquor consumption and against the backdrop of the industry’s high overall valuation, close attention should be paid to the trend in high-end liquor approval. In terms of the fine molecular plate, the liquor plate is still recommended.The third quarterly report verified that the liquor industry has passed the worst point. Except for the constant strength of the high-end liquors, the low-end liquorsBig orderThe products are gradually showing strong potential.

(Source: West China Metropolis Daily)

(Responsible publisher: DF524)