The liquor making sector is undoubtedly the “most beautiful boy” of the A-share market in 2020, rising from the beginning to the end of the year. Some netizens joked, “the white rose, the beer rose, the beer rose, the white rose, after a day’s rest, the yellow rose, the red rose, and then the white continued to rise…”
in the whole wine making sector, Baijiu listed company’s performance is particularly bright. But behind the perfect K-line chart, not all the fundamentals of wine enterprises are bright. Can the “drinking” market last next year? How hot is the “hot sauce and wine” in Maotai, Guizhou? Is the third round of the Baijiu tide in the liquor industry coming soon, in the face of the Matthew effect of the industry?
Securities Daily reporter, according to the Oriental Wealth choice data (classified by CITIC Securities Industry), found that since the beginning of this year, the share price of 19 listed liquor companies in the A share market has gone out of the market. As of December 29th, 11 Baijiu companies doubled their share price. Shanxi Baijiu, Baijiu Baijiu, Huangtai wine and gold seed wine increased by more than 2 times. The 7 liquor stocks of Jin Hui liquor, ST, Laobai dry wine, Luzhou Lao Jiao, Wuliangye, the Yanghe River stock and Gujing Gong liquor rose more than 1 times; the 5 liquor stocks of Qingdao barley wine, Ying Gong Gong, Yite, modern margin and Guizhou Moutai rose by 91.81%-59.66%, Shuijingfang 4. 3 Baijiu stocks such as Shun Xin farm and GZI cellar rose less than 50%, while the lowest increase was 20.36%. < / P > < p > with the rising stock price, the market value of liquor enterprises is also rising all the way. As of the close of December 29, Guizhou Maotai ranked first in Shanghai and Shenzhen A-share market with 2.35 trillion yuan, while Wuliangye ranked sixth with 1.09 trillion yuan. In addition, the market value of Yanghe, Luzhou Laojiao, Shanxi Fenjiu and Gujing gongjiu is more than 100 billion yuan. < / P > < p > according to the statistics of Securities Daily, as of December 29, the total market value of 19 liquor enterprises was 4.94 trillion yuan, of which the market value of Guizhou Maotai has exceeded the total market value of all listed companies in many industries. According to the closing price on December 29, the market value of Guizhou Maotai is not only more than the total market value of 36 coal listed companies in the A-share market, but also more than the total market value of 111 non-ferrous metal listed companies (1.91 trillion yuan), and more than the total market value of 52 steel listed companies. Even the real estate industry that consumers are familiar with is inferior. The total market value of 126 real estate enterprises in the A-share market is 2.01 trillion yuan Trillion yuan, less than the market value of Guizhou Maotai family (2.35 trillion yuan). < / P > < p > in 2020, although affected by the epidemic, the “strong, clear, sauce” three flavor leading wines still bring investors “different taste”, making many investors make a lot of money.
, for the market performance of the Baijiu plate in 2020, Liu Peng, deputy director of the Securities Research Institute of the Great Wall and chief analyst of food and beverage, told the Securities Daily reporters that the good performance of the Baijiu plate was due to the opportunities brought by the internal circulation, and on the other hand, it was benefited from the optimization and upgrading of the scene brought about by the domestic economic recovery. Baijiu Baijiu also provides favorable support for the rise of liquor sector. The core assets of overseas assets in China are mainly Baijiu enterprises, because liquor is a low yield, high return, continuous good variety and is difficult to be copied.
recently, the main technology of sewing machine and knitting machine computer control system is the research and development, production and sale of the technology. Because of the Baijiu, the stock price has gained 11 trading limit in 13 trading days. DAHAO technology’s stock price soared because of its “Red Star Erguotou”.
besides, the expansion of Baijiu liquor market in the A share market is only a matter of time. “Securities Daily” reporter learned that Langjiu and Guotai liquor had already submitted A-share listing prospectus, and Jinsha liquor’s listing plan has also been put on the agenda.
, senior Baijiu expert, Jin Yufeng, executive partner of Zhongyuan fund, said in an interview with the Securities Daily reporter that under the registration system market environment, more eligible wine companies are not listed. Does
capital chase the Baijiu enterprise mean the 2020 “drinking” market, and it will continue to drink in the coming 2021? In response, a securities analyst who declined to be named told the Securities Daily that in 2020, loose liquidity at home and abroad brought speculation opportunities to baijiu. Meanwhile, other sectors will be affected by the epidemic, and the allocation of large capital Baijiu shares will also increase. Next year, the growth of Baijiu industry will remain stable and there will be no big fluctuations in fundamentals, but there may be some challenges in valuation. On the one hand, domestic liquidity will not be as loose as that in 2020; on the other hand, if the fundamentals of other sectors continue to improve, capital will also flow to other sectors. According to
‘s data, 4 of the Baijiu liquor stocks with a P / E ratio of 70 times were closed as of December 29th. They were Qingqing barley wine (255 times), Shanxi Fen Liquor (161.85 times), Jiugui Liquor (157.18 times) and Huangtai liquor industry (72 times). Other Baijiu shares are below 70 times earnings, and the P / E ratios of Guizhou Moutai and Wuliangye are 56.92 times and 62.68 times respectively. China’s Baijiu Cai Xuefei, general manager of liquor industry, and
, a liquor analyst, are also in the market to catch up with the consumption of Baijiu and liquor. Baijiu is China’s folk culture and social social carrier value. In the economic uncertainty environment, the trend of differentiation of Chinese Baijiu will not change, and the liquor business will become stronger and stronger. Cai Xuefei said.
Jin Yu Feng also told the Securities Daily reporters that compared with other sectors, the Baijiu plate has stronger anti cyclical ability, better cash flow and relatively higher profitability, so it has gained more and more favours of capital, which has boosted the continuous rise of the Baijiu plate. However, in Liu Peng’s view, the A-share liquor companies that are worthy of sustained optimism are mainly some leading enterprises with fast growth in performance, but many small enterprises have a hard time. “The future Baijiu industry will become larger and larger. The growth rate of the top five wine enterprises in China will be better than that of other liquor companies, and the gap between liquor companies will continue to expand.” < / P > < p > 2020 is the closing year of the 13th five year plan. After sorting out the data of the annual dealer conference of liquor enterprises, the reporter found that the leading liquor enterprises such as Guizhou Maotai, Wuliangye and Shanxi Fenjiu have achieved a perfect ending during the 13th five year plan. < p > < p > Li Shuguang, Secretary of the Party committee and chairman of Wuliangye Group, said that in 2020, Wuliangye has won the double victories of epidemic prevention and control and enterprise development. The enterprise continues to maintain more than double-digit growth in the industry, and has formed a basic trend of direction and pattern in the fields of market, channel, brand and product. < / P > < p > GAO Weidong, Secretary of the Party committee and chairman of Maotai Group and chairman of Maotai Liquor Co., Ltd., said at the annual dealers’ meeting that the company’s business performance rose against the trend, did a good job in “additional test questions” for epidemic prevention and control, and answered the “satisfaction paper” for market work. In 2020, the Maotai liquor market will be stable and better, the market layout will be more hierarchical, the marketing service will be more warm, and the reform and development will be carried out More effective. < / P > < p > “in 2020, Fenjiu will join hands with its global distributors to forge ahead and forge ahead. Under the epidemic situation, Fenjiu’s goals are not adjusted and its tasks are not reduced, realizing the growth against the trend, laying a solid foundation for the successful completion of the 13th five year plan and the steady progress of high quality into the 14th five year plan.” This is the message released by Shanxi Fenjiu at the dealers’ meeting on December 26. < / P > < p > Li Qiuxi, Secretary of the Party committee and chairman of the board of Shanxi Fenjiu, said that 2020 is the consolidation period of Fenjiu reform, splicing the rudiment of the revival, and the revival of Fenjiu has made a big step forward. As a matter of fact, Guizhou Maotai, Wuliangye and Shanxi Fenjiu, as the representatives of the three flavor types, will perform well in the capital market and offline market in 2020. Behind their brilliant transcripts, Baijiu also highlights the trend of further improvement in the concentration of liquor industry.
, Chinese Baijiu strategy consultant, chairman of Chengdu Shang Shan brand management company, said that although the economic development boosted the development of Baijiu, the consumption of Baijiu market was constant. When the performance of brand enterprises increases, it will certainly squeeze the living space of other small and medium-sized wine enterprises. < / P > < p > “due to the epidemic situation, the consumption of alcohol in the first half of this year has been frozen, resulting in the excessive inventory of the whole social channel.” Cai Xuefei said that the epidemic also accelerated the brand differentiation, the consumption structure upgrade was obvious, the development of famous liquor continued to speed up, and a large number of regional liquor enterprises were gradually marginalized. In CAI Xuefei’s opinion, according to the current development trend, as a traditional industry, the concentration of Chinese liquor industry will be further improved, and the process of capitalization will also be accelerated. The entry of non industry capital into Chinese liquor industry is conducive to the efficiency and growth of the industry, and the threshold of the whole industry will be raised, which has positive significance for promoting the famous liquor in the high-quality plate.
in fact, the polarization of Baijiu industry has already started, the first line brand is “rising and going high”, and some second tier brands and local brands are “in dire straits”. The epidemic situation in 2020 has also accelerated the process of industry reshuffle. With capital entering the wine industry, the merger and reorganization of the liquor industry that has been held two times in history will become the focus of the next Baijiu baijiu. This has become the consensus of the industry.
Liu Peng thinks that the Baijiu industry has developed through the total generation mode in the past, and the level of enterprise management is relatively low. “It is inevitable that large quantities of capital will enter Baijiu industry in the future. The biggest advantage of the listing of liquor enterprises is the merger and reorganization through the capital market, so as to make the enterprises bigger and stronger. However, at present, liquor enterprises have not made great efforts in the merger and reorganization. ” < / P > < p > in fact, in 2020, in addition to DAHAO technology, Fosun is also accelerating its entry. During the year, the Yu Garden shares of Fosun international invested $1 billion 836 million to take the real control of the gold emblem from the Yatt group, and the price of Jinhui liquor was on the dust. By the end of December 29th, the market value of Jinhui liquor had reached 19 billion 900 million yuan. Before Fosun entered, the company’s market value was less than 10 billion yuan.
according to the Securities Daily reporter, the first round of mergers and acquisitions in the Baijiu industry took place in 90s. Zong Qinghou led Wahaha into the Baijiu industry and launched Wahaha Guandi liquor in 1994. Later, Wahaha invested 15 billion yuan in Guizhou to enter the sauce wine industry, and launched “leading sauce national wine”. Although Zong’s “drinking” campaign ended up selling, it became a sign of the entry of foreign capital into the Baijiu industry. The second round of Baijiu liquor merger is represented by
and Lenovo. Vivier shares in 2006, entered the Baijiu industry, acquired the equity of Jiangsu double ditch wine industry, and sold it in 2009. Subsequently, in 2009, Weiwei shares focused on Zhijiang wine and spent a lot of money to acquire equity. In 2012, the company acquired 55% equity of Guizhou alcohol. Lenovo’s “drinking” is mainly concentrated in 2011 -2012, which is the ten year high point of Baijiu gold. Lenovo bought four regional liquor companies, including kongfu family, Bancheng Shaoguo, Wuling liquor and wenwanggong liquor.