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Consumer stocks continue to fall.

In the morning of August 22, the major indexes continued to pull back, and the Shenzhen Component Index and the ChiNext Index refreshed their stage lows. As of midday close, Shenwan first-level industries generally fell, while 9 industry indices such as banking and utilities rose. The beauty care industry fell more than 3%, and the leading Aimei fell 12.1%.

On the news front, Aimei released its semi-annual report yesterday evening, with revenue of 1.657 billion yuan in the first half of 2024, a year-on-year increase of 13.53%. In terms of quarters, the company's revenue and net profit in the second quarter of this year only grew by single digits, of which revenue was 849 million yuan, a year-on-year increase of 2.35%; net profit attributable to the parent was 593 million yuan, a year-on-year increase of 8.03%. Aimei achieved revenue of 808 million yuan in the first quarter of this year, a year-on-year increase of 28.24%, and net profit of 527 million yuan, a year-on-year increase of 27.38%.

34 consecutive limit downs

Today, *ST Weichuang continued to hit the limit down at the opening, and closed at 0.37 yuan per share in the morning, continuing to hit a new historical low; the morning trading volume was 6.97 million yuan, and the turnover rate reached 2.07%. It is worth mentioning that *ST Weichuang has locked in the par value delisting in advance. As of August 21, the closing price of the company's stock has been below 1 yuan for 19 consecutive trading days. In other words, if nothing unexpected happens, today will be the last day for *ST Weichuang to trade in the A-share market.

Previously, *ST Weichuang was warned of delisting risks by the Shenzhen Stock Exchange for failing to publish the 2023 annual report and the 2024 first quarter report, which were confirmed by more than half of the directors as true, accurate, and complete. In addition, the company also encountered the problem of capital occupation, that is, 1.33 billion yuan of funds were transferred earlier, and this huge amount of funds has not been recovered so far, which further aggravated the company's financial difficulties.

The metabolism of the A-share market has accelerated since the beginning of this year. Coupled with the lock-in of delisted stocks, the number of delisted stocks has exceeded 50 this year, setting a historical high. Some inferior stocks have accelerated their exit, and consecutive limit downs have occurred frequently. Data shows that nearly 40 stocks have experienced more than 10 consecutive limit downs this year, among which ST Changkang ranks first with 40 consecutive limit downs, *ST Chaohua ranks second with 37 consecutive limit downs, and *ST Weichuang ranks third with 33 consecutive limit downs. Including today's limit down, *ST Weichuang has experienced 34 consecutive limit downs.

"Women's Moutai" plummeted 12%

In the morning, the consumer sector continued to fall, with the beauty care index falling more than 3%, and related sectors such as agriculture, forestry, animal husbandry and fishery, social services, food and beverages all falling more than 1%. Aimei, known as the "Moutai for women", hit a new low this year, falling 12.1% in the morning, Shanghai Jahwa fell more than 9%, and Shede Wine fell more than 8%. Poor performance is the main reason. Shanghai Jahwa's revenue in the first half of the year fell 8.51% year-on-year; net profit fell 20.93% year-on-year. Shede Wine also performed poorly. The company's revenue in the first half of the year was 3.271 billion yuan, a year-on-year decline of 7.28%; net profit attributable to the parent was 591 million yuan, a year-on-year decline of 35.73%.

Consumer stocks have been falling, and some super blue chips have also been unable to escape adjustment. In the morning trading today, consumer leaders such as Gujing Gongjiu, Wen's Shares, Aier Eye Hospital, Shanxi Fenjiu, Chongqing Beer, Haitian Flavor Industry, Luzhou Laojiao, and China Duty Free Group all fell by more than 1%, and some of them hit new lows this year. China Duty Free Group, known as the "Duty Free Mao", is the leading duty-free stock in the A-share market. Last year, the stock fell by nearly 61%, and from the beginning of this year to yesterday's closing, it fell by nearly 25%. A few years ago, China Duty Free Group's stock price once reached more than 400 yuan, with a market value of more than 800 billion yuan. Yesterday's closing market value was less than 130 billion yuan.

The list of consumer white horse stocks is released

From the perspective of the consumer market, according to the National Bureau of Statistics, in July, the total retail sales of consumer goods was 3775.7 billion yuan, a year-on-year increase of 2.7%, lower than the Wind consensus forecast of 3.06%, and the growth rate increased by 0.7 percentage points from the previous month. Among them, the retail sales of consumer goods other than automobiles was 3395.9 billion yuan, an increase of 3.6%, and the growth rate increased by 0.6 percentage points from the previous month.

The growth rate of total retail sales in first-tier cities (Beijing, Shanghai, Guangzhou and Shenzhen) declined more significantly. In the first half of the year, the total retail sales in Beijing and Shanghai decreased by 0.3% and 2.3% year-on-year respectively. The cumulative growth rate of total retail sales in Guangzhou and Shenzhen fell month by month. By June, the cumulative growth rate of total retail sales in Guangzhou and Shenzhen in the first half of the year had dropped to 0% and 1.0% respectively.

According to Tianfeng Securities, consumption data in Shanghai, Beijing, Guangzhou and Shenzhen fell precipitously in June. The year-on-year growth rate of total retail sales in the four first-tier cities in June fell by 11 percentage points, 12.8 percentage points, 10.2 percentage points and 3.2 percentage points respectively from May to -9.4%, -6.3%, -9.3% and -2.2%.

Reflected in the A-share market, we can see that a number of companies' performance and stock prices have both declined. However, many consumer stocks have been adjusted for a long time, and their valuations are at historical lows, so the future prospects are promising. According to statistics from Securities Times Databao, among the large consumer stocks rated by 10 or more institutions and with a market value of more than 10 billion yuan, 121 stocks have their latest prices adjusted by more than 50% from their highs since 2019, and Kangtai Biological, Optoelectronics, Tongce Medical, Jiugui Liquor, Beitanni and other stocks have all adjusted by more than 80%. Some 100 billion giants are also on the list, with 11 stocks such as China Duty Free, WuXi AppTec, and Haitian Flavor Industry having adjusted by more than 50%. From a valuation perspective, the P/E ratios of many stocks on the list are already below the historical percentile of 10%.