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hello everyone! i am qian yanjun, and today i am publishing my latest research results on the public account "daodahao" - daoda research selection.

there are only three trading days this week. under the influence of the fed's interest rate cut, stocks rebounded sharply on thursday, among which consumer stocks performed well. on friday, the lpr quotation was released, and the 1-year and 5-year interest rates remained unchanged. perhaps affected by this news, a-shares weakened again. however, near the end of the trading day, many csi 300 etfs increased significantly, driving the shanghai index to turn positive.

qian yanjun did not see any research reports worth sharing this week. next, let’s take a look at the performance of the food and beverage industry in the first half of this year.

liquor is still the king of profits, kweichow moutai earns 230 million yuan a day

according to shenwan industry classification, the a-share food and beverage sector has 12 sub-sectors, involving 127 companies. in the first half of this year, the a-share food and beverage sector had a total operating income of 567.8 billion yuan and a total net profit of 128.3 billion yuan.

from the perspective of industry segments, in terms of operating income, the top five industries in the first half of this year were liquor, dairy products, meat products, beer and condiments. in terms of net profit, the top five industries were liquor, dairy products, condiments, beer and soft drinks.

▲data source: tonghuashun ifind, compiled by qian yanjun

from the perspective of companies, in the first half of this year, 71 out of 127 companies achieved net profit growth, accounting for 56%; 67 companies achieved operating income growth, accounting for 53%. among them, kweichow moutai's net profit was as high as 41.6 billion yuan, with an average daily profit of 230 million yuan. among the top 10 companies in terms of net profit scale, 7 are liquor companies; the operating income of 2 companies, namely yili group and tsingtao brewery, declined.

▲data source: tonghuashun ifind, compiled by qian yanjun

in the first half of the year, among the food and beverage sector, only huatong holdings suffered a loss of more than 100 million yuan. among the 10 companies with the largest losses, three are dairy companies, namely manor farm, western animal husbandry and tianrun dairy.

▲data source: tonghuashun ifind, compiled by qian yanjun

it is easiest to make money from liquor, but it is the hardest to make money from snacks

net profit margin reflects the industry's ability to make money to a certain extent. in terms of net profit margin, in the first half of the year, the easiest to make money was liquor, with a net profit margin of more than 40%, followed by soft drinks, condiments, beer and other alcoholic beverages; the hardest to make money was snacks, with a net profit margin of less than 5%, followed by meat products, baked goods, pre-prepared dishes and prepared foods.

▲data source: tonghuashun ifind, compiled by qian yanjun

in terms of performance growth, in the first half of the year, the operating income of 7 sub-industries declined, accounting for 58%; the fastest growth in operating income was in snacks, up to 58%. only 3 sub-industries saw a decline in net profit, accounting for 25%; the fastest growth in net profit was in soft drinks, with a growth rate of 27%. it should be noted here that zhongju high-tech suffered a huge loss last year, which led to a distortion in the growth rate of net profit of condiments.

▲data source: tonghuashun ifind, compiled by qian yanjun

the growth of the soft drink industry is mainly driven by dongpeng beverage. in the first half of the year, dongpeng beverage's performance exploded, with operating income increasing by 44% year-on-year and net profit increasing by 56% year-on-year. looking at the second quarter alone, the company's performance growth is still accelerating, with net profit increasing by 74.62% year-on-year, and non-net profit increasing by as much as 101.51% year-on-year. the reason for the huge increase in dongpeng beverage's performance is that the company's nationalization strategy is progressing smoothly.

however, qian yanjun noticed that tianjin junzheng venture capital partnership has been reducing its holdings in dongpeng beverage, and has become the fifth largest shareholder from the second largest shareholder, with the number of shares held falling from 36 million shares to 20.005 million shares. as of september 20, dongpeng beverage's valuation is still not low, with a price-to-earnings ratio (ttm) of about 34 times.

in terms of market capitalization, as of september 13, the top players in each sub-industry were kweichow moutai, haitian flavoring, yili group, dongpeng beverage, shuanghui development, tsingtao beer, anhui anjing foods, by-health, bairun group, qia qia foods, taoli bread, and juewei foods.

▲data source: tonghuashun ifind, compiled by qian yanjun

disclaimer: daoda research and selection is to explore valuable information from the industry perspective and integrate the main viewpoints of the hottest research reports. the information provided in the article is for reference only and does not involve operational suggestions. enter the market based on this information at your own risk!

okay, that’s all for today, and i wish you all a happy weekend!

(qian yanjun)

the content of this article is for reference only and is not used as a basis for investment. if you enter the market based on this content, you will do so at your own risk.

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