Food industry open source is better than throttling optional 3edyy

The food industry: open source throttling is better than necessary as optional Haitong Securities issued in September 12th the food industry research report, the report is as follows: investment highlights: revenue growth pressures rise, cost and cost control of large profit contribution. 71 listed companies of 1H16 +7.2% operating income 206 billion 70 million yuan, compared with the same period last year increased by 2.2pct, 2.8pct decreased compared with the first quarter net profit of 32 billion 160 million yuan; owned by the parent +11.3% 7.5pct, growth promotion, a decline of 3.9pct; gross margin of 58.68%, an increase of 3.40pct; the expense ratio 21.07%, down 0.30pct; net interest rate of 15.61%, increased by 0.57pct; ROA as of 6.05%, down 0.01pct; ROE was 9.15%, an increase of 0.03pct; business activities generated cash flow of 46 billion 60 million yuan, an increase of 41.8%. Overall look at the food and beverage industry incremental and upward pressure on prices are larger, indirect price increases through structural upgrading has become the main way, but after the continuous upgrading of marginal contribution. Performance improvement relies more on cost and cost control. The optional consumer industry continued to pick up, the consumer is still weak. In the first half of the rapid growth of income for the meat industry (27%), rice wine (20%), liquor (13%), wine (-9%), soft drinks (-6%) and beer (-2%) decline. Profit growth rate of the industry as a condiment (35%), dairy products (20%), meat products (17%) and liquor (13%), -20% (-23%), rice wine (yellow) and wine (negative) growth. Periodic fluctuation of price and the price of milk from pigs, as well as the Yili and lotus non recurring factors, we believe that the optional consumer goods (such as liquor) adjustment time (end of 2012) and large amplitude (price cut), the demand side showed steady upward trend, the recent price hikes consolidate the upward trend; the essential consumer goods (such as milk products, meat products, spices, soft drinks, beer) affected by the economic situation and the cycle of boom is still in the doldrums, the adjustment of beer nearly three years has improved signal, Huarun, Budweiser, heavy beer, Zhujiang Beer than expected results. Internal differentiation intensified, strong Heng Qiang, weak transformation. Over the past few years, most of the food and beverage industry have been adjusted, including consumer groups (replacement of high-end liquor), raw material price fluctuations (dairy products, meat products), competition situation (dairy, beer). Comparative historical data we found that after going through an adjustment in the sub sector internal differentiation, quality leading enterprises competitive advantage and market share steadily, operation stability, sustained aptitude, and inferior enterprises often through restructuring or mergers and acquisitions to seek a breakthrough. Investment advice: embrace the best (high-end liquor) and "worst" (beer) sub industry. This year, the trend presented in the end of the year with the end of last year, we released the 16 annual investment strategy report, the throttle is better than the open source, the option is better than the necessary point of view. From the point of view of periodic positioning, we believe that high-end liquor at the bottom of the right side, beer at the bottom, meat products,.相关的主题文章: