tabletoparcade| Shanghai Jahwa hit a new high in March, the food and beverage sector welcomes incremental allocation of funds

On April 29, the share price of Shanghai Jiahua (600315) rose sharply. As of 14:38, Shanghai Jiahua was up 5%.Tabletoparcade.07%, at 21.12 yuan per share, a record high in nearly 3 months, with a turnover rate of 383 million yuan, a turnover rate of 2.75% and an amplitude of 5.82%.

News interpretation

On April 16, 2024, data from the National Bureau of Statistics showed that in March, total social zero increased by 3.1% compared with the same period last year, and alcohol and tobacco / catering increased by 9.4% and 6.9% year-on-year. Although the month-on-month growth rate slowed down, it still grew brightly on the basis of last year's high base and formed a good support for the food and beverage sector. At the same time, under the norms of the new "National Nine articles", the food and beverage sector with stable cash flow and high profitability is expected to usher in incremental allocation of funds. This week's Jinhui wine quarterly report shows that there is still a high growth trend and obvious product upgrading, real estate wine in the regional market channel layout is fine, the mass base is deep, the product matrix is comprehensive layout, forming a very good market control, outstanding resilience in the current market environment.

Mechanism analysis

Dongxing Securities Co., Ltd. expects its net profit from 2024 to 2026 to be 6.08,7.13 and 798 million yuan respectively, with a corresponding EPS of 0.9,1.05 and 1.18 yuan respectively. The current stock price corresponds to a PE value of 22, 19 and 17 times from 2024 to 2026, respectively. The company's 24-year Q1 marginal improvement is significant, the trend of multi-dimensional reform is better, and it is given a "recommended" rating. Risk hint: industry demand is weak, market competition is intensified, and the company's reform and adjustment is not as expected.

The big consumer research team of the Research and Development Department of CITIC Construction Investment Securities believes that the overall demand for Volkswagen products is robust, and the prices of some cost raw materials, including soybeans, oil, molasses and so on, are expected to continue to improve. Leisure snacks, beverage industry to maintain a high demeanor, new channels for companies in the industry to bring important incremental opportunities. The demand for beer and room temperature liquid milk is stable and is in the stage of structural upgrading. The opportunity of liquor allocation is highlighted, and the performance of Jinhui liquor is eye-catching. Jinhui wine performance is eye-catching, Maotai wholesale price stabilized and rebounded. This week, Jinhui Liquor released Q1 results, income and profits increased by 20% and 22% respectively compared with the same period last year, and contract liabilities also showed a steady growth; in terms of product structure, products worth more than 300 yuan increased by more than 85% year-on-year, and the trend of consumption upgrading was good. The growth of the company with excellent market control shows that the development opportunities of real estate wine are still obvious. In addition, the price of Feitian Moutai stabilized and rebounded this week, and the high-end liquor still has excellent self-help.TabletoparcadeI adjust the ability and market balance. Liquor allocation opportunities to highlight, strengthen the value of the leading liquor enterprises. Recently, under the impact of Maotai wholesale price fluctuations, liquor plate pullback is obvious, Q1 Jinhui liquor has shown good performance toughness and growth health, Maotai wholesale price has also stabilized and rebounded. In March, the social zero data still achieved good growth under the high base, the valuation of wine enterprises is still at a low position in the past five years, and the allocation opportunity is highlighted. The moving sales rate of high-quality brands is obviously dominant, and it can also continue to increase the market share through channel expansion, and the annual growth is still good.

In addition, data statistics show that in the past half a year, 17 securities firms have given suggestions to increase their holdings and 22 securities firms have given buying suggestions.

Capital trend

As of press time, Shanghai Jiahua received a net inflow of 40.91 million yuan, of which super-large single inflow was 15.56 million yuan and large single inflow was 25.34 million yuan. Data show that today's net inflow of the stock has increased by 44.3 million yuan compared with the average net inflow of nearly 5 days.

In terms of margin trading, Shanghai Jiahua received a net purchase of 2.55 million yuan on April 26, and the financing balance of the stock on that day was 533 million yuan, which increased by 0.48% over the previous day, achieving two consecutive increases; the margin balance of the stock was 8.6 million yuan, and the margin margin was 407600 shares, an increase of 15.67% over the previous day.

In terms of northbound funds, Shanghai Jiahua received a reduction of 58700 shares by northbound funds on April 26. As of April 26, northbound funds currently hold a total of 7.6846 million shares in Shanghai Jiahua, with a market capitalization of 162 million yuan, accounting for 1.14% of outstanding shares.

Main business and performance

Shanghai Jiahua Co., Ltd. is mainly engaged in skin care, home care, research and development, production and sales of maternal and infant products.

According to the latest financial report, in the first quarter of this year, Shanghai Jiahua achieved operating income of 1.905 billion yuan, down 3.76 percent from the same period last year, and its net profit was 256 million yuan, up 11.18 percent from the same period last year, and basic earnings per share was 0.38 yuan.

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