Today, A-shares were in a volatile pattern again, with the Shanghai Composite Index fluctuating narrowly around 3,000 points, and the ChiNext's pullback amplitude was relatively large. Liquor stocks performed strongly, Kweichow Moutai once approached the thousand yuan mark during the trading session, Kuzijiao , Luzhou Laojiao , Wuliangye , Shede Wine Industry , and Shanxi Fenjiu all rose to varying degrees.
is away from the stock price of 1,000 yuan, Kweichow Moutai is 0.31
On June 22, Kweichow Moutai issued an announcement on the implementation of annual equity distribution in 2018, with a base of 1.256 billion shares, a cash dividend of 14.539 yuan (including tax) per share, and a total of 18.264 billion yuan was paid. The equity registration date is June 27, 2019, the ex-rights ex-dividend and the cash dividend distribution date June 28, 2019.
On Monday, Kweichow Moutai experienced a sharp high opening in the early trading, fluctuating and rising intraday, breaking through the historical high of 990 yuan. The stock price continued to set a new historical high, hitting the thousand-yuan mark again. The highest intraday hit 999.69 yuan, just one step away from the stock price of 1,000 yuan. As of the close, Kweichow Moutai was 987.10 yuan, an increase of 1.11%, and the turnover exceeded 4.5 billion yuan.
On March 29 this year, Goldman Sachs raised its target price for Kweichow Moutai to 1,016 yuan. On that day, domestic brokerage Huachuang Securities and CITIC Construction Investment gave a target price of 1,000 yuan, Pacific Securities gave a target price of 1,030 yuan, and Huatai Securities gave a target price of 1,019.4 yuan. What is the reason for
to make Kweichow Moutai the first stock of 1,000 yuan? Market analysis points out that the most fundamental reason is the long-term excellent and stable performance of performance.
Kweichow Moutai has become a dual attribute of excellent performance and growth since its listing. When Kweichow Moutai was first listed in 2001, its net profit attributable to shareholders was only 328 million yuan. At the end of 2018, the net profit of Kweichow Moutai had nearly reached 35.2 billion yuan, with an average profit growth rate of 33.8% in previous years. The net profit margin of the product has remained above 70% for many years, and the return on assets was as high as 39.2%.
Foreign capital flows back into the liquor sector, the valuation of the liquor sector increases
Guosheng Securities pointed out that the price increase of mid-to-high-end liquor is still continuing, and the valuation of the liquor sector is increasing. We are still optimistic about the high-end liquor leader with stable growth and the real estate liquor leader with strong channel strength. It is recommended to pay attention to the liquor sector. The high-end leader Kweichow Moutai , Wuliangye , regional wine leader Kouzijiao , and Jinshiyuan.
Bohai Securities said that high-end liquor is still the first choice and pays attention to opportunities in the beer sector. From the overall perspective of the sector, the current valuation is at the median level of 30 times, and the valuation is at a reasonable level. Northbound funds were once net outflowed sharply in the second quarter, causing a sector to pull back, but there was another significant inflow of funds in early June, marking the end of the phased pullback. From the perspective of configuration, high-end liquor has better certainty and cost-effectiveness, so it is still the first choice. Overall, high-end liquor is still stable and has long-term allocation value. There were too optimistic problems in the early stage of the second-high-end liquor, which led to high inventory and rapid price decline. In the short term, it is necessary to observe whether the market demand for the sub-high-end market after the price increase can stabilize. Among the sub-high-end, we are more optimistic about regional liquor brands with high certainty in performance acceleration. Under the influence of the style with relatively low risk preference, it is still recommended to configure high-end liquors with high certainty when they are low. You can pay attention to Wuliangye , Kouzijiao , and Qingdao Beer.
CICC said that in the past month, liquor has set off a wave of price increases, and Wuliangye , Laojiao, Yanghe, Fenjiu, etc. have respectively increased the supply prices of terminals. The leader in high-end liquor, Moutai, Wuliangye , has also continued to rise in the past month. The wholesale price of Moutai has exceeded 2,000 yuan nationwide, and Wuliangye has exceeded 900 yuan, which has increased significantly compared with the beginning of the year. We believe that the whole price of Moutai and Wuliangye has always been at a high level, creating a favorable soil for the price increase of other famous liquors. We continue to be optimistic about investment opportunities in the liquor sector and firmly be bullish on high-quality leading targets in the liquor sector. Focus on Kweichow Moutai , Wuliangye , Luzhou Laojiao, Shanxi Fenjiu, Shuijingfang, Yanghe Co., Ltd., Jinshiyuan and Shunxin Agriculture.
Minsheng Securities is optimistic about the performance of the liquor sector in May and June, and recommends that the first-tier liquor Mourinho Wu and Wulubao and Gujing Gongjiu with improved incentive mechanisms be exceeded.
