Food and beverage industry as a whole to pick up the pace of growth in liquor recovery trend clear autobots

The food and beverage industry: overall growth to pick up the line of liquor recovery trend uncertain Guotai Junan food and beverage industry research report released in September 9th, the report is as follows: the introduction of this report: 2016H1 food and beverage sector income, net profit increased by 6%, 8%, 2%, Q2 increased 3%, the recovery trend is clear, the two or three tier liquor liquor line performance differentiation, high base and import the wine under the impact of Wine decline in the growth rate of public goods growth performance decline. Continue to increase the leading liquor, and with long-term growth logic, high dividend leader. Abstract: the overall growth rate rebounded slightly, the trend of clear liquor recovery. H1 food and beverage sector revenue, net profit increased by 6%, 8%, the growth rate rebounded slightly. Liquor revenue, net profit increased by 12%, of which the first line of liquor revenue, net profit increased by 14%, 12%. Mass revenue increased by 6%, the growth rate increased 2pct; net profit increased by 1%, the growth rate down 9pct. Q2 liquor, dairy products, meat, net profit growth faster. Q2 sector revenue, net profit increased by 2%, 3%, an increase of 1PCT, 2pct, liquor revenue, net profit increased by 7%, 5%, dairy products, meat products, soft drinks sector net profit growth faster, beer, Wine, food sector net profit two digit decline. The fund’s largest food and beverage proportion increase 0.8pct to 2.6%, still below the historical average, including public goods, heavily loaded liquor ratio is 1%, 1.6%. Significant improvement in the performance of H1 liquor, liquor recovery trend further clear. Benefit consumption upgrade, enhance brand concentration, H1 liquor sector performance continued to improve, including first-line liquor revenue, net profit increased by 14%, 12%, two or three line liquor by 8%, 16%. The line of liquor prepayments year-on-year increase, Kweichow Moutai, Wuliangye advance payments increased by 9 billion 100 million to 3 billion 800 million yuan, the annual results lay a foundation. The impact of high base superimposed imported wine, wine industry revenue, net profit fell. H1 wine sector revenue, net profit down 3%,, Q2 sector revenue, net profit fell by 18%, 33%, the impact of imported wine intensified, Q2 plate sales rate rose 4pct. Dairy revenue growth slowed, net profit after deduction of non flat. H1 plate revenue, net profit increased by 1%, 22%, net profit of the year unchanged. Q2 sector income, net profit increased by 0%, 23%, the benefit of raw milk costs decline, H1 gross profit margin to improve 4pct, but the competition rate under high cost of sales, the leading market share is expected under short-term competition can hardly be improved. Condiment revenue growth slowed slightly, net profit growth of non deduction. H1 sector income, net profit increased by 10%, 4%, 12%, 10% Q2, high return on investment profit growth is low due to hengshuncuye 2015H1 caused by the high base, after excluding plate condiment of non deduction net profit growth of 16%. Benefit from the cost of dividends (soybeans, vegetables, raw materials at the lowest level), H1 plate gross margin of 40%, net profit margin of non deduction of 17%, an increase of 1.5, 0.8pct. Beer industry downturn, poor performance of the plate. Superposition of the economic downturn exacerbated by the impact of Budweiser, H1 plate.相关的主题文章: