On March 18, the liquor sector rose sharply in the early morning. As of press release, shares of golden seed liquor, Kouzijiao, Shunxin agriculture, gujinggong liquor, etc. rose by the limit, while shares of Jinshiyuan, Luzhou Laojiao, etc. rose by more than 3%. The highest price of Maotai in Guizhou rose to 814 yuan, a record high. What's the matter with Maotai's share price reaching a new high? How much is the stock price of Maotai now? Let's have a look.
In the recent market around the 3000 point shock saw, the defensive characteristics of liquor plate again attracted investors' attention. In this regard, the institutional personage said that from the perspective of the plate as a whole, the historical valuation center is in the range of 20 times to 25 times. At present, the valuation is still at the lower limit. With the continuous inflow of capital from the north, there is still room for the valuation repair of the liquor plate.
According to the survey of Guosen Securities, the overall performance of dynamic sales and inventory of the industry in the near future is good. In March, the quota of Guizhou Maotai was put in one after another, but the overall supply of goods was still tight, and the local rating increased slightly between 1770 yuan and 1820 yuan. Wuliangye channel inventory benign, after the festival prices remain at 790 yuan - 810 yuan, stable performance. Luzhou Laojiao implemented the policy of controlling and increasing the price of goods. In the early stage, it stopped the supply of 1573 in Chongqing area, and increased the retail price of 1573 in northern market by 60 yuan. At present, the wholesale price of 1573 is between 700 yuan and 720 yuan. In Nanjing Province, the wholesale price of M3 was slightly increased by - 515 yuan, while the wholesale price of M3 was slightly increased by - 515 yuan. In this world, the dynamic sales situation is good, and the performance of Guoyuan in Nanjing area is good. In Nanjing area, the first batch price is 260-270 yuan, and the fourth batch price is 410-420 yuan.
Industrial Securities Industry Research said, on the one hand, for the valuation can be more optimistic. From the perspective of the industry, the demand structure is more solid and stable, the manufacturers' channels are more restrained and rational, the periodicity of the plate is weakened, and the growth is more stable. At the same time, the continuous influx of foreign capital can also raise the overall valuation of the plate. On the other hand, looking back on the period from late 2014 to mid 2015, the absolute valuation of the liquor plate increased with the market, but the relative valuation was declining, and liquor obviously lost Market, the reason behind it is: at that time the plate is still in the adjustment period, the fundamentals are weak, the stock price is difficult to perform. In contrast, at present, the fundamentals of the liquor sector are solid, and the downward trend of the industry is weak. We should be optimistic about the performance of the sector relative to the market.
Huatai Securities said that from a fundamental point of view, in the context of Feitian Maotai's strong wholesale price, the market demand for liquor was better than the previous pessimistic expectation of the market. From the perspective of valuation, after this round of valuation repair, the current price earnings ratio valuation of the liquor industry is only 3% higher than the average level of the past 10 years, and there may be room for further improvement under the situation of continuous positive growth of the performance of leading enterprises.
Huachuang Securities said that the current valuation continues to move up, although the space for repair has narrowed, but the short-term liquidity easing, the improvement of fundamental expectations and the reconstruction of valuation system brought by the expectation of continuous inflow of foreign capital and other positive factors will still benefit the investment sentiment of the sector. In March, judging from the improvement of fundamental expectations and the positive feedback of spring sugar, the fundamental risk is small, and the valuation is expected to adjust downward Space is limited.