Volume and price: The industry has a V-shaped trend, the leader shows resilience, and the price per ton continues to rise
In the first half of 2022, the output of beer first decreased and then increased, and the year-on-year growth rate showed a “V”-shaped reversal, and the output fell by 2% year-on-year. In terms of sales volume of each company, the leading companies are better than the industry as a whole. Heavy Beer, Yanjing, and Zhujiang Beer achieved sales growth against the trend, while China Resources and Tsingtao Brewery declined slightly. In terms of average price, the increase of leading companies is significantly higher than that of the second and third echelons, mainly driven by price increases and product structure upgrades.
High-end: high-end products outperformed the whole, and the pace of new products has not been reduced
The high-end logic continues to be interpreted. On the one hand, it is reflected in the increase in the overall average price, and on the other hand, it also reflects the increase in the proportion of mid-to-high-end products. From the perspective of price, although the caliber of the product structure of beer companies is inconsistent, the high-end products of each company have achieved faster growth than low-end products.
In the first half of the year, the pace of new beer companies did not decrease, and they all launched new products in line with younger and higher-end products, and new products were concentrated in the sub-high-end and above price bands.
Financial report analysis: The leader has a strong ability to withstand pressure, and the cost is reduced to hedge the cost pressure
In the first half of the year, under the influence of the epidemic and the economic situation, leading beer companies withstood the pressure to achieve revenue growth and diverged from regional companies. Overall, the industry’s revenue in the first half of the year increased by 7.2%, of which the growth rate of the leading companies was significantly better than that of the overall. % growth. In terms of sub-regions, the central region, which was less affected by the epidemic, grew better. In the first half of the year, the cost per ton increased significantly, while the selling expenses decreased, which hedged the pressure on the cost side. Under the comprehensive influence, the gross profit margin of beer companies in the first half of the year was under pressure, but the net profit margin remained stable.
Outlook: The cost pressure tends to ease, and the leader is firm on the high-end route
The price of packaging materials has entered a downward channel, and the cost pressure has eased. With the implementation of the price increase in the first half of the year, the profitability of the industry is expected to be repaired and improved. The leading enterprises have expressed a positive attitude, firmly implemented the high-end strategy, and will continue to launch new products and promote the improvement of product structure. The current epidemic situation has eased, and the management level has also ushered in improvement. In the second half of the year, the Champions League and the World Cup will open. Sports events are expected to drive beer sales, and high growth can be expected under a low base.