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主要食品品类22年报表成本端判断(仅考虑核心成本)
主要食品品类22年报表成本端判断(仅考虑核心成本)
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所属报告:
食品行业2022年投资策略:静待22年边际改善建议关注供给端改革-20211212(39页).pdf
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就第 2阶段看,我们建议关注因行业格局、产品特性等提价推行落地较为顺畅且对销量影响较小、提价有望覆盖成本上涨的个股,如安琪酵母,洽洽食品等;就第 3阶段看,我们建议关注成本回落可能性较大、成本回落后利润弹性大、提价效应有望保留的个股,从成本回落角度,青菜头成本回落确定性强,大豆、包材成本回落仍有待观望,糖蜜成本预计有所增加:1)青菜头:2021年青菜头成本维持高位,22年受供需关系等影响青菜头成本回落可能性较大;2)包材:需求逐步回暖+商业库存处于低位,预计 22年油价维持高位震荡,对包材价格起支撑作用,后续回落态势仍有待观望;3)大豆:国内看,当前新豆收获接近尾声,国内大豆价格仍居于高位;国际看,尽管全球大豆供应前景有所改善,但国内压榨需求高企、拉尼娜事件或再临、原油价格支撑等因素使得后续大豆价格变动仍有待观望。4)糖蜜:当前新榨期开启,玉米高价支撑等因素影响下,预计 22年糖蜜价格有所增加。综合 2、3阶段来看,我们建议关注安琪酵母、洽洽食品、桃李面包、涪陵榨菜。
行业数据
原图定位
当前图表所属:
食品行业2022年投资策略:静待22年边际改善建议关注供给端改革-20211212(39页).pdf
酱油企业提价时间点复盘
食品板块提价信息
主要食品品类22年报表成本端判断(仅考虑核心成本)
繁母猪存栏量拐点预示10个月后的生猪供需及猪价拐点
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