Core Viewpoint - The white liquor industry is experiencing a downturn, with first-tier brands showing relative resilience while second and third-tier brands face significant declines in stock prices [1][2][6]. Group 1: Market Performance - First-tier liquor stocks, including Jinshiyuan, Luzhou Laojiao, Guizhou Moutai, Shui Jing Fang, and Shanxi Fenjiu, have shown slight increases, with none exceeding a 2% weekly rise [2][5]. - The WINE index saw a weekly decline of 0.97%, with second and third-tier brands like Yingjia Gongjiu, Zhenjiu Lidu, and Huangtai Liquor experiencing larger drops, particularly Zhenjiu Lidu and Huangtai Liquor, which fell over 4% [2][5]. - Guizhou Moutai led the market capitalization growth, adding 14.4 billion yuan, the only brand to exceed a 10 billion yuan increase [2]. Group 2: Company-Specific Issues - Zhenjiu Lidu's stock has declined by 11% since its annual report release, with modest revenue growth and slightly below-market expectations for net profit due to a reduction in low-margin products from its e-commerce strategy [6][7]. - Zhenjiu Lidu's revenue share for the second half of 2024 is expected to decline compared to last year, raising questions about the effectiveness of its inventory control strategy in restoring rapid growth [7]. - Huangtai Liquor has faced a continuous downward trend in stock price, attributed to poor governance, including the replacement of three secretaries in three years and a lack of cash dividends, which is rare in the liquor industry [7].
白酒板块持续调整，珍酒李渡、皇台各有“烦恼”