Jin Wu Financial News | According to Anxin International Research, the common point of consumption in China and the US is that both showed a weak recovery this year. After China and the US reached the peak of growth in February and March, respectively, the consumption growth rate declined somewhat; the growth situation in the segment was divided, and the growth of essential consumption was relatively strong, and the performance of optional consumption was weak.
The difference is that China's consumption recovery is weaker than in the US, and the degree of recovery is weaker than before the pandemic. Consumption of offline services such as restaurants and travel has not recovered to the extent of the US; the market performance of the Hong Kong stock consumer sector is weaker than that of US stocks, and sentiment is currently low; judging from the valuation, the valuation of Hong Kong stocks is at a historically extremely low level, while the valuation of US stocks is reasonable, and there are not many bubbles.
The bank recommends a track that is stable for a long time. Beer stocks recommend China Resources (00291). Market expectations: net profit growth rate of 17.2% in 24, forecast PE 13.8x. Tsingtao Brewery Co., Ltd. (00168), market expectations: net profit growth rate of 16.8% in 24, forecast PE 13.3x; liquor stocks recommend Zhenjiu Li Du (06979). Market expectations: net profit growth rate of 20.5% in 24, forecast PE 13.2x; restaurant stocks recommend Yum Sheng China (09987). Market expectations: net profit growth rate of 7.3% in 24, forecast PE 14.1x. Haidilao (06862), market expectations: net profit growth rate of 14% in 24, forecast PE 14.8x. It is recommended to focus on the bottom reversal track: China Feihe (06186) Market expectations: net profit growth rate of 9.5% in 24, forecast PE 8.7x.