In October, the light industry sector outperformed the broader market: in October, the light industry sector rose 0.23% overall, outperforming the broader market by 1.13 percentage points. Among them, the packaging and printing sector performed better, with a monthly increase of 2.69%, while the furniture sector performed poorly, with a monthly decline of 2.35%. On the whole, the light industry sector has still risen less than the broader market since the beginning of the year.
Downstream demand for packaging improved slightly: corrugated box production in September increased by 13% year-on-year, upstream packaging paper prices were flat, downstream appliance output rebounded, up 13.6% year-on-year, while consumer electronics output declined, wine production increased by 1.9%; plastic packaging The price of raw materials fell again, falling by 1%-2% in October. The consumption of downstream cosmetics and daily necessities increased by 19% in September, and the output of beverages declined. However, the output of medicines increased by 10.8% year-on-year, and the chain ratio improved significantly.
The performance of the printing industry was stable: from January to August, the overall efficiency of the printing industry was flat, and the growth of revenue and profit slowed down. Among them, the growth of cigarette printing was obvious, and the high profitability remained stable. The upstream paper price dropped slightly, and the print output increased in September. Among them, cigarettes increased by 2%, which was basically the same; while the lottery sales in September increased by 4.4% year-on-year, and the growth rate declined.
Maintain “Recommended†rating for packaging and printing industry: In the first three quarters of this year, the light industry (excluding papermaking) revenue was 92.5 billion yuan, up 22% year-on-year; net profit was 4.6 billion yuan, down 12% year-on-year, and the decline was narrowed. Among them, the packaging industry is closely attached to the downstream, and the food and cosmetics packaging with stable downstream demand is worthy of attention. The printing industry as a whole is stable, the span between sub-sectors is large, and the printing of cigarettes and cigarettes is resistant to periodicity and the performance is growing steadily. Maintain “recommended†rating for packaging and printing industry.
Optimistic about the plastic packaging industry leader Yongxin shares: Yongxin shares benefit from the continuous and rapid growth of downstream demand, and have strong bargaining power for the upstream and downstream, it is recommended to focus on.
Risk warning: (1) fluctuations in raw material prices; (2) slowdown in downstream demand
Downstream demand for packaging improved slightly: corrugated box production in September increased by 13% year-on-year, upstream packaging paper prices were flat, downstream appliance output rebounded, up 13.6% year-on-year, while consumer electronics output declined, wine production increased by 1.9%; plastic packaging The price of raw materials fell again, falling by 1%-2% in October. The consumption of downstream cosmetics and daily necessities increased by 19% in September, and the output of beverages declined. However, the output of medicines increased by 10.8% year-on-year, and the chain ratio improved significantly.
The performance of the printing industry was stable: from January to August, the overall efficiency of the printing industry was flat, and the growth of revenue and profit slowed down. Among them, the growth of cigarette printing was obvious, and the high profitability remained stable. The upstream paper price dropped slightly, and the print output increased in September. Among them, cigarettes increased by 2%, which was basically the same; while the lottery sales in September increased by 4.4% year-on-year, and the growth rate declined.
Maintain “Recommended†rating for packaging and printing industry: In the first three quarters of this year, the light industry (excluding papermaking) revenue was 92.5 billion yuan, up 22% year-on-year; net profit was 4.6 billion yuan, down 12% year-on-year, and the decline was narrowed. Among them, the packaging industry is closely attached to the downstream, and the food and cosmetics packaging with stable downstream demand is worthy of attention. The printing industry as a whole is stable, the span between sub-sectors is large, and the printing of cigarettes and cigarettes is resistant to periodicity and the performance is growing steadily. Maintain “recommended†rating for packaging and printing industry.
Optimistic about the plastic packaging industry leader Yongxin shares: Yongxin shares benefit from the continuous and rapid growth of downstream demand, and have strong bargaining power for the upstream and downstream, it is recommended to focus on.
Risk warning: (1) fluctuations in raw material prices; (2) slowdown in downstream demand
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