大华继显此前指出，憧憬政策直接支持和潜在的财富效应显现，中国消费者信心可逐步恢复，令中国消费品企业今年盈利能见度提升，从而带来潜在的估值重估。德邦证券指出，当前处于周期底部，24年餐饮行业弱复苏，收入增幅降低/利润承压；消费券刺激信心修复，行业加剧竞争下龙头韧性更显，看好翻台率/同店边际改善、现金流充沛的餐饮龙头。Hong Kong dining sector opened strong in the morning.$HELENS (09869.HK)$ up 16.38%, $JIUMAOJIU (09922.HK)$up 14.36%, $XIABUXIABU (00520.HK)$up 9%.
Alcoholic beverages sector also strengthened.$ZJLD (06979.HK)$Up 8%, $CHINA RES BEER (00291.HK)$Up 6%, $TSINGTAO BREW (00168.HK)$Up 4%.
On the news front, Sheng Qiuping, Deputy Minister of the Ministry of Commerce, recently stated that the Ministry of Commerce will work with relevant departments to introduce a batch of new policies in the consumer sector. Five cities will also introduce supporting policies. For example, Shanghai and Guangzhou will launch support and incentive policies for first-store openings, first performances, and exhibitions; Beijing, Tianjin, Shanghai, and Chongqing will issue dining, cultural tourism, sports, and other service consumption vouchers.
Dahua Jixian previously pointed out that with anticipation of direct policy support and the emergence of potential wealth effects, Chinese consumer confidence may gradually recover, enhancing the profit visibility of Chinese consumer goods companies this year, leading to potential revaluation of valuations. Debon Securities pointed out that the industry is currently at the bottom of the cycle, with a weak recovery expected in the dining industry in 2024, lower income growth/pressure on profits; stimulus from consumption vouchers restores confidence, the industry's leading companies show more resilience amid intensified competition, bullish on turnover improvement/same-store marginal enhancement, and cash-rich dining leaders.
Editor/Rocky
