Summary of Key Points from Conference Call Records Industry Overview Alcohol Industry - The liquor industry is showing a stable recovery with major companies like Moutai setting a 9% revenue growth target, Wuliangye aligning with macro indicators, and Luzhou Laojiao emphasizing steady growth. The supply-side pressure in the industry has significantly eased, and channel feedback is expected to improve [1][3]. - Moutai and Wuliangye have reported double-digit growth, slightly exceeding market expectations, while Luzhou Laojiao's cash flow performance is better than its apparent data [3]. Beer Industry - The beer sector performed well in Q1 2025, with small breweries like Zhujiang and Yanjing showing outstanding results. Qingdao Beer and Chongqing Beer met expectations, and structural improvements are noted despite pressure on ton prices [4][5]. Beverage Industry - The beverage sector continues to trend towards health and functionality, with Dongpeng Beverage showing high growth and new products like health water from Lululemon gaining attention. Nongfu Spring is also highlighted as a company to watch [6]. Dairy Industry - The dairy sector is experiencing supply-side adjustments, with Yili's Q1 report showing positive revenue growth. The improvement in demand is expected to resonate with the raw milk cycle, while Mengniu is noted for its defensive attributes [7]. Snack Industry - The snack sector is exhibiting a new consumption growth trend, with companies like Weilong and Yuyou revising their forecasts upward. Yuyou has entered new channels, and Ganyuan's overseas market prospects for Q2 are promising [8]. Textile and Apparel Industry - The textile and apparel industry is showing a trend of low performance followed by high recovery, particularly in sports apparel. Anta Sports is effectively managing multiple brands, while home textile companies like Luolai and Mercury Home Textile are seen as defensive investments [11][12]. Key Recommendations - **Liquor**: Recommended stocks include Moutai, Luzhou Laojiao, and regional leaders like Fenjiu and Wuliangye [10]. - **Beer**: Focus on Qingdao Beer and its strong dividend yield [5]. - **Dairy**: Yili and Mengniu are highlighted as key players [10]. - **Beverages**: Nongfu Spring and Lululemon are recommended [10]. - **Snacks**: Weilong, Yuyou, and Ganyuan are noted for their growth potential [10]. - **Textiles**: Anta Sports and home textile brands like Luolai are recommended for their defensive qualities [11][12]. Additional Insights - The pig farming sector is currently valued highly, with pig prices remaining elevated, but the breeding sector's outlook is cautious due to limited capacity recovery. Key companies to watch include Muyuan, Shennong Group, and Dekang [2][20]. - The poultry industry, particularly yellow feathered chickens, is facing challenges with prices down from last year, but companies like Lihua and Wens continue to expand [21]. - The retail sector is experiencing rapid growth, especially in the snack segment, with companies like Liangpinpuzi expected to open numerous new stores [33][34]. - The home appliance industry is focusing on tariff adjustments and new consumption trends, with companies like Vanward Electric and TCL Electronics showing strong performance [37][38].

作者：Abby 编辑：Panda 这是见手青，口感鲜美的同时，也是云南出了名的"红伞伞白杆杆"。 见手青 图片来源：云南野生农副产品精品京东店 这是见手青精酿啤酒，喝上一口……应该不会"躺板板"，但是从广告语"勇敢的人，你先走"来看，尝试也是需要勇气的。 「闹江湖」见手青精酿啤酒 图片来源：闹江湖见手青精酿啤酒抖音店 想要尝试见手青啤酒的人并不在少数，不少博主纷纷"抢着"做起了产品评测。在猎奇心的驱使下，"围观"的网友越来越多，话题的热度也越来越高。截至发 稿前，抖音 #见手青啤酒话题下相关视频播放量超2600多万次 ，部分视频有着上万的点赞量以及上千条评论。 流量直接带来的是销量。在抖音商城，一款名为「娇蛮萝莉」见手青啤酒的购买界面就标注有"近90天250万+人逛过""月销量上涨超2倍"的标签，而另一款 名为「闹江湖」见手青精酿啤酒同样也收获了不小的流量和热度。 「娇蛮萝莉」见手青啤酒 图片来源：娇蛮萝莉见手青啤酒抖音店 盒马是风味创新的玩家之一，其自有品牌「盒马」上线了四款创新口味的啤酒，分别是柠香单丛（又作柠檬乌龙）鲜啤酒、冰糖葫芦风味鲜啤酒、双柚拉格 啤酒以及原液冷萃龙井鲜啤酒。其中，柠香单丛、双柚拉 ...

Group 1: Market Developments - Jiang Jia led a team to investigate the UAE market, emphasizing the importance of the region for Wuliangye's strategic layout and future efforts in channel construction and brand promotion [1] - Xifeng Wine held a business meeting to deploy strategies for the Jiangsu market, highlighting its strong development foundation [1] - Yunmen Wine established a liaison office in Japan and an Osaka tasting center, marking a significant step in its internationalization strategy [1] Group 2: Financial Performance - Shanxi Fenjiu reported a revenue of 36.011 billion in 2024, a year-on-year increase of 12.79%, with a net profit of 12.243 billion, up 17.29% [1] - Yanghe Co. achieved a revenue of 28.876 billion in 2024, with a net profit of 6.673 billion [1] - Yingjia Gongjiu's revenue for 2024 was 7.344 billion, up 8.46%, with a net profit increase of 13.45% to 2.589 billion [1] - Kouzi Jiao reported a revenue of 6.015 billion in 2024, a slight increase of 0.89%, but a net profit decrease of 3.83% to 1.655 billion [1] - Yilite's revenue for 2024 was 2.203 billion, down 1.27%, with a net profit decline of 15.91% to 0.286 billion [1] - Jiugui Wine's revenue fell to 1.423 billion in 2024, a decrease of 49.70%, with a net profit drop of 97.72% to 0.012 billion [1][2] - Jinzongzi Wine reported a revenue of 0.925 billion in 2024, down 37.04%, resulting in a net loss of 0.258 billion [2] Group 3: Industry Standards and Sustainability - The national standard for "Rice Aroma Type Baijiu" was released, indicating regulatory developments in the industry [3] - New Zealand's wine industry reported significant sustainability achievements, with 68% of wineries implementing carbon reduction measures, reflecting a growing trend towards environmental responsibility [4]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【杭州银行（600926.SH）】扩表强度高，盈利增速稳——2025年一季报点评 杭州银行25Q1营收、拨备前利润、归母净利润同比增速分别为2.2%、3%、17.3%，利息收入贡献季环比 提升，盈利增速维持高位。2025年是杭州银行"二二五五"战略收官之年，更是新征程的起笔之处，1Q信 贷投放实现"开门红"，资产质量保持稳健，盈利增速在17%以上，基本面韧性较强。 （王一峰/董文欣） 2025-04-29 您可点击今日推送内容的第1条查看 【盈峰环境（000967.SZ）】环卫装备销量连续24年国内第一，环卫电动化推进行业领先——2024年年报 &2025年一季报点评 （洪吉然） 2025-04-29 您可点击今日推送内 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2025Q1实现营业收入104.46亿元，同比+2.9%，主要受销量带动。2025Q1公司累计实现销量226.1万千 升，同比+3.5%。从产品结构看，2025Q1青岛啤酒主品牌销量137.5万千升，同比+4.1%；中高端以上产品 实现销量101.1万千升，同比+5.3%，随着即饮消费场景逐步恢复，公司中高端以上产品销量占比提升。从 吨价来看，2025Q1公司ASP同比-0.6%至4620元/千升。 积极控本降费，净利率改善明显 1）25Q1公司毛利率为41.64%，同比+1.20pcts，主要系大麦和包材等价格下降。此外，中高端以上产品销 量占比提升，亦推动毛利率改善。2）25Q1公司销售费用率为12.53%，同比- ...

Investment Rating - The industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - The report highlights a positive outlook for the beverage sector, driven by the upcoming peak season and supportive macroeconomic policies from the central government [2][12] - The report emphasizes the potential for valuation recovery in the liquor sector, particularly in light of the recent political bureau meeting that indicated a more proactive fiscal and monetary policy [2][12] Summary by Sections Market Performance Review - For the week of April 21 to April 25, the food and beverage sector declined by 1.36%, while the Shanghai Composite Index rose by 0.38%. Notable performances included snacks (+4.50%) and soft drinks (+2.21%), while categories like beer (-0.72%) and health products (-1.28%) saw declines [1][19] Weekly Perspective Updates - **Liquor Sector**: The liquor sector saw a decline of 1.75%, attributed to the off-peak consumption period and inventory adjustments. However, the upcoming May Day holiday is expected to boost demand for banquet scenarios, aiding in inventory reduction [2][12] - **Beer and Beverage Sector**: The beer sector decreased by 0.72%, but companies like Zhujiang Brewery saw a 5.7% increase in stock price due to better-than-expected Q1 performance. The report anticipates improved demand as the weather warms and consumption policies are implemented [3][13] - **Consumer Goods Sector**: The report identifies opportunities in the snack sector, with a focus on companies that have shown resilience and potential for growth. The upcoming sales season for soft drinks is also highlighted as a catalyst for growth [3][14] Investment Recommendations - **Liquor Sector**: Recommended stocks include strong alpha leaders like Moutai and Shanxi Fenjiu, as well as cyclical stocks like Luzhou Laojiao and Jiugui Liquor [4][18] - **Consumer Goods**: The report recommends focusing on snacks and dairy products, with specific mentions of companies like Ganyuan Foods and Yuyuan Foods, which are expected to benefit from low base effects in Q2 [4][18] Sector and Individual Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the snack and soft drink sectors are currently outperforming others, while the liquor sector is under pressure [19][22]

盈利预测：看好25Q2&Q3 低基数下公司销量端持续改善。24 年公司经历库存水平调整，整体渠道库存 良性，叠加Q2&3 销量基数较低。我们看好公司量端的恢复弹性。我们预计公司25-27 年实现营收 331.4/340.6/349.0 亿元，分别同比+3.1%/+2.8%/+2.5%，实现归母净利润47.4/50.2/52.4 亿元，分别同比 +9.0%/+6.0%/+4.4%，维持"强烈推荐"评级。 成本端红利延续，毛利率提升，盈利能力有所提升。25Q1 公司吨成本同比-2.6%，毛利率同比+1.2pcts 至41.6%。费用端，销售/管理/财务费用率分别同比-0.3pcts/-0.2pcts/+0.4pcts。在毛利率提升及费控良好 的带动下，25Q1 公司归母净利率同比+0.6pcts至16.4%，扣非归母净利率同比+0.4pcts至15.3%。 事件：公司发布2025 年第一季度报告，25Q1 实现营业收入104.5 亿元，同比+2.9%；实现归母净利润 17.1 亿元，同比+7.1%；实现扣非归母净利润16.0亿元，同比+5.9%。 25Q1 销量改善兑现，展望Q2&Q3，在低基数下销量有望持续改善 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company is expected to achieve better-than-industry performance in 2025 due to low base effects and strengthened internal momentum, with projected EPS of 3.55, 3.86, and 4.19 RMB for 2025-2027 [4][6]. - The first quarter of 2025 saw revenue and net profit growth of 2.9% and 7.1% year-on-year, respectively, aligning with expectations [1][2]. Revenue and Profitability - In Q1 2025, the company reported revenue of 10.45 billion RMB and a net profit attributable to the parent company of 1.71 billion RMB, with a gross margin of 41.6%, up 1.2 percentage points year-on-year [1][3]. - The sales volume of beer reached 2.261 million tons in Q1 2025, reflecting a 3.5% year-on-year increase, driven by the recovery in the restaurant sector and inventory destocking [2][3]. Cost and Efficiency - The report highlights significant cost benefits, with a 2.6% decrease in per-ton cost and a 0.3 percentage point reduction in sales expense ratio, contributing to improved profitability [3][4]. - The company is focusing on enhancing operational efficiency, which is expected to continue supporting profit margins [3][4]. Market Outlook - The company is entering a peak season for inventory replenishment, with expectations for accelerated sales growth as northern weather warms and economic activity increases [1][2]. - The report anticipates that the recovery in the restaurant sector will boost sales of mid-to-high-end products, while the company continues to promote the canned format of lower-end products [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company is expected to achieve better-than-industry performance in 2025 due to low base effects and strengthened internal momentum, with projected EPS of 3.55, 3.86, and 4.19 RMB for 2025-2027 [4][6]. - The first quarter of 2025 showed revenue and net profit growth driven by sales recovery and cost improvements, with revenue at 10.45 billion RMB and net profit at 1.71 billion RMB, reflecting year-on-year increases of 2.9% and 7.1% respectively [1][3]. Summary by Sections Sales Performance - In Q1 2025, the company sold 2.261 million tons of beer, a year-on-year increase of 3.5%, supported by the recovery in the restaurant sector and inventory reduction [2][3]. - The average revenue per ton of beer decreased slightly by 0.6% year-on-year, while sales of mid-to-high-end products increased by 5.3% [2][3]. Profitability - The gross margin for Q1 2025 was 41.6%, up 1.2 percentage points year-on-year, driven by a decrease in raw material costs [3]. - The net profit margin increased by 0.6 percentage points year-on-year to 16.4%, supported by improved operational efficiency and cost reductions [3]. Future Outlook - The company is expected to continue its growth trajectory in 2025, with anticipated revenue and profit growth driven by seasonal demand and ongoing cost advantages [4][6]. - The target price for the A-share is set at 92.30 RMB, and for the H-share at 71.78 HKD, based on a PE ratio of 26x for 2025 [4][7].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - In Q1 2025, the company achieved operating revenue of 10.45 billion yuan, a year-on-year increase of 2.9%, and a net profit attributable to shareholders of 1.71 billion yuan, up 7.1% year-on-year [1][2]. - The sales volume increased by 3.5% year-on-year, with a notable rise in the proportion of mid-to-high-end products, which saw a sales increase of 5.3% [2]. - The company improved its gross margin to 41.64%, up 1.20 percentage points year-on-year, driven by lower prices for barley and packaging materials, as well as an increase in the sales proportion of higher-margin products [3]. Summary by Sections Financial Performance - Q1 2025 operating revenue was 10.446 billion yuan, with a year-on-year growth of 2.9% driven by sales volume [2]. - The company reported a net profit of 1.71 billion yuan, reflecting a 7.1% increase year-on-year [1]. - The average selling price (ASP) decreased by 0.6% to 4,620 yuan per thousand liters [2]. Cost Control and Profitability - The gross margin improved to 41.64%, up 1.20 percentage points year-on-year, due to lower raw material costs and a higher sales proportion of mid-to-high-end products [3]. - The sales expense ratio decreased to 12.53%, down 0.29 percentage points year-on-year, indicating improved efficiency in expense allocation [3]. - The net profit margin reached 16.64%, an increase of 0.65 percentage points year-on-year [3]. Future Outlook - The company is expected to see improved profitability in 2025 due to low year-on-year comparisons and a favorable cost environment, with raw material costs projected to decline [4]. - The new management team, which completed its transition at the end of 2024, is anticipated to enhance operational efficiency [4]. - Profit forecasts for 2025-2027 are set at 4.846 billion, 5.171 billion, and 5.442 billion yuan respectively, with corresponding EPS of 3.55, 3.79, and 3.99 yuan [4].