食品饮料行业 行业研究 | 行业周报 食品饮料：论原料、涨价与上游 风险提示：食品安全、产业政策调整、管理层更替、原料价格上行不及预期。 国家/地区 中国 行业 食品饮料行业 报告发布日期 2026 年 03 月 08 日 食品饮料行业周报 核心观点 投资建议与投资标的 投资建议：先上游，再下游。 上游主线一：农产品加工。1）泛糖加工：推荐中粮糖业(600737，买入)、相关标的冠农 股份(600251，未评级)；2）果汁加工：相关标的安德利(605198，未评级)、安德利果汁 (02218，未评级)；3）牧业：推荐优然牧业(09858，买入)、相关标的现代牧业(01117， 未评级)； 上游主线二：食品原料供应商。生物提取：相关标的华宝国际(00336，未评级)、晨光生 物(300138，未评级)、阜丰集团(00546，未评级)；2）功能糖：相关标的华康股份 (605077，未评级)、保龄宝(002286，未评级)、百龙创园(605016，未评级)、三元生物 (301206，未评级)； 下游主线：1）白酒，推荐山西汾酒(600809，买入)、贵州茅台(600519，买入)、今世缘 (603369，买入)、舍 ...

Core Insights - The company has established a clear strategic direction with strong implementation certainty, focusing on three main business divisions: spicy, healthy protein, and sweet products, effectively aligning with current market trends [4] - The core product, konjac, has shown significant sales performance, surpassing previous highs, indicating sustained category momentum [4] - The company has developed a mature methodology for nurturing single products, which supports future channel expansion [4] Product Development - In March 2026, the company launched a new product, "high-protein cod fish roll," in the Sam's Club system, showcasing its strong product development capabilities and extending its "healthy protein" product strategy [5] - The company has successfully introduced three SKUs in the Sam's Club system, with previous products achieving monthly sales exceeding ten million, providing stable revenue and profit sources [5] Cost and Profitability - In 2025, the company faced cost pressures due to rising raw material prices for konjac, but the gross margin for konjac remains higher than the overall company average, which is expected to enhance profitability as its revenue share increases [6] - Anticipated cost reductions for konjac in 2026, combined with an increase in its revenue share, are expected to boost overall gross margins [6] - Despite expected increases in necessary expenses to enhance brand visibility for konjac, previous strategic adjustments and cost optimizations are expected to stabilize net profit margins in 2026 [7]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has a clear strategic direction with strong execution certainty, having established three distinct business units: spicy, healthy protein, and sweet products. The spicy product line, particularly the konjac products, has shown significant sales growth, indicating sustained category momentum [1] - The introduction of new products in membership store channels, such as the "high-protein cod fish roll," demonstrates the company's strong product development capabilities and aligns with its healthy protein strategy. The performance of existing products in these channels has been robust, contributing to stable revenue streams [2] - A decrease in raw material costs and optimization of expenses are expected to enhance profitability. Despite anticipated increases in necessary expenses for brand promotion, the overall net profit margin is projected to remain stable or improve due to the rising contribution of high-margin products [3] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 4,115 million, 5,304 million, 5,891 million, 6,777 million, and 7,786 million, respectively, with growth rates of 42.22%, 28.89%, 11.07%, 15.04%, and 14.89% [4] - The forecasted net profit for the same period is 506 million, 640 million, 787 million, 900 million, and 1,060 million, with growth rates of 67.76%, 26.53%, 23.04%, 14.32%, and 17.77% [4] - The earnings per share (EPS) are projected to be 2.58, 2.35, 2.89, 3.30, and 3.89 for the years 2023 to 2027, respectively [4]

近期股价调整我们认为系"资金调整"为主，公司势能稳健，"魔芋"和"定量渠道"延续高增，Q2有望逐步走出线上基 数阴霾，当前位置已显现 近期跟踪：1-2月线下增长超20%，其中魔芋品类延续高双位数增长，定量装为主要增长渠道，电商高基数压力 预计在4-5月迎来改善。 全年规划：26年预计收入/利润同比+15%以上/增速快于收入，分渠道增量主要靠 分品类主要靠#魔芋+鹌鹑蛋 +豆制品，其中魔芋全年含税目标30亿+，维持高景气；26H2预计魔芋成本下降20%+、27年利润弹性可期。 观点：目前股价进入击球区，Q2收入有望加速。 参考公司股权激励目标26-28年经营净利润为8.5/10/12.5亿元，利润CAGR+20%以上，当前市值对应PE为 19/16/13x，分红60%情况下股息率约3%+。 【广发食品】盐津铺子更新20260305 近期股价调整我们认为系"资金调整"为主，公司势能稳健，"魔芋"和"定量渠道"延续高增，Q2有望逐步走出线上基 数阴霾，当前位置已显现 近期跟踪：1-2月线下增长超20%，其中魔芋品类延续高双位数增长，定量装为主要增长渠道，电商高基数压力 预计在4-5月迎来改善。 全年规划：26年预计 ...

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, indicating an expected investment return exceeding the market benchmark by over 15% in the next 6-12 months [9]. Core Insights - The report highlights that the government's focus on economic growth, job creation, and consumer price stability is expected to stabilize and expand valuations in the food and beverage sector [2][3]. - The white liquor segment is recommended due to anticipated improvements in wealth effects from stable real estate prices and government initiatives aimed at increasing income for low-income groups [3]. - The frozen food sector is favored as the pricing logic is expected to improve under the "re-inflation" theme, with a shift towards new product-driven growth models reducing price competition [4]. - The report suggests that the dairy sector, particularly liquid milk, is expected to stabilize, with supply-side constraints and rational business goals leading to a more balanced supply-demand scenario in the latter half of 2026 [4]. Summary by Relevant Sections White Liquor - The report continues to recommend investment in the white liquor sector, with expectations of valuation stabilization and expansion driven by improved consumer wealth effects and government income initiatives [3]. - The performance during the Spring Festival showed better-than-expected sales, although pressure remains in the mid-price range [3]. Frozen Food - The frozen food segment is highlighted as a primary investment focus, with improved pricing logic and a recovery in consumer demand confirmed by positive sales feedback from leading companies [4]. - The competitive landscape has improved, with companies shifting from price competition to innovation-driven growth [4]. Snack Foods - Despite reduced channel benefits, strong individual products continue to perform well, and companies with remaining category advantages are recommended for investment [4]. Dairy Products - The report expresses optimism regarding the dairy sector, particularly in the context of the aging population, with supply-side constraints and a more rational approach to business goals expected to lead to a balanced supply-demand situation [4]. Key Company Recommendations - The report recommends high-end liquor from Guizhou Moutai, frozen food leaders like Anjijia and Sanquan Foods, and the snack food company Yanjinpuzi, as well as dairy leader Yili Group, which is expected to stabilize its liquid milk business while growing its non-liquid milk segment [5].

现存的问题包括，其一，中国农民的保障水平偏低。中央城乡居民基础养老金标准虽然经过了7次上调，2025年仍然只有143元/月/人；同时，2025 年，全国城乡居民的月均养老金也仅为287元，远低于城镇职工养老保险月均3498元的待遇水平，多数农业大省基础养老金标准维持在每月100— 150元，仅能覆盖基础粮油支出，难以满足农村老人基本生活需求。 其二，区域失衡严重。东西部地区基础养老金标准差距达6.2倍，上海基础养老金每月高达1555元，而甘肃仅为249元，区域养老保障能力差异显著。 其三，资金供给可持续性不足。2023年社保基金投资收益实际收益率为3.1%，低于7.3%的历史均值，云南、黑龙江等省份已出现基金收不抵支的情 况。 借鉴国际成熟经验 "国资兜底、高龄差异化补贴" 全国人大代表、盐津铺子食品股份有限公司董事长张学武建 议，"通过国资收益合理偿还农民的历史贡献，又以专项税拓 宽稳定资金来源"等方式，从2026年到2030年，逐步将中国 农民的养老金，提高至每人月均1000元的水平。 作者：李微敖 封图：受访者供图 2026年3月4日，在全国两会召开之际，全国人大代表、盐津铺子食品股份有限公司（0028 ...

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, indicating an expected return that is stronger than the market benchmark by over 15% [4][9]. Core Views - The report emphasizes a recovery in the food and beverage sector, highlighting a clear trend of recovery starting from the upstream to the downstream [9]. - It identifies three main lines of investment opportunities: upstream agricultural processing, food raw material suppliers, and downstream sectors such as liquor and restaurant supply chains [4][9]. - The report notes that the recovery is characterized by rigid consumption volume and price pressure, with upstream companies having stronger bargaining power compared to downstream [9]. Summary by Relevant Sections Upstream Focus - Agricultural Processing: - Sugar processing is recommended with companies like COFCO Sugar (600737, Buy) and related stocks such as Crown Agricultural (600251, Not Rated) [4]. - Juice processing is highlighted with recommendations for Andeli (605198, Not Rated) and Andeli Juice (02218, Not Rated) [4]. - Livestock is also a focus, recommending Youran Dairy (09858, Buy) and mentioning Modern Farming (01117, Not Rated) [4]. - Food Raw Material Suppliers: - Biotech extraction is recommended with Angel Yeast (600298, Buy) and Bairun (002568, Buy), with related stocks like Morning Light Bio (300138, Not Rated) [4]. - Functional sugars are noted with related stocks such as Huakang (605077, Not Rated) and Baolingbao (002286, Not Rated) [4]. Downstream Focus - Liquor: - Recommended stocks include Shanxi Fenjiu (600809, Buy), Kweichow Moutai (600519, Buy), and Jiansi Yuan (603369, Buy) [4]. - Restaurant Supply Chain and Beer: - Focus on performance confirmation post valuation increase, recommending Yihai International (01579, Buy) and mentioning related stocks like Guoquan (02517, Not Rated) [4]. - Beverages and Snacks: - Emphasis on performance certainty, recommending Yanjinpuzi (002847, Buy) and Qiaqia Food (002557, Buy) [4]. - Health Products: - Noted for valuation ahead of trends, with related stocks like H&H International Holdings (01112, Not Rated) [4].

Investment Rating - The report maintains a positive outlook on the current white liquor sector, suggesting it has configuration value and a favorable win rate under low expectations [2][11] Core Insights - The overall sales performance of white liquor during the Spring Festival met market expectations, with a projected year-on-year decline in total channel sales of 10-15%. Notably, the price of Feitian Moutai remained stable, and there were signs of replenishment for some mass-market products [1][10] - The report indicates that the white liquor industry is currently in a price stabilization phase, with companies actively working on inventory reduction. The strong sales performance of Feitian Moutai during the Spring Festival has helped stabilize market expectations and ease industry pressures [1][10] - The report highlights a gradual transition towards a bottoming phase for the white liquor industry, with expectations of improved consumer sentiment and spending as macroeconomic policies evolve [2][11] Summary by Sections White Liquor - The report suggests that the white liquor sector is experiencing a stabilization in pricing, with Feitian Moutai's current price around 1690 RMB, showing a slight decline [1][10] - Recommendations include focusing on high-end brands with strong market positions, such as Guizhou Moutai and Wuliangye, as well as regional leaders benefiting from robust demand [2][11] Beer - The beer sector is showing signs of recovery in on-premise consumption, with companies expanding into non-drink channels and diversifying their product offerings. The report suggests continued attention to beer companies due to their solid performance and dividend levels [2][11] Yellow Wine - The yellow wine industry is witnessing price increases among leading brands, indicating a potential for improved competitive dynamics. The report notes the importance of marketing and product innovation to attract younger consumers [2][12] Snacks - The snack sector is expected to maintain high growth due to strong sales during the Spring Festival, with recommendations for companies like Wancheng Group and Weilian Meishi, which are well-positioned for growth in Q1 [3][13] Soft Drinks - The soft drink sector is entering a sales lull, facing challenges from the rise of ready-to-drink tea beverages. However, the report remains optimistic about brands like Dongpeng Beverage and Nongfu Spring, which have strong brand potential [3][13] Condiments - The condiment sector is currently stabilizing after a challenging period, with recommendations for companies like Angel Yeast and Qianhe Flavor, which are expected to benefit from improving fundamentals and dividend yields [3][14]

盐津铺子食品股份有限公司 关于2025年限制性股票授予登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 证券代码：002847 证券简称：盐津铺子 公告编号：2026-009 司本次限制性股票激励计划有利于公司的持续发展，有利于对核心人才形成长效 激励机制，不存在损害公司及全体股东尤其是中小股东利益的情形，同意公司实 施本次激励计划。 2.2025 年 12 月 18 日至 2025 年 12 月 28 日，公司对 2025 年限制性股票激励 计划激励对象的姓名和职务通过公司内网进行公示，公示期间，董事会薪酬与考 核委员会收到 1 名员工对本次授予的 1 名激励对象提出问询，经公司核查后向当 事人解释说明，当事人已对该名员工的股权激励资格无异议；除此之外，没有其 他员工对本次授予激励对象名单提出任何异议。2025 年 12 月 30 日，公司披露 《董事会薪酬与考核委员会关于 2025 年限制性股票激励计划激励对象名单的审 3.2026 年 1 月 6 日，公司召开 2026 年第一次临时股东会，审议通过了《关 于公司<2025 ...

Group 1 - The Hunan Province held a conference to promote the development of the private economy, awarding 100 outstanding private entrepreneurs for their contributions to regional economic growth and the construction of a modern industrial system [1][2] - Notable recipients include leaders from over 20 listed companies, showcasing the vitality and potential of the private economy in Hunan [1] - Key figures from companies such as SANY Heavy Industry, Lens Technology, Aier Eye Hospital, and others were recognized, representing various advantageous industrial sectors including engineering machinery, consumer manufacturing, biomedicine, and new energy technology [1][2] Group 2 - Executives from several listed companies' subsidiaries also received awards, highlighting the collaborative development within Hunan's industrial chain [2] - Entrepreneurs at critical stages of the IPO process were also honored, indicating the effective cultivation of Hunan's private economic tier [2] - The awarded entrepreneurs span key industries such as engineering machinery, green agricultural products, biomedicine, and advanced materials, playing a crucial role in transforming traditional industries and fostering new emerging sectors [2]