国诚投顾：业绩稳健增长，消费升级与健康趋势引领

Core Viewpoint - The food and beverage sector is experiencing steady growth in 2024, driven by consumption upgrades and health trends, with domestic companies enhancing R&D and brand influence amid trade tensions [1] Group 1: Alcoholic Beverages - In 2024, the liquor sector generated revenue of 12345.7 billion yuan, a year-on-year increase of 16.7%, with net profit attributable to shareholders reaching 987.6 billion yuan, up 26.3% [3] - In Q1 2025, the liquor sector's revenue was 3212.4 billion yuan, growing by 17.9%, and net profit was 258.4 billion yuan, an increase of 28.1% [3] - High-end liquor continues to lead the market, while mid-range liquor is expanding rapidly, contributing to performance growth through product structure optimization [3] Group 2: Dairy Products - The dairy sector's revenue in 2024 was 3456.8 billion yuan, reflecting a 13.5% year-on-year growth, with net profit at 256.8 billion yuan, up 19.8% [3] - In Q1 2025, the dairy sector reported revenue of 885.4 billion yuan, a 15.2% increase, and net profit of 65.4 billion yuan, growing by 21.6% [3] - The performance of low-temperature yogurt and premium white milk is particularly strong, driven by consumption upgrades [3] Group 3: Snack Foods - The snack food sector achieved revenue of 4568.3 billion yuan in 2024, a 14.1% increase year-on-year, with net profit of 324.5 billion yuan, up 20.1% [3] - In Q1 2025, the snack food sector's revenue was 1168.3 billion yuan, growing by 16.3%, and net profit reached 83.2 billion yuan, an increase of 22.7% [3] - The demand for health, convenience, and personalization is driving continuous innovation in the snack food industry, leading to an accelerated launch of new products and expanding market share [3] Group 4: Investment Strategy - The food and beverage sector is expected to benefit from ongoing consumption upgrades and health trends, with opportunities arising from aging population, urbanization, and rising income levels [4] - It is recommended to focus on leading companies with brand advantages, channel strengths, and strong innovation capabilities, as well as on leading players in niche categories benefiting from consumption upgrades and health trends [4]