食品饮料行业点评：5月社零同比+3.7%，餐饮收入环比提升
Yong Xing Zheng Quan·2024-06-23 05:00

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Insights - In May 2024, the total retail sales of consumer goods reached 39,211 billion yuan, with a year-on-year increase of 3.7%. Excluding automobiles, the retail sales amounted to 35,336 billion yuan, up 4.7% year-on-year [1] - The total retail sales from January to May 2024 were 195,237 billion yuan, reflecting a year-on-year growth of 4.1%, with non-automobile retail sales at 176,707 billion yuan, up 4.4% [1] - The beverage category showed a year-on-year growth of 6.5% in May, while the food and oil category grew by 9.3% and the tobacco and alcohol category by 7.7% [1] - The restaurant income in May 2024 was 4,274 billion yuan, a year-on-year increase of 5.0%, with a significant recovery trend observed [1] Summary by Sections Retail Sales Performance - In May 2024, the retail sales growth rate improved compared to April, with a total retail sales year-on-year increase of 3.7%, and a month-on-month increase of 1.4 percentage points [1] - The retail sales growth for the beverage category continued to rise, indicating strong consumer demand, particularly during the May Day holiday [1] Restaurant Sector Recovery - The restaurant sector continued its recovery, with online food sales showing robust growth, achieving a year-on-year increase of 19.6% from January to May 2024 [1] - The restaurant income for the first five months of 2024 was 21,634 billion yuan, reflecting a year-on-year growth of 8.4% [1] Investment Recommendations - The report suggests that the recovery in the restaurant sector is ongoing, with significant potential for growth throughout the year. It recommends focusing on supply chain opportunities within the restaurant industry [1] - For beverage consumption, the report highlights the resilience of demand and suggests attention to companies with strong channel layouts and brand advantages, recommending specific companies such as Anjiu Food, Dongpeng Beverage, and Qianwei Central Kitchen [1]