食品饮料行业双周报：飞天批价企稳，关注景气细分

Investment Rating - The food and beverage industry is rated as "Overweight" (maintained) [2] Core Insights - The SW food and beverage industry index fell by 6.63% from June 17 to June 28, 2024, underperforming the CSI 300 index by approximately 4.38 percentage points [8][9] - All sub-sectors within the industry underperformed the CSI 300 index during the same period, with the pre-processed food sector experiencing the largest decline of 8.33% [9] - Approximately 2% of stocks in the industry recorded positive returns, with notable performers including Hainan Coconut Island (+8.69%) and Yuan Ancestors (+0.47%) [11] - The overall industry PE (TTM) is approximately 20.87 times, which is below the five-year average of 37.76 times [14] Summary by Sections Market Review - The SW food and beverage industry index fell by 6.63%, ranking 27th among Shenwan's primary industries [8] - All sub-sectors underperformed the CSI 300 index, with declines ranging from 4.82% in soft drinks to 8.33% in pre-processed foods [9] - Only about 2% of stocks recorded positive returns, with significant declines seen in companies like Shede Spirits (-18.13%) and Mogo Co. (-16.03%) [11] Industry Data Tracking - Baijiu Sector: The price of Feitian Baijiu was 2290 RMB/bottle, down 10 RMB from June 14, while the price of Pu'er Baijiu decreased to 955 RMB/bottle [17] - Condiments Sector: Prices for soybeans and sugar decreased, with soybean prices at 4549.30 RMB/ton, down 0.83% month-on-month [20] - Beer Sector: Barley prices increased to 2217.50 RMB/ton, while aluminum prices decreased to 19960.00 RMB/ton [24] - Dairy Sector: Fresh milk prices fell to 3.29 RMB/kg, down 0.01 RMB/kg from June 14 [28] - Meat Products Sector: Pork prices averaged 24.21 RMB/kg, down 0.61 RMB/kg from June 14 [30] Industry News - The beverage manufacturing sector grew by 5.1% in May 2024 [32] - JD.com reported over 30% growth in liquor sales during the 618 shopping festival [33] - As of June 2024, there are 186,500 existing liquor-related enterprises in China [34] Company Announcements - Luzhou Laojiao: Announced the completion of a share buyback plan, acquiring 1,140,200 shares [37] - Zhongju High-tech: Announced a business transformation to focus on the condiment sector [37] Industry Outlook - The report emphasizes the stabilization of Feitian Baijiu prices and suggests monitoring sales, inventory, and pricing indicators as the industry approaches the third quarter [40] - Key stocks to watch include Guizhou Moutai (600519), Luzhou Laojiao (000568), and Yanjing Beer (000729) due to their strong market positions and growth potential [41][42]