食品饮料2024年中期策略：大浪再淘沙，价值再定位

Group 1: Alcohol Industry Insights - The high-end liquor sector is experiencing a slowdown in growth, with a focus on quality over speed and inventory pressure, indicating a shift towards sustainable development[11] - Major liquor companies are enhancing shareholder returns, with Guizhou Moutai's dividend rate at 90.2% and a dividend yield of 3.05%[14] - Shanxi Fenjiu aims for a 20% revenue growth in 2024, focusing on marketing, brand upgrades, and product quality improvements[16] Group 2: Beer Market Trends - The beer industry is witnessing a shift from low-end to mid and high-end products, with a notable slowdown in high-end growth due to external consumption pressures[22] - Qingdao Beer is expected to improve sales growth in the second half of 2024, supported by increased marketing investments and a solid mid-high-end product base[27] - Chongqing Beer maintains a leading dividend yield in the industry, averaging 100% over 2022-2023, indicating strong financial health[43] Group 3: Snack Food Sector Performance - The snack food sector reported a revenue growth of 27.9% and profit growth of 22.0% in Q1 2024, despite a slight slowdown expected in Q2 due to seasonal factors[48] - The number of snack stores has surpassed 33,000, with companies leveraging product diversity to achieve horizontal growth in the market[73] - Companies like Jianzi Foods and Good Want You are expanding their product lines and channel strategies, contributing to revenue growth exceeding 300 million and 200 million respectively in 2023[52] Group 4: Beverage Industry Dynamics - The soft drink sector is benefiting from cost reductions, with raw material prices for sugar and packaging materials showing a downward trend[44] - The overall valuation of the soft drink sector has declined, with most stocks falling below the 30% percentile since 2017, indicating potential investment opportunities[29]