食品饮料周思考（第35周）：食品饮料半年报分化，关注分红提升和成本拐点

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1]. Core Insights - The food and beverage sector is experiencing a divergence in performance, with a focus on increasing dividends and identifying cost inflection points [3]. - Key companies such as Wuliangye and Shanxi Fenjiu show robust revenue growth, while others like Qingdao Beer face challenges in volume and pricing [5][6]. Summary by Relevant Sections Company Performance - Wuliangye: In H1 2024, the company achieved total revenue of 50.648 billion yuan, a year-on-year increase of 11.30%, and a net profit of 19.057 billion yuan, up 11.86%. The second quarter saw revenue of 15.815 billion yuan, a 10.08% increase, and a net profit of 5.012 billion yuan, up 11.50% [3]. - Shanxi Fenjiu: The company reported H1 2024 revenue of 22.746 billion yuan, a 19.65% increase, with a net profit of 8.410 billion yuan, up 24.27%. The second quarter revenue was 7.408 billion yuan, a 17.06% increase, but net profit growth was lower than expected [5][6]. - Qingdao Beer: In H1 2024, the company reported revenue of 20.068 billion yuan, a decrease of 7.06%, while net profit increased by 6.31% to 3.642 billion yuan. The second quarter saw a revenue decline of 8.89% [5][6]. Market Trends - The report highlights a strong demand for high-end liquor products, with Wuliangye's product revenue increasing by 11.45% in H1 2024. Other liquor products also showed significant growth [3]. - The beer segment is facing pressure with declining sales volumes, particularly in high-end products, while cost reductions are expected to improve margins in the future [5][6]. Strategic Recommendations - The report recommends focusing on companies with strong growth potential and solid financial performance, such as Wuliangye and Shanxi Fenjiu, while being cautious with companies like Qingdao Beer that are experiencing volume and pricing pressures [3][5][6].