食品饮料板块2024半年报总结：结构韧性，静待回暖

Investment Rating - The investment rating for the food and beverage sector is "Overweight" [2] Core Viewpoints - The food and beverage sector is experiencing pressure in Q2 2024, with marginal demand weakening and increasing differentiation among sub-sectors. However, beverages, liquor, and condiments show relative resilience, indicating structural opportunities within the sector [3][4]. Summary by Sections 1. Food and Beverage: Pressure Phase, Marginal Deceleration - The overall revenue for the food and beverage sector in Q2 2024 is 250 billion, with a year-on-year decrease of 0.2%, reflecting a decline in growth rate by 7.3 percentage points compared to the previous year. The net profit is 47.9 billion, showing a year-on-year increase of 10% [7][9]. 2. Sub-sectors 2.1. Liquor: Inventory Cycle Unfolding, Deceleration and Differentiation - In Q2 2024, liquor revenue increased by 11% and net profit by 12%. High-end liquor saw a revenue increase of 14% and profit increase of 13%. However, the growth rate has slowed compared to Q1 2024 [14][15]. 2.2. Beer: Price Increase Narrowing, Profitability Continues to Improve - The beer sector experienced a revenue decline of 2% and profit increase of 11% in Q2 2024. The sector is benefiting from structural upgrades and declining costs, leading to improved gross and net profit margins [4][7]. 2.3. Soft Drinks: Resilience Highlighted, Structural Prosperity - The soft drink segment continues to show resilience, with leading brands like Dongpeng maintaining rapid growth. The overall revenue for the soft drink sector decreased by 6% in Q2 2024, but profits increased by 6% [4][7]. 2.4. Frozen Foods: Short-term Growth Marginally Slowing, Anticipating Demand Recovery - The frozen food sector's revenue decreased by 1% and profit by 9% in Q2 2024, primarily due to weak recovery in downstream dining demand [4][7]. 2.5. Condiments: Steady Growth, Profit Improvement - The condiment sector showed significant improvement, with revenue increasing by 5% and net profit soaring by 242% in Q2 2024, aided by cost reductions and a low base effect [4][7]. 2.6. Dairy Products: Continued Pressure, Sequential Decline - The dairy sector faced challenges, with revenue down 14% and net profit down 44% in Q2 2024. However, the industry is expected to gradually improve as the peak season approaches [4][7]. 2.7. Meat Products: Revenue Under Pressure but Cost Advantages Significant - The meat product sector saw revenue decline by 8% while profit increased by 6% in Q2 2024, benefiting from significant cost reductions [4][7]. 2.8. Food Comprehensive: Marginal Growth Slowdown, Snacks Perform Better - The comprehensive food sector's revenue decreased by 4% and profit by 12% in Q2 2024, with snacks showing the strongest performance [4][7]. 2.9. Wine: Intensifying Competition, Weak Profitability - The wine sector is experiencing increased competition, leading to weaker profitability [4][7]. 2.10. Yellow Wine: Continued Double-Digit Revenue Growth - The yellow wine sector has maintained double-digit revenue growth [4][7]. 3. Positioning Analysis - The configuration ratio of the food and beverage sector decreased quarter-on-quarter in Q2 2024, indicating a shift in investment focus [6]. 4. Investment Recommendations - The report suggests focusing on structural opportunities within the food and beverage sector, particularly in undervalued segments [4][6].