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食品饮料行业周报：中报披露收官，关注旺季量价表现
Donghai Securities·2024-09-02 09:00

Investment Rating - The report rates the food and beverage industry as "Overweight" [3]. Core Views - The food and beverage sector showed resilience with a 1.62% increase last week, outperforming the CSI 300 index by 1.79 percentage points [9]. - The processed food sub-sector experienced the highest growth at 6.41% [9]. - The report highlights the performance of key companies, with Mogo Co., Jia Jia Food, and Baba Food leading in stock price increases [9]. Summary by Sections 1. Market Performance - The food and beverage sector ranked 19th among 31 primary sectors in the last week [9]. - The top five stocks in terms of growth were Mogo Co. (+31.94%), Jia Jia Food (+13.66%), Baba Food (+13.26%), New Dairy (+11.96%), and Ganyuan Food (+10.19%) [9]. - The top five decliners included Yangyuan Beverage (-12.04%), Ximai Food (-6.66%), Chengde Lulu (-6.19%), *ST Xifa (-4.79%), and Happy Home (-3.88%) [9]. 2. Key Company Updates - Wuliangye reported a 2024 H1 revenue of 50.648 billion yuan, up 11.3% year-on-year, with a net profit of 19.057 billion yuan, also up 11.86% [2]. - Qingdao Beer reported a 2024 H1 revenue of 20.068 billion yuan, down 7.06%, but net profit increased by 6.31% to 3.642 billion yuan [2]. - New Dairy achieved a revenue of 5.364 billion yuan in H1 2024, a 1.25% increase, with a net profit of 296 million yuan, up 25.26% [39]. 3. Industry Dynamics - The liquor industry is experiencing performance differentiation, with the overall growth rate slowing in Q2 2024 [2]. - The report notes that the white liquor sector is facing increased competition, but leading companies are expected to maintain strong market shares and profitability [2]. - The beer sector is benefiting from cost reductions in raw materials, which is expected to enhance profitability [2]. 4. Consumer Trends - The snack segment continues to grow rapidly, driven by new channels and product innovations [4]. - The dairy segment is seeing increased consumer demand for low-temperature fresh milk, indicating a shift towards healthier options [4].