食品饮料行业周专题：中报延续分化节奏，聚焦韧性与成长

Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai and Wuliangye, and an "Increase" rating for several other companies including Jinsiyuan and Shanxi Fenjiu [2][8][9]. Core Viewpoints - The white liquor industry has shown a "hot then cold" trend in the first half of 2024, with revenue growth of 14.09% year-on-year and net profit growth of 13.87% [6][7]. - High-end liquor maintains stable growth, while mid-range and regional liquor show significant deceleration [6][7]. - The beer sector faces sales pressure but shows strong gross profit performance, with a revenue decline of 1.34% year-on-year but a net profit increase of 11.78% [7][8]. - The overall food and beverage sector is recommended to focus on companies with high earnings certainty and potential for steady dividend increases [8]. Summary by Sections 1. Industry Overview - The white liquor sector experienced a strong demand during the Spring Festival, followed by a slowdown influenced by high base effects from the previous year [6]. - Revenue for high-end liquor grew by 15.84% in Q1 and 14.24% in Q2, while mid-range liquor saw a decline in growth rates [6][7]. 2. Key Recommendations - Recommended companies include Guizhou Moutai and Wuliangye for their strong brand power, and Jinsiyuan and Shanxi Fenjiu for their market share growth potential [8][9]. - In the beer sector, Qingdao Beer, Yanjing Beer, and Zhujiang Beer are highlighted for their resilient performance [8][9]. 3. Market Performance - The food and beverage index has decreased by 22.30% year-to-date, underperforming the CSI 300 index by 16.48 percentage points [10][19]. - The beer segment is expected to see profit acceleration in Q3 2024 due to cost elasticity and mid-range upgrades [7][10]. 4. Macro and Industry Data - In July 2024, the CPI rose by 0.5%, with food and beverage categories showing varied performance [21][24]. - The disposable income and consumption expenditure of urban residents grew by 4.6% and 6.1% respectively in Q2 2024 [21][24].