海外软饮与食品行业2024年中报业绩综述：饮品驱动收入增长，无糖化引领产品升级

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry, specifically recommending stocks of Kang Shifu Holdings (00322.HK), Uni-President Enterprises China (00220.HK), and Wei Long Delicious (09985.HK) for their stable growth and high dividend yields [1]. Core Insights - The beverage sector is driving revenue growth, with a notable shift towards sugar-free products leading to product upgrades. The demand for health-conscious options is a consistent market trend [1][27]. - The report highlights that major companies are expanding their product matrices with a focus on sugar-free and health-oriented offerings, which are expected to see robust growth due to changing consumer preferences [1][27]. Summary by Sections 1. Revenue Performance - In H1 2024, Kang Shifu's instant noodle revenue was 13.81 billion yuan, a slight decrease of 1.0% year-on-year, while Uni-President's revenue increased by 0.9% to 4.95 billion yuan [5]. - The beverage business showed strong growth, with Nongfu Spring's soft drink revenue reaching 13.64 billion yuan, up 36.1% year-on-year, although the growth rate decreased by 2.1 percentage points [5]. - Wei Long Delicious reported a revenue of 2.94 billion yuan, a 26.3% increase, with vegetable products growing by 56.6% [5]. 2. Cost and Gross Margin - The average price of PET in H1 2024 was 7,230 yuan/ton, down 3.3% from H1 2023. Palm oil prices increased by 1.9% to 7,850.3 yuan/ton, while white sugar prices rose by 1.4% to 6,431.6 yuan/ton [8]. - Gross margins improved for most companies, with Kang Shifu at 32.6%, Nongfu Spring at 58.8%, Uni-President at 33.8%, and Wei Long at 49.8%, reflecting a year-on-year increase for all except Nongfu Spring [9]. 3. Product Structure - Companies are focusing on health-oriented products, with Kang Shifu launching sugar-free teas and Uni-President introducing new NFC fruit juices. Nongfu Spring is expanding its pure water offerings and introducing new flavors [13][14]. - Wei Long Delicious is innovating with new flavors in its product line, enhancing its appeal to younger consumers [14]. 4. Outlook for H2 2024 - The report anticipates steady revenue growth driven by product upgrades and a shift towards high-margin products. The demand for sugar-free beverages is expected to rise, supported by a recovery in consumer spending [27]. - Cost pressures may ease in the latter half of the year, with potential for further profit recovery if raw material prices continue to decline [30]. 5. Investment Recommendations - The report suggests focusing on Kang Shifu Holdings, Uni-President Enterprises China, and Wei Long Delicious for their strong growth potential and attractive valuations [35][36].