食品饮料行业2024年中报综述白酒篇：行业增速略降，整体韧性仍强

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The white liquor industry achieved a revenue of 237 billion yuan in H1 2024, representing a year-on-year growth of 14.07%. The revenue growth rates for Q1 and Q2 of 2024 were 15.37% and 12.05%, respectively. The net profit attributable to shareholders for H1 2024 was 95.3 billion yuan, with a year-on-year change of 13.9% [4][12][13] - Despite slight declines in growth rates due to demand fluctuations, the overall resilience of the industry remains strong [4][12] Summary by Sections Industry Growth - The white liquor industry maintained double-digit growth in both revenue and profit, with H1 2024 revenue at 237 billion yuan and net profit at 95.3 billion yuan, reflecting year-on-year growth rates of 14.07% and 13.9%, respectively [4][12][13] - The industry has shown a recovery trend since 2014, with significant growth following the downturn in 2013-2014 [12][13] Profitability - The gross profit margin for the white liquor industry in H1 2024 was 82.45%, an increase of 0.37 percentage points year-on-year. The net profit margin was 40.2%, showing a slight decrease of 0.06 percentage points year-on-year [6][24] - The industry has seen a consistent improvement in profitability since 2015, with net profit margins recovering significantly from previous lows [24][25] Cash Flow - The operating cash flow for the white liquor industry showed a positive trend, with a net cash inflow of 304.77 billion yuan in Q1 2024, reflecting a year-on-year increase of 15.18% [27][28] Asset Status - As of Q2 2024, the industry reported pre-receivables of 37.79 billion yuan, a year-on-year increase of 11%. The cash and cash equivalents stood at 290.2 billion yuan, indicating a stable financial position [29][30] Market Dynamics - The high-end segment of the market showed robust performance, with revenue growth rates of 15% for high-end products, while other segments experienced varying degrees of growth [5][17] - The concentration of market share among leading companies continues to increase, with a notable trend of smaller companies exiting the market [7][12] Recommendations - The report suggests focusing on investment opportunities in high-end liquor brands such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as next-tier brands like Shanxi Fenjiu and Zhenjiu Lidu [7][12]