食品饮料行业2024年中报总结：行业调整蓄势，业绩韧性强

Investment Rating - The report maintains a "Buy" recommendation for the food and beverage industry [1]. Core Insights - The food and beverage industry experienced a 14% revenue growth in H1 2024, with soft drinks, snacks, and liquor leading the performance [2][3]. - The total revenue for the food and beverage industry in H1 2024 reached 554.376 billion, a year-on-year increase of 3.63%, while net profit attributable to shareholders was 128.302 billion, up 13.95% year-on-year [2][14]. - In Q2 2024, the industry saw a slight revenue decline of 0.11% year-on-year, but net profit increased by 10.62% [2][14]. Summary by Sections 1. Food and Beverage Industry - H1 2024 revenue growth was driven by soft drinks (+14.38%), snacks (+16.22%), and liquor (+13.07%), all achieving double-digit growth in both revenue and net profit [2][14]. - The industry maintained a gross margin of 53.04%, an increase of 3.03 percentage points year-on-year [25]. 2. Liquor Sector - The liquor sector reported a total revenue of 243.594 billion in H1 2024, with a year-on-year growth of 13.07% and a net profit of 95.682 billion, up 14.31% [27][30]. - Q2 2024 saw a revenue increase of 10.57% year-on-year, maintaining double-digit growth despite seasonal fluctuations [27][30]. 3. Dairy Sector - The dairy sector faced challenges with a revenue decline of 9.16% due to high inventory levels, but benefited from falling milk prices, resulting in a smaller decline in net profit [2][14]. 4. Meat Products Sector - The meat products sector experienced a revenue drop of 8.18%, but net profit increased by 11.31% due to rising pork prices in H1 2024 [2][14]. 5. Beer Sector - The beer sector's revenue decreased by 1.23%, but net profit rose by 14.37% due to cost improvements [2][14]. 6. Snack Sector - The snack sector achieved a revenue growth of 16.22% and a net profit increase of 25.26% in H1 2024, indicating strong market performance [2][14]. 7. Health Products Sector - The health products sector faced a revenue decline of 4.70% and a significant net profit drop of 33.89% due to intensified online competition and increased investment costs [2][14]. 8. Other Alcoholic Beverages - Other alcoholic beverages saw a revenue decline of 2.62% and a net profit drop of 10.58% [2][14].