食品饮料行业定期报告：预期强改善，修复可持续

Investment Rating - The industry is rated as "Strongly Outperforming the Market" [5] Core Viewpoints - The report highlights a strong improvement and sustainable recovery in the food and beverage industry, with specific recommendations across various segments [2][5] - The report emphasizes the importance of individual company performance over sector-wide trends, suggesting a selective investment approach [12][14] Summary by Relevant Sections Baijiu (Chinese Liquor) - The current SW PE for Baijiu is 21.17X, which is at the 5.5% percentile of the past five years, indicating strong value [8] - Recommended stocks include Wuliangye, Luzhou Laojiao, Kweichow Moutai, Shede Liquor, Shanxi Fenjiu, and Gujing Gongjiu [8] Dairy Products - The average price of fresh milk in major production areas is 3.14 RMB/kg, remaining stable [9] - Recommended focus on Yili Group for its profit-oriented strategy and product structure optimization [11] Beer Industry - The beer sector has seen a price increase, with Qingdao Beer and Yanjing Beer highlighted as key recommendations [11] - The report anticipates stable beer sales in 2024, with growth driven by premiumization [11] Soft Drinks - The report suggests focusing on companies with strong recovery potential, such as Huanle Jia and Yangyuan Beverage [14] - It emphasizes the importance of selecting companies with high growth potential in the beverage sector [12] Ready-to-Drink Alcohol - The report sees potential for growth in the ready-to-drink alcohol sector, particularly for Baijun Co., which is recommended for its favorable PE ratio [15] Snack Foods - The snack food industry is benefiting from channel innovations, particularly in online and discount retail [16] - Recommended companies include Qiaqia Food and Jianzi Food for their strong performance and growth potential [18] Seasoning & Food Supply - The report recommends Angel Yeast for its strong domestic demand and overseas growth potential [22] - It also highlights the resilience of Anjiexin Foods in the food supply chain [22] Bakery Supply Chain - Recommended stocks include Huirong Technology for its overseas expansion and growth potential [23] - The report notes a structural recovery in the baking sector driven by demand for fresh baked goods [23] Sugar Alternatives - The report suggests focusing on companies like Rhein Biotech and Huan Kang for their strong performance in the sugar alternatives market [26] Restaurant Industry - The restaurant sector is showing signs of recovery, with companies like Haidilao and Jiumaojiu recommended for their strong performance [30] - The report notes a significant increase in restaurant revenue, indicating a robust recovery [30] Pet Industry - The pet food export market is experiencing significant growth, with companies like Zhongchong Co. recommended for their strong performance [32] - The domestic pet market is stabilizing, with a focus on brand optimization and cost efficiency [34]