消费行业月报：三季度茅台业绩稳健，零食相对景气，天猫双十一阶段性美妆榜单出炉

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [1]. Core Insights - The report highlights that the food and beverage industry has shown resilience, with key players like Guizhou Moutai reporting steady revenue growth. Moutai's revenue for the first three quarters of 2024 reached 120.776 billion yuan, a year-on-year increase of 16.95%, while net profit grew by 15.04% to 60.828 billion yuan [2][12]. - The report notes a positive trend in the snack sector, with leading companies such as Three Squirrels and Jinzai Foods performing well due to growth in bulk snack channels and improved supply chain efficiencies [2][16]. - The beer production in China saw a slight increase in September 2024, with a production volume of 2.904 million kiloliters, marking a year-on-year growth of 1.4% [20]. - The dairy sector experienced a production increase of 2.1% in September 2024, with total production reaching 2.746 million tons [23]. - The cosmetics sector showed mixed results, with a decline in retail sales for cosmetics in September 2024, down 4.5% year-on-year, which lagged behind the overall retail growth [25]. Summary by Sections 1. Market Review - In September 2024, the food and beverage industry rose by 24.65%, outperforming the CSI 300 index by 3.68 percentage points [8]. 2. Key Developments in Food and Beverage and Beauty Care 2.1 Guizhou Moutai's Q3 Performance - Moutai's Q3 revenue was 38.845 billion yuan, a 15.29% increase year-on-year, with net profit rising by 13.23% to 19.132 billion yuan [12]. 2.2 Tmall Double Eleven Sales - Tmall's pre-sale and early purchase rankings for beauty products showed that domestic brands like Proya maintained strong positions [13][15]. 2.3 Snack Companies' Performance - Major snack companies reported strong Q3 results, driven by favorable market conditions and cost efficiencies [16]. 3. Industry Data Tracking 3.1 Baijiu - Baijiu production in September 2024 was 363,000 kiloliters, a 9.9% decrease year-on-year [17]. 3.2 Beer - The average import price of barley decreased by 16.9% to 249.71 USD per ton [20]. 3.3 Dairy Products - The average price of fresh milk was 3.13 yuan per kilogram, down 16.1% year-on-year [23]. 3.4 Cosmetics - The retail sales of cosmetics in September 2024 were 32.9 billion yuan, reflecting a year-on-year decline [25].