食品饮料行业2024年三季报综述：卸下包袱，迎接新程

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, emphasizing the need to "unload burdens and welcome a new journey" [1]. Core Insights - The white liquor sector is under pressure, with external demand weakening and a notable decline in revenue and profit growth when excluding Moutai. The overall revenue and profit for the white liquor sector in Q3 increased by 1.1% and 2.2% year-on-year, respectively, but would show declines of 6.8% and 8.0% when Moutai is excluded [1][10]. - The consumer goods sector, particularly dairy, condiments, and yeast, is showing signs of improvement as leading companies adjust their strategies. The overall revenue and profit for representative consumer goods companies in Q3 increased by 0.7% and 7.4% year-on-year, respectively [2][10]. Summary by Sections 1. Q3 2024 Summary: White Liquor Unloading Burdens, Consumer Goods Leaders Improving - White liquor performance is in line with expectations, but profit pressures are evident. The total revenue for listed liquor companies in Q1-Q3 reached 337.37 billion, with a year-on-year increase of 9.7%, while net profit was 131.75 billion, up 10.8% [10]. - The consumer goods sector is experiencing continued demand pressure, but leading companies like Yili and Haitian are seeing marginal improvements after strategic adjustments [2][10]. 2. Investment Recommendations: Unload Burdens, Welcome New Journey - The report suggests that the current environment presents a value layout window for leading food and beverage companies, with a focus on those showing operational certainty and early signs of stabilization [3]. - Specific recommendations include prioritizing leading brands in the white liquor sector such as Moutai and Wuliangye, and in the consumer goods sector, focusing on dairy companies like Yili and Mengniu [3][10].