食品饮料行业周报：2024Q3白酒业绩环比降速，零食板块延续较好增长

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [1][24]. Core Insights - The food and beverage sector experienced a slowdown in performance in Q3 2024, with revenue growth of 1.28% and net profit growth of 2.26%, both showing a decline compared to Q2 2024 [1][24]. - Despite the current challenges, the report suggests that the worst phase for the sector has passed, and with strong consumption-promoting policies, demand is expected to gradually improve [1][24]. - The valuation levels of the sector are currently at historically low positions, indicating potential for recovery [1][24]. Summary by Sections Market Performance - From October 28 to November 1, the food and beverage index fell by 0.39%, outperforming the Shanghai Composite Index, which declined by 0.84% [9][24]. - Sub-sectors such as dairy (+5.67%), snacks (+2.66%), and meat products (+0.69%) showed positive growth, while health products (-3.97%) and soft drinks (-3.73%) faced declines [9][24]. Key Company Announcements - Wuliangye reported Q3 2024 revenue of 17.268 billion yuan, a year-on-year increase of 1.39%, and net profit of 5.874 billion yuan, also up 1.34% [22][25]. - Yili achieved Q3 2024 revenue of 29.037 billion yuan, down 6.66% year-on-year, but net profit increased by 8.53% to 3.337 billion yuan [23][26]. - The report highlights the strong performance of the snack sector, with revenue growth of 58.02% and net profit growth of 60.18% in Q3 2024 [26][27]. Price Fluctuations - The report notes significant price fluctuations in key products, such as the price of Feitian Moutai, which saw a decrease followed by a rebound in early November [14][24]. - The average price of fresh milk was reported at 3.13 yuan per kilogram as of October 25, 2024 [14][24]. Industry News - The report discusses the import and export trends in the liquor industry, noting a 23% decline in the import value of spirits in the first nine months of 2024 [21][24]. - Guizhou's liquor production increased by 8.3% in the first three quarters of 2024, reflecting a positive trend in the local industry [21][24].