非酒类食品饮料月度专题：24Q3业绩总结：需求压力仍存，成本红利延续

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [4] Core Insights - The food and beverage sector is experiencing demand pressure, but cost benefits continue to be realized. In Q3 2024, the non-alcoholic food and beverage segment reported a revenue decline of 4.0% year-on-year, while the net profit attributable to the parent company increased by 6.1% year-on-year. The revenue decline is narrowing compared to previous quarters, and profit growth is supported by cost reductions and inventory adjustments [1][10] Summary by Sections Q3 2024 Performance Summary - The non-alcoholic segment's revenue and net profit showed a year-on-year decline of 4.0% and an increase of 6.1%, respectively. The overall revenue decline is less severe than in previous quarters, while profits benefit from cost reductions and improved inventory management [1][10] - Sub-segments such as condiments, soft drinks, and snacks show resilience, with soft drinks achieving a revenue growth of 16.8% and a net profit growth of 22.9% in Q3 2024, driven by strong outdoor consumption and cost benefits [1][10] - Snacks reported a revenue increase of 6.3% and a net profit increase of 20.2%, benefiting from strategic positioning in niche categories and channel advantages [1][10] - Condiments saw a revenue growth of 6.6% and a net profit growth of 14.2%, aided by inventory adjustments and declining raw material costs [1][10] - Dairy products faced a revenue decline of 6.3% but a net profit increase of 13.5%, supported by favorable raw milk prices and stabilization of pricing strategies [1][10] Fundamental Tracking - In October 2024, most raw material prices continued to decline, with packaging materials like PET and cardboard down by 10.2% and 8.6% year-on-year, respectively. Sugar and soybean prices also saw significant declines of 10.6% and 16.3% year-on-year [2] Market Tracking - As of October 31, 2024, the food and beverage sector experienced a decline of 9.4%, ranking last among 31 sub-sectors. The snack segment saw a rise of 4.2%, while soft drinks, dairy, and condiments experienced smaller declines of -1.3%, -3.0%, and -4.1%, respectively [2] Investment Recommendations - The report suggests focusing on sectors with resilient performance and clear long-term industry logic, particularly snacks, beverages, and condiments. Key companies to watch include Three Squirrels, Zhizhi Food, Dongpeng Beverage, and others [3][4]