食品/饮料行业季报：白酒报表降速厂商共济，啤酒量价承压静待回暖

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights that the liquor industry is experiencing a weak demand environment, leading to a period of adjustment, with major liquor companies actively adjusting to alleviate channel pressures, resulting in a decline in revenue, cash flow, and profits for some companies [4][13] - The differentiation among brands is intensifying, with high-end liquor showing strong resilience, while national mid-range and regional liquor are under pressure, leading to varied performance across the sector [4][13] Summary by Sections Liquor Industry Overview - For the first three quarters of 2024, the total revenue and net profit of listed liquor companies increased by 9.3% and 10.7% year-on-year, reaching 340.06 billion and 131.70 billion yuan respectively. In Q3 alone, revenue and net profit saw a slight increase of 0.7% and 2.1% year-on-year [13][18] - High-end liquor maintained strong growth, with revenue increasing by 9.6%, while national mid-range liquor decreased by 0.4% and regional liquor saw a decline of 17.9% [13][18] Beer Industry Overview - The beer sector reported total revenue and net profit of 60.23 billion and 8.40 billion yuan for the first three quarters of 2024, reflecting a year-on-year decline of 1.9% in revenue but a profit increase of 7.6%. In Q3, revenue and profit decreased by 3.3% and 2.3% year-on-year [3][4] - The report indicates that external consumption demand is weak, impacting beer sales and structure, although companies like Zhujiang Beer and Yanjing Beer showed relative strength with positive year-on-year growth [3][4] Investment Recommendations - The report recommends investing in high-end liquor with stable demand growth, specifically mentioning Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also suggests focusing on mid-range liquor with strong growth momentum, such as Shanxi Fenjiu and Gujing Gongjiu, and beer companies benefiting from the recovery of the catering sector, including Yanjing Beer and Qingdao Beer [4][5]