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" [1] Core Viewpoints - The report highlights that the liquor industry is experiencing a slowdown in revenue growth, with a notable differentiation among brands, particularly in the high-end segment which shows resilience [2][13] - The beer sector is facing pressure on both volume and price due to weak demand, but cost advantages are expected to support profitability [3][4] Summary by Sections Liquor Industry - In 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 3400.63 billion and 1316.97 billion respectively. In Q3 alone, revenue and net profit grew by 0.7% and 2.1% year-on-year, totaling 964.52 billion and 360.15 billion [2][13] - The high-end liquor segment demonstrated strong growth resilience, with revenue increasing by 9.6% year-on-year, while the national mid-range and regional liquor segments saw declines of 0.4% and 17.9% respectively [13][18] - The overall gross margin for the liquor sector increased by 0.85 percentage points year-on-year to 81.4%, with Q3 gross margin rising by 1.10 percentage points to 81.5% [13][19] - Major liquor companies are implementing shareholder return plans, such as Wuliangye's three-year dividend plan and Shede Liquor's share buyback of up to 200 million yuan, which are expected to enhance investor confidence [2][13] Beer Industry - The beer sector reported total revenue and net profit of 602.33 billion and 84.02 billion respectively in 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 net profit fell by 3.3% and 2.3% year-on-year [3][4] - The gross margin for the beer sector improved by 1.67 percentage points year-on-year to 44.6% in the first three quarters, with Q3 gross margin at 45.7% [3][4] - Companies like Zhujiang Beer and Yanjing Beer showed relatively better performance, with Q3 revenue growth of 6.9% and 0.2% year-on-year, respectively [3][4]