食品饮料行业2024年三季报分析：收入增长回落，业绩表现进一步分化

Investment Rating - The industry is rated as "in line with the market" for the fourth quarter of 2024, indicating an expected performance within -10% to 10% relative to the CSI 300 index over the next six months [52][56]. Core Insights - In Q3 2024, most sub-sectors of the food and beverage industry experienced a significant decline in revenue growth, with some turning negative, which is unusual for a traditional peak consumption season [5][10]. - The liquor sector saw a drastic slowdown in sales growth, dropping from 15.19% in the previous year to 0.73% [6][16]. - Snack companies performed relatively well, with some achieving positive growth, while the health supplement sector faced a substantial revenue decline of 16.36% [6][26]. - The condiment sector showed recovery in sales growth after years of channel adjustments, with major companies returning to normal operational trajectories [6][21]. Summary by Sections 1. Revenue Growth - In Q3 2024, the revenue growth for various food and beverage sub-sectors showed a sharp decline, with beer at -3.26%, baked goods at -4.26%, and prepared foods at -3.35% [10][30]. - The liquor sector's revenue growth was minimal at 0.73%, while snacks recorded a significant increase of 58.02% and condiments at 9.55% [10][11]. 2. Profitability - The net profit for the liquor, snack, and condiment sectors increased by 2.05%, 60.18%, and 15.25% respectively, while other sectors like beer and health supplements saw declines [33][43]. - The prepared foods sector experienced a net profit drop of 29.99%, significantly higher than the revenue decline [35][30]. 3. Sector Performance - Snack companies such as Salted Fish and Three Squirrels reported revenue growth of 26.2% and 24.02% respectively, benefiting from strong channel distribution capabilities [12][46]. - The liquor market is now in a phase of stock competition, with companies like Moutai and Fenjiu continuing to show stable growth due to their strong market presence [16][17]. - The condiment sector's major players, including Haitian Flavoring and Zhongju High-tech, reported revenue growth of 9.83% and 2.23% respectively, indicating a return to stable growth patterns [21][22]. 4. Health Supplements - The health supplement sector's overall revenue declined by 16.36%, primarily due to the poor performance of Tongrentang, despite some companies like Kangbiter and Jiao Da Ang Li showing positive growth [26][39]. - The profitability of health supplement companies varied, with some like Jiao Da Ang Li and Baihe Co. showing net profit increases of 44.52% and 7.87% respectively [39][42]. 5. Prepared Foods - The prepared foods sector's revenue decreased by 3.35%, with major companies like Wufangzhai and Baobi Foods experiencing significant declines [30][35]. - Only a few companies, such as Gaisifu and Anjifoods, managed to achieve positive revenue growth of 7.95% and 4.63% respectively [30][35].