光大证券食品饮料行业周报（20241111-20241117）：新乳业强化优势增厚盈利，巴比单店收入有望企稳

Investment Rating - The report maintains a "Buy" rating for the food and beverage industry [2]. Core Insights - New Dairy Industry is building competitive barriers through core business strategies and management capabilities, aiming to double its net profit margin in five years [24]. - Babi Food is expected to stabilize single-store revenue, with plans to expand its group meal business [24]. - The investment strategy suggests focusing on dairy and snack sectors as core holdings, while also considering companies with potential operational improvements [53]. Summary by Sections New Dairy Industry - The company focuses on low-temperature fresh milk and specialty yogurt, which are still in development but can create competitive barriers due to logistical challenges [24]. - The D2C channel and membership systems enhance consumer connections, further establishing competitive advantages [24]. - Profitability improvements are driven by structural optimization and increased gross margins from high-margin products [24]. - The company has developed a multi-dimensional management approach for its acquisitions, maintaining regional brands while unifying product categories [24]. - Emphasis on innovation and new product development, with a rising proportion of new products contributing to revenue [24]. Babi Food - Single-store revenue has been under pressure since 2021, but there has been a noticeable recovery since Q3 2024 [24]. - The company plans to stabilize store performance and gradually reduce closures while maintaining a cautious opening strategy based on market conditions [24]. - The group meal business is experiencing significant growth, particularly in emerging channels, with expectations for continued growth in Q4 and beyond [24]. Investment Recommendations - The report suggests maintaining positions in dairy and snack sectors, recommending stocks like Yili and Yan Jin Pu Zi as core holdings [53]. - It also advises flexible trading in underperforming sectors with potential for recovery, closely monitoring companies like Jue Wei Food and Li Gao Food [53]. - In the liquor sector, the focus remains on companies with better competitive positioning during the industry downturn, recommending stocks like Kweichow Moutai and Wuliangye [53]. Key Data Tracking - As of November 15, 2024, the food and beverage sector's valuation (PE TTM) is at 22 times, down approximately 9.3% since the beginning of the year [25].