食品饮料行业2024年三季报综述白酒篇：行业增速下降，分化趋势加剧

Investment Rating - The report maintains a "Positive" investment rating for the liquor industry [10]. Core Insights - The liquor industry has shown resilience with a revenue of 331.5 billion yuan for Q1-Q3 2024, reflecting a year-on-year growth of 10.49%. The net profit attributable to shareholders reached 131.3 billion yuan, also up by 10.32% year-on-year [5][19][20]. - Despite a weak demand environment, the industry continues to experience positive growth, although the growth rate has shown signs of decline [5][19]. - There is a noticeable divergence in performance across different price segments, with high-end products performing relatively well compared to lower-tier offerings [6][34]. Summary by Sections Industry Growth - For Q1-Q3 2024, the liquor industry's revenue was 331.5 billion yuan, with quarterly growth rates of +15.37%, +12.05%, and +2.42% respectively. The net profit for the same period was 131.3 billion yuan, with quarterly growth rates of +15.68%, +10.79%, and +1.88% [2][5][20]. Profitability - The gross margin for the liquor industry in Q1-Q3 2024 was 82.43%, an increase of 0.33 percentage points year-on-year. The net profit margin was 39.61%, showing a slight decrease of 0.06 percentage points year-on-year [8][44]. Cash Flow and Asset Status - As of Q3 2024, the pre-receivable accounts stood at 37.187 billion yuan, reflecting a year-on-year decrease of 4% but remaining at a historically high level [8][44]. Market Trends - The report highlights a trend of market consolidation, with leading liquor companies gaining a larger share of the market as smaller players exit [8][44]. - The report recommends focusing on high-end liquor brands such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as well as mid-tier brands like Shanxi Fenjiu and Zhenjiu Lidu [8][44].