食饮行业周报（2024年11月第4期）：酒企淡季控货去库，静待年货节催化

Investment Rating - The industry rating is maintained as "Positive" [5] Core Views - The retail sales data continues to improve, and liquor companies are proactively controlling inventory and adjusting speed in Q3 2024, aiming for long-term healthy growth. The food industry shows performance divergence, highlighting investment opportunities in leading brands with strong brand power, early inventory clearance, and reasonable growth targets, especially as the 2025 Spring Festival approaches [2][9] - In the liquor sector, companies are focusing on sustainable growth and addressing supply-demand imbalances and inventory pressures. The investment strategy is shifting from high-dividend stable assets to a more aggressive approach that balances fundamentals and flexibility, with a focus on leading companies priced between 200-400 RMB, such as Fenjiu and Gujing, and short-term attention on top performers in Q4 [2][9] Summary by Sections 1. Market Review - From November 18 to November 22, the CSI 300 index fell by 2.60%, while the food and beverage sector declined by 4.08%. The liquor sector saw a decrease of 4.14%, with specific stocks like Guizhou Moutai and Wuliangye experiencing minor declines [4][28] 2. Key Data Tracking - The food and beverage industry valuation as of November 22, 2024, is 20.63 times, with the liquor sector's valuations at 20.15 times for white liquor, 24.53 times for beer, 81.76 times for wine, and 32.30 times for yellow wine. The white liquor sector experienced the largest valuation drop of 4.18% this week [35] 3. Important Company Announcements - Shendao Liquor reported good growth for its products, Shendao and T68, indicating a positive revenue contribution. The company is focusing on quality improvement and inventory release through controlled production [7][55] - Qingdao Beer announced the acquisition of a 46% stake in Beijing Qingdao Beer Sanhuan Company for 101.2 million RMB, increasing its ownership to 75% [55] 4. Industry Dynamics - The U.S. Department of Commerce announced the withdrawal of anti-dumping measures on reusable stainless steel beer kegs imported from China, which may impact the beer import market [60] - China has officially joined the International Organization of Vine and Wine (OIV), marking a significant step for the Chinese wine industry on the international stage [60]