食品饮料行业2024年三季报综述大众品篇：需求修复进行时，盈利趋势分化

Investment Rating - The investment rating for the food and beverage industry is "Positive" and maintained [11] Core Insights - The food and beverage industry is experiencing a gradual recovery in demand, with a divergence in profitability trends across different segments [5][39] - For the first three quarters of 2024, the total revenue for mass consumer goods reached 642 billion yuan, a year-on-year decrease of 3.56%, while profits increased by 7.11% to 48.2 billion yuan [5][39] - The recovery in demand is not straightforward, with a notable shift towards "value for money" consumption, leading to significant differentiation among various segments [39][40] Summary by Relevant Sections Mass Consumer Goods Overview - Revenue for mass consumer goods in Q1-Q3 2024 was 642 billion yuan, down 3.56% year-on-year, with Q2 and Q3 showing declines of 6.66% and 2.75% respectively [5][39] - Profit for the same period was 48.2 billion yuan, up 7.11%, with Q2 and Q3 profits increasing by 8.98% and decreasing by 5.31% respectively [6][39] - Fast-growing sub-sectors in terms of revenue include soft drinks, snacks, and condiments, while profit growth was strongest in condiments, soft drinks, and meat products [6][39] Dairy Industry - The dairy industry reported revenue of 137.2 billion yuan in Q1-Q3 2024, a decline of 7.95% year-on-year, while profits increased by 6.96% to 12 billion yuan [7][41] - The industry is expected to see gradual improvement in revenue and profits as supply and demand balance is achieved [41] Condiment Industry - The condiment industry saw revenue of 35.3 billion yuan in Q1-Q3 2024, up 5.83% year-on-year, with profits soaring by 59.72% to 6.6 billion yuan [7][42] - The industry is characterized by a recovery in demand, although growth is uneven due to competitive pressures [42][45] Meat Products Industry - Revenue for the meat products industry was 78.8 billion yuan in Q1-Q3 2024, down 5.29% year-on-year, while profits increased by 16.66% to 4.4 billion yuan [7][46] - The industry is witnessing a gradual improvement in consumption, with profitability expected to continue to rise [46] Beer Industry - The beer industry reported revenue of 60.8 billion yuan in Q1-Q3 2024, a decrease of 1.91% year-on-year, with profits increasing by 7.73% to 8.5 billion yuan [7][47] - The industry is facing challenges in on-premise consumption, but cost reductions are expected to support profit growth [47] Snack Foods Industry - The snack foods industry achieved revenue of 36.5 billion yuan in Q1-Q3 2024, up 9.64% year-on-year, with profits rising by 15.63% to 2.7 billion yuan [7][48] - The industry is undergoing channel transformations, leading to varied revenue performance among major companies [48] Soft Drinks Industry - The soft drinks industry reported revenue of 25.9 billion yuan in Q1-Q3 2024, an increase of 15.08% year-on-year, with profits rising by 25.15% to 4.9 billion yuan [7][51] - The industry is benefiting from high demand driven by outdoor activities, although competition remains intense [51] Restaurant Supply Chain - The restaurant supply chain industry generated revenue of 28 billion yuan in Q1-Q3 2024, a slight increase of 0.91% year-on-year, but profits fell by 14.26% to 2.1 billion yuan [8][53] - The industry is facing competitive pressures, with expectations for demand improvement in Q4 2024 [53] Chain Operations - The chain operations sector reported revenue of 12.3 billion yuan in Q1-Q3 2024, down 8.27% year-on-year, while profits increased by 1.98% to 1.3 billion yuan [8][54] - The sector is experiencing ongoing demand challenges, with a need for strategic adjustments [54] Health Supplements and Additives - The health supplements and additives industry generated revenue of 37.2 billion yuan in Q1-Q3 2024, a decrease of 1.23% year-on-year, with profits declining by 31.23% to 3.1 billion yuan [8][55] - The industry is under pressure due to structural adjustments in distribution channels [55]