食饮行业周报（2024年11月第4期）：酒企主动控速，食品期待年货催化

Investment Rating - The industry rating is maintained as "Positive" [4] Core Viewpoints - The retail sales data continues to improve, with liquor companies proactively controlling growth in Q3, aiming for long-term healthy growth. The performance of the food sector shows differentiation, highlighting investment opportunities in leading companies with strong brand power, early inventory clearance, and reasonable growth targets, especially as the 2025 Spring Festival approaches [2][7] - In the liquor sector, policy catalysts may lead to a structural bull market, with a focus on two main lines: "high momentum continuation" and "low base recovery." Recommended high-end liquor includes Wuliangye and Kweichow Moutai, while Shanxi Fenjiu and Gujing Gongjiu are suggested for mid-range and regional liquor [2][18] Summary by Sections Liquor Sector - In Q3 2024, liquor companies actively controlled growth, striving to resolve supply-demand conflicts and inventory pressures. Notable companies like Kweichow Moutai, Gujing Gongjiu, and Shanxi Fenjiu met revenue and profit expectations [4][18] - The white liquor sector saw a slight increase, with the Shanghai Composite Index rising by 1.32% and the liquor sector up by 1.69% during the week of November 23-29, 2024. Key performers included Huangtai Liquor (+15.73%) and Shuijingfang (+13.13%) [3][40] Consumer Goods Sector - The investment strategy for the consumer goods sector in 2025 focuses on two main lines: the "prosperity line" and the "recovery line." The emphasis is on sub-sectors with sustained or expected upward trends in 2025, prioritizing companies with strong internal growth and operational quality [20][24] - The consumer goods sector saw significant increases, with snack foods (+12.21%) and other liquor categories (+9.20%) leading the gains during the week of November 23-29, 2024 [40][19] Company Updates - Kweichow Moutai aims to enhance consumer reach through multiple channels and plans to become an international company by 2035, addressing supply-demand issues and focusing on customer transformation [7][8] - Wuliangye announced a mid-term profit distribution plan, proposing a cash dividend of 25.76 yuan per 10 shares, totaling 10 billion yuan [9] - Luzhou Laojiao indicated that product low-alcoholization is a long-term trend, with efforts to expand into overseas markets [10]