食品饮料行业周报（24年第50周）：白酒库存去化备货春节，大众品板块关注需求改善

Investment Rating - The investment rating for the liquor sector is "Outperform the Market" [2][6]. Core Insights - The liquor industry is experiencing a cautious recovery in demand, with companies focusing on inventory reduction and preparing for the upcoming Spring Festival. The long-term strategic stability of liquor companies is improving [2][6]. - The food and beverage sector has shown mixed performance, with a focus on demand recovery. The overall food and beverage sector increased by 0.18% this week, underperforming the Shanghai Composite Index by 2.15 percentage points [2][6]. - Key companies in the liquor sector, such as Guizhou Moutai, Shanxi Fenjiu, and Wuliangye, are recommended based on their strong anti-risk capabilities and potential for valuation recovery [2][6]. Summary by Sections Weekly Perspective - Liquor: Demand recovery remains uncertain, but companies are enhancing their long-term strategic focus. Shanxi Fenjiu is pursuing quality development, with a revenue growth target of 5-10% for 2025 [2][6]. - Consumer Goods: Performance is varied, with a focus on demand improvement [2][6]. Key Data Tracking - The food and beverage sector rose by 0.18% from December 2 to December 8, 2024, lagging behind the Shanghai Composite Index [2][6]. - The price of boxed Moutai increased to 2260 CNY per bottle, while the price of Wuliangye remained stable at 920 CNY per bottle [2][6]. - The liquor index fell by 0.4%, indicating that demand is still at a low point [2][6]. Company Earnings Forecast and Investment Ratings - Guizhou Moutai: Outperform the Market, last closing price 1521.0 CNY, market cap 1,910,689 million CNY, EPS 2024E 68.53, PE 2024E 22.2 [2][6]. - Shanxi Fenjiu: Outperform the Market, last closing price 200.0 CNY, market cap 244,005 million CNY, EPS 2024E 10.24, PE 2024E 19.5 [2][6]. - Wuliangye: Outperform the Market, last closing price 146.4 CNY, market cap 568,423 million CNY, EPS 2024E 9.29, PE 2024E 17.2 [2][6].