食品饮料行业周报：头部酒企召开经销商大会，定调高质量发展

Investment Rating - The report maintains an "Outperform" rating for the food and beverage industry, indicating a positive outlook compared to the broader market [3][74]. Core Insights - Major liquor companies are focusing on high-quality development, with a shift from increasing production capacity to optimizing existing resources and enhancing value [3]. - Despite macroeconomic pressures on consumption, leading liquor companies are actively reforming and setting rational targets, which is expected to lead to high-quality growth [3]. - The report recommends three main investment lines: high-end liquor with strong demand (e.g., Kweichow Moutai, Luzhou Laojiao), mid-range liquor with ongoing national expansion (e.g., Shanxi Fenjiu), and real estate liquor products in expanding price ranges (e.g., Yingjia Gongjiu, Jianshiyuan, Laobai Ganjiu, Gujing Gongjiu) [3]. Food Industry Summary - The food index (CITIC) experienced a cumulative decline of 3.72% this week, with notable gainers including Three Squirrels (+5.42%) and Yanjinpuzi (+5.32%), while major losers included Black Sesame (-21.17%) and Haixin Food (-23.71%) [3]. - The report emphasizes the potential of the mass consumer goods sector, which is expected to benefit from macroeconomic recovery and promotional policies, leading to increased consumer confidence [5]. - It suggests focusing on cyclical recovery, high growth, turning points in cycles, and cost advantages, recommending stocks such as Anjifood, Qianwei Central Kitchen, Haitian Flavoring, and Yili [5]. Liquor Industry Summary - The liquor index (CITIC) saw a slight decline of 0.92% this week, with top performers including Huangtai Liquor (+2.03%) and Kweichow Moutai (+1.76%), while underperformers included Tianyoude Liquor (-9.00%) and Gujing Gongjiu (-9.89%) [4]. - Kweichow Moutai reported a 3Q24 revenue of 39.7 billion yuan, a 15.6% year-on-year increase, with net profit rising by 13.2% to 19.1 billion yuan [37]. - Luzhou Laojiao's 3Q24 revenue reached 7.4 billion yuan, up 0.7% year-on-year, with net profit increasing by 2.6% to 3.6 billion yuan [41]. - Shanxi Fenjiu achieved a 3Q24 revenue of 8.6 billion yuan, reflecting an 11.4% year-on-year growth, with net profit rising by 10.4% to 2.9 billion yuan [41]. Key Company Performance - Jianshiyuan reported a 3Q24 revenue of 1.71 billion yuan, a 2.3% increase year-on-year, with net profit growing by 2.9% to 620 million yuan [53]. - Chongqing Beer posted a revenue of 13.063 billion yuan for the first three quarters, a slight increase of 0.26%, while net profit decreased by 0.90% to 1.332 billion yuan [12]. - Yili's revenue for the first three quarters was 89.039 billion yuan, down 8.59% year-on-year, but net profit increased by 15.87% to 10.868 billion yuan [58].