食品饮料行业周报：五粮液定调营销执行提升，乳制品积极应对春节备货

Investment Rating - The report maintains a "Buy" rating for the food and beverage sector, indicating a projected investment return exceeding 15% over the next 6-12 months [29][53]. Core Insights - The food and beverage sector is expected to experience a rebound driven by improved risk appetite and a vacuum period in financial reports, with a focus on "super dip rebound" trading strategies [39]. - Key recommendations include maintaining positions in dairy and snack sectors, with a focus on companies like Yili and Yan Jin Pu Zi, while also being flexible in trading underperforming sectors with potential recovery [39]. - In the liquor segment, the report suggests a cautious approach, favoring companies with better competitive positioning during the industry's downturn, specifically recommending Guizhou Moutai, Wuliangye, Shanxi Fenjiu, and Guli Gongjiu [39]. Summary by Sections Key Data Tracking - As of December 20, 2024, the average wholesale price of white strip chicken is 17.77 CNY/kg, up 0.28% year-on-year, while the average price of white carp is 10.25 CNY/kg, up 10.10% year-on-year [15][17]. - The average spot price of soybeans is 3964.21 CNY/ton, down 18.56% year-on-year, and corn is priced at 2.32 CNY/kg, down 23.93% year-on-year [17]. Important Company Announcements - Sunshine Dairy announced the completion of a share buyback plan, with the controlling shareholder acquiring 2,001,500 shares, representing 0.7081% of the total share capital, for a total of 20,385,271 CNY [21]. Key Company Earnings Forecasts, Valuations, and Ratings - Guizhou Moutai (600519.SH) is projected to have a net profit of 863.47 billion CNY in 2024, with an EPS of 68.74 CNY and a P/E ratio of 22 [22]. - Wuliangye (000858.SZ) is expected to report a net profit of 331.73 billion CNY in 2024, with an EPS of 8.55 CNY and a P/E ratio of 17 [22]. - The food and beverage sector's valuation level (PE TTM, excluding negative values) is currently at 21 times, down approximately 10.8% from the beginning of the year [30]. Industry Overview - The liquor industry is undergoing a deep adjustment, with Wuliangye defining 2025 as a year for enhancing marketing execution, focusing on product movement and channel optimization [66]. - Dairy companies are preparing for the Spring Festival, with inventory levels returning to reasonable levels and price competition easing compared to the first half of 2024 [66]. - The snack food sector is exploring new channels, such as WeChat's "gift" feature, which could provide growth opportunities, especially for companies with higher proportions of gift packaging [66].