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食品饮料行业周报:春节旺季来临,建议关注零食板块
CHINA DRAGON SECURITIES·2025-01-07 09:52

Investment Rating - The report maintains an investment rating of "Recommended" for the food and beverage industry [2][22]. Core Insights - The white liquor sector is entering the Spring Festival stocking phase, while the snack segment is experiencing higher demand. The overall food and beverage sector is expected to reach an inflection point due to policies aimed at expanding domestic demand [2][22]. - The report highlights the positive impact of the WeChat "Gift" feature, which is expected to benefit the snack sector significantly [2][22]. Summary by Relevant Sections Market Performance - In the week from December 30, 2024, to January 3, 2025, the Shenwan food and beverage index fell by 4.14%, ranking seventh among major industries. The snack sector saw a rise of 3.65%, while white liquor experienced a decline of 3.43% [7][22]. Key Company Announcements - Guizhou Moutai is projected to achieve a revenue of approximately 173.8 billion yuan in 2024, reflecting a year-on-year growth of 15.44%. The company also repurchased 200,900 shares at a total cost of 299.9 million yuan [21][23]. - Wuliangye has positioned 2025 as a "Marketing Execution Enhancement Year," focusing on price stability and enhancing merchant profitability [23][22]. Sector-Specific Insights - White Liquor: The report suggests monitoring Guizhou Moutai, Wuliangye, and other key players as the sector is expected to recover with the gradual revival of consumption [23][22]. - Snacks: The snack industry is entering a peak stocking season, with new sales channels introduced via WeChat, suggesting a positive outlook for companies like Three Squirrels and Salted Fish [25][22]. - Dairy Products: The report indicates that the dairy sector may see marginal improvements due to the ongoing clearance of excess upstream capacity, recommending companies like Yili and New Dairy [25][22]. - Beer: Yanjing Beer is focusing on its U8 product strategy to enhance its market position, with recommendations for Qingdao Beer and Yanjing Beer [25][22].