食品饮料行业点评报告：2024年经济目标顺利完成，12月社零数据环比改善

Investment Rating - The industry investment rating is "Recommended" [13] Core Viewpoints - The economic data for 2024 exceeded expectations, with GDP growth of 5% year-on-year, and Q4 growth at 5.4%, indicating a recovery trend [5] - Social retail sales improved, with a year-on-year growth of 3.5% in 2024, and December's retail sales increased by 3.7% year-on-year, driven by policies promoting consumption [6] - The white liquor sector is expected to follow a path of "valuation repair first, followed by fundamental improvement," with recommendations for high-end brands and those benefiting from market recovery [7] Summary by Sections Economic Performance - The overall economic performance in 2024 showed a "V" shaped recovery, with significant policy measures implemented since September leading to a rebound in Q4 [5] - The focus for 2025 is expected to remain on expanding domestic demand, supported by increased deficit ratios and new special bonds [5] Retail Sales and Consumer Demand - December's retail sales data showed a notable increase in the tobacco and alcohol sector, with a year-on-year growth of 10.4% [6] - Restaurant income grew by 2.7% year-on-year in December, but faced challenges due to consumer downgrade trends [6] Investment Recommendations - High-end liquor brands such as Moutai and Wuliangye are recommended for their potential in valuation recovery and fundamental improvement [7] - Recommendations for the restaurant supply chain include leading cyclical industry players like Haitian Flavoring and Tianwei Foods [8] - The report highlights leading companies in various segments, including leisure foods and soft drinks, indicating a positive outlook for these sectors [8] Company Focus and Earnings Forecast - Specific companies are highlighted with earnings per share (EPS) and price-to-earnings (PE) ratios, with all listed companies receiving a "Buy" rating [10]