食品饮料行业周报：大众品动销向好，关注白酒动销情况

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8]. Core Views - The liquor sector shows positive sales momentum, particularly for Moutai, which aims for a strong start in Q1 2025. The overall liquor market is expected to follow a path of "valuation recovery followed by fundamental improvement" [5][6]. - The consumer goods sector is experiencing favorable sales trends as companies report improved operational conditions for Q4 2024, aided by declining cost pressures [6][7]. Summary by Sections Industry News - Guizhou's liquor and tea market is projected to grow by 7.2% in 2024, with an additional 50,000 tons of premium liquor capacity expected [4][16]. - The import value of spirits is anticipated to decline by 24.17% in 2024 [4][16]. Company News - Moutai is focused on achieving a strong sales performance in Q1 2025 and has introduced a new lightweight bottle design [4][16]. - Luzhou Laojiao plans to lift restrictions on 37,100 shares [4][16]. - Shanxi Fenjiu intends to distribute a cash dividend of 3 billion yuan [4][16]. Investment Insights - The liquor sector is divided into three main lines: high-end brands benefiting from both valuation recovery and fundamental improvement, mid-range brands showing significant recovery in business scenarios, and lower mid-range brands with strong earnings certainty [5][6]. - The consumer goods sector is seeing a positive trend in sales, with companies like Lianhua Holdings and Dongpeng Beverage reporting strong performance in Q4 2024 [6][7]. Key Company and Earnings Forecasts - Luzhou Laojiao, with a projected EPS of 9.81 in 2024, is rated as a "Buy" [9]. - Moutai is expected to achieve an EPS of 68.23 in 2024, also rated as a "Buy" [9]. - Other companies such as Wuliangye and Yanghe are similarly rated as "Buy" with strong earnings forecasts [9].