食品饮料行业周报：春节白酒动销符合预期，零食量贩品类逐步完善

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [7] Core Views - The performance of the liquor sector during the Spring Festival aligns with pre-holiday expectations, with high-end liquor benefiting from gifting scenarios, while local brands show resilience due to demand from family gatherings and banquets [4][5] - The report highlights a positive trend in the snack retail sector, with major brands maintaining fresh production dates and stable sales performance [5][6] - The liquor sector is expected to follow a path of "valuation recovery followed by fundamental improvement," with three main investment lines identified: high-end liquor, local brands benefiting from scene recovery, and mid-range liquor with strong performance certainty [4] Summary by Sections Industry Performance - The food and beverage sector has shown a relative performance decline of -3.7% over the past month, -7.7% over three months, and -3.9% over the past year, compared to a 1.1% increase in the Shanghai and Shenzhen 300 index over the past month [1] Company News - Guizhou Moutai's logistics park project is expected to be completed within the year [15] - Shanxi Fenjiu has achieved double-digit growth in both dealer numbers and revenue scale, with 38 markets exceeding 100 million yuan in 2024 [15][16] - The total revenue of Gujing Gongjiu is projected to reach 248.2 billion yuan in 2024, marking a 15% increase [16] Key Company Feedback - Water Weaving's performance is in line with expectations, with projected total revenue of 52.17 billion yuan for 2024, reflecting a 5.32% year-on-year increase [64] - The report notes that the overall sales performance during the Spring Festival is in line with expectations, with good inventory levels maintained [64] Market Trends - The liquor industry generated revenue of 756.3 billion yuan in 2023, showing a year-on-year growth of 9.7% [36] - The snack market is expected to continue its recovery, with various brands expanding their presence in discount supermarkets to enhance consumer engagement and increase average transaction values [6]