Huaxin Securities·2025-03-09 14:11Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8]. Core Viewpoints - The white liquor sector is expected to benefit from government initiatives aimed at boosting consumption and improving the investment environment, with specific measures outlined in the government work report [3]. - The overall consumption environment is improving, which is anticipated to positively impact the white liquor market as it is considered a staple consumer good [3]. - The report identifies three main investment lines within the white liquor sector: high-end brands benefiting from valuation recovery, real estate liquor brands showing clear improvement, and mid-tier brands with strong performance certainty [3]. Summary by Sections Industry News - The clear fragrance white liquor is projected to achieve a profit of 35 billion yuan in 2024 [13]. - Huai Bin County is expected to complete a white liquor sales revenue of 760 million yuan in 2024 [14]. - The output value of sauce liquor along the Chishui River is expected to reach 150 billion yuan [15]. Company News - Kweichow Moutai plans to repurchase approximately 1.2 billion yuan worth of shares [23]. - Wuliangye has disclosed 19 investment projects for 2025 [23]. - Luzhou Laojiao has established a strategic partnership with Chongqing Yunyang [23]. Investment Insights - The report highlights the strong growth trajectory of major beverage companies such as Dongpeng Beverage and Uni-President, with Dongpeng's main product revenue growing rapidly and expanding market share [4]. - The report emphasizes the ongoing recovery in the mass consumer goods sector, recommending leading companies in various sub-sectors, including seasoning supply chains and leisure foods [7]. Key Company and Profit Forecasts - Luzhou Laojiao is projected to have an EPS of 10.20 yuan in 2025, with a PE ratio of 12.88 [9]. - Other recommended companies include Gujing Gongjiu, Wuliangye, and Shanxi Fenjiu, all with strong performance forecasts and buy ratings [9].