Ping An Securities·2025-03-17 00:11Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][42]. Core Viewpoints - The report highlights that the birth subsidy policy in Hohhot has boosted market confidence, and there is a focus on the feedback from the Sugar and Wine Fair. The white liquor market is stabilizing, with core products performing steadily. The report suggests that the fundamentals of the white liquor sector are bottoming out and stabilizing, recommending attention to subsequent feedback from the Sugar and Wine Fair, shifts in consumption policies, and market style changes [5][6]. - In the food sector, the report recommends focusing on investment opportunities in the snack and catering industry chains, indicating that the snack sector continues to benefit from channel and product advantages, while the catering industry is expected to see a slight recovery this year [5][10]. Summary by Sections White Liquor Industry - The white liquor index has seen a cumulative increase of 6.67% this week, with top-performing stocks including Rock Shares (+11.34%) and Jiu Gui Jiu (+10.48%). The report emphasizes the stability of core products and the impact of the birth subsidy policy on market sentiment [5][6]. - Specific companies like Guizhou Moutai and Shanxi Fenjiu are projected to achieve revenue growth of 15.44% and 11.4% respectively in 2024, maintaining a "Recommended" rating for both [7][9]. Food Industry - The food index has increased by 4.35% this week, with leading stocks such as Baihe Shares (+16.88%) and Pinwo Food (+16.21%). The report suggests that the snack sector remains a high-growth area, with new channel opportunities and product innovations driving demand [5][10]. - Companies like Anjijia Food and Yanjing Beer are also highlighted for their strong performance, with Anjijia achieving a revenue of 110.77 billion yuan, reflecting a growth of 7.84% [11][12]. Key Company Performance - Guizhou Moutai's revenue for Q4 2024 is expected to reach 507 billion yuan, a year-on-year increase of 12.0%, while Shanxi Fenjiu's revenue for Q3 2024 is projected at 86 billion yuan, up 11.4% [7][9]. - In the food sector, East Peng Beverage reported a revenue of 125.58 billion yuan for Q1-Q3 2024, marking a growth of 45.34%, while Hai Tian Wei Ye achieved a revenue of 203.99 billion yuan, up 9.38% [11][12].