食品饮料行业月度聚焦202503：复合调味品：新品类有望加速涌现

Investment Rating - The industry investment rating is "Buy" [4] Core Viewpoints - The compound seasoning industry is expected to reach a revenue of CNY 134.1 billion in 2024, with a compound annual growth rate (CAGR) of 11% from 2019 to 2024 [16][21] - The hot pot base market is projected to maintain a growth rate of over 5% in the next five years, with a market size of approximately CNY 590 billion in 2024 [33] - The introduction of new products in the compound seasoning sector is anticipated to accelerate in 2024, driven by a recovering macroeconomic environment and increasing consumer demand [29][41] Summary by Sections 1. Compound Seasoning: New Categories Expected to Emerge - The compound seasoning industry is projected to grow significantly, with hot pot bases entering a mature phase while Chinese compound seasonings remain in a growth phase [16][21] - The hot pot base market is large, with continuous flavor iterations expected to drive growth [33] - New product directions for Chinese compound seasonings are diverse, with leading companies like Tianwei and Yihai accelerating their product launches [41] 2. Market Review: Food and Beverage Sector Outperformed the Market - In February, the food and beverage sector outperformed the market by 2.2 percentage points, with sub-sectors like liquor performing particularly well [12] - The valuation of the food and beverage sector is at historical lows, with the PE ratio at the 12th percentile since 2010 [12][24] 3. Fundamental Tracking: Improvement in Consumer Goods Sales - The liquor sector has seen price stabilization and inventory control post-holiday, with the average price of high-end liquor around CNY 2,210 per bottle [17] - Consumer goods have shown improvement in sales, particularly in beer, dairy products, and frozen foods [18] 4. Investment Recommendations - The report recommends core investments in liquor companies such as Luzhou Laojiao, Jiuziyuan, and Shanxi Fenjiu, as well as consumer goods companies like Yanjinpuzi and Tianwei Foods [12][10]