食品饮料行业报告（2025.04.07-2025.04.12）：关注内需，建议积极布局（附重点标的一季度预测）

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to favorable stock performance [3] - Four investment themes are identified: 1. Short-term stock price catalysts due to the gradual digestion of pressure from snack quarterly reports and the arrival of buying points [3] 2. Long-term prospects for companies like Angel Yeast and dairy producers due to strong overseas demand and improving domestic conditions [3] 3. The overall valuation of liquor companies remains attractive, with potential for price increases based on market signals [3] 4. High dividend yield assets are highlighted, including brands like Master Kong and Yili [3] Summary by Sections Industry Basic Situation - Closing index level is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Recent Performance - The food and beverage sector index increased by 0.20% this week, outperforming the CSI 300 index by 3.07% [30] - The dynamic PE ratio for the industry is currently at 22.15, which is considered low historically [30] Key Investment Opportunities - Short-term catalysts include the expected recovery in snack sales and the seasonal peak for beer, with cost improvements continuing [3] - Long-term investments are recommended in companies like Angel Yeast, Yili, and others in the dairy sector due to anticipated demand recovery [3] - The report suggests focusing on high dividend yield stocks, with specific companies listed [3] Company-Specific Insights - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025 [18] - Wuliangye is projected to achieve a revenue growth of 3% and a net profit growth of 3% in Q1 2025 [13] - Qingdao Beer is expected to maintain stable sales with a slight increase in average price [18] - East Peak Beverage is forecasted to have a significant revenue growth of 30% and a net profit growth of 36% in Q1 2025 [21] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands maintaining their market positions [12] - The snack and dairy segments are showing strong performance, with specific brands outperforming their peers [30]