Ping An Securities·2025-04-14 11:40Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34] Core Views - The report emphasizes the importance of domestic demand, highlighting that leading companies are reinforcing market confidence through share buybacks and strategic investments [6][7] - The food and beverage sector is expected to show resilience against external risks, with a focus on consumer recovery and investment opportunities in the snack and dining chains [6][9] Summary by Sections Alcohol Industry - The report indicates that the high-end liquor segment remains strong, with recommendations for companies like Kweichow Moutai, Wuliangye, and Luzhou Laojiao [6][7] - The report notes that the overall liquor index has shown a slight decline of -0.40%, with specific stocks like Shede Liquor and Shanxi Fenjiu performing positively [6][8] Food Industry - The food index has increased by +0.80%, with top performers including Pinwo Food and Yike Food [6][9] - The report suggests that consumer staples are less affected by external risks, and there is potential for growth in the snack and dining sectors as consumer confidence improves [6][9] Key Company Insights - Kweichow Moutai is projected to achieve a revenue of 170.6 billion yuan in 2024, with a year-on-year growth of 15.9% [7] - Wuliangye plans to maintain a cash dividend of no less than 70% of its net profit for 2024-2026, reinforcing shareholder confidence [7] - Luzhou Laojiao is expected to see growth driven by its strong brand foundation and strategic market expansion [7] - Shanxi Fenjiu reported a revenue increase of 11.4% in Q3 2024, indicating robust growth potential [8] Food Company Performance - Anjiu Foods reported a revenue of 110.77 billion yuan in Q1-Q3 2024, with a year-on-year growth of 7.84% [9] - Dongpeng Beverage achieved a revenue of 125.58 billion yuan, reflecting a significant growth of 45.34% [9] - Haitian Flavoring's revenue from soy sauce reached 137.58 billion yuan, with a growth of 8.87% [9] - Yanjing Beer reported a revenue of 128.46 billion yuan, with a year-on-year increase of 3.47% [9]