食品饮料周报：聚焦内需，关注零食与饮料机会-20250428

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34]. Core Viewpoints - The report emphasizes focusing on domestic demand and highlights investment opportunities in the snack and beverage sectors, driven by strong consumer sentiment and evolving distribution channels [6][8]. - The report suggests that the high-end liquor segment remains robust, with companies like Kweichow Moutai and Wuliangye showing steady performance, while the snack industry is identified as a key growth area due to its ability to meet consumer demand for both emotional value and cost-effectiveness [6][8]. Summary by Sections Liquor Industry - The liquor index (CITIC) saw a cumulative decline of 1.69% this week, with leading companies like Tianyoude Liquor and Laobai Gan Liquor showing positive performance [6]. - Kweichow Moutai's Q1 2025 net profit increased by 5.8% year-on-year, reinforcing industry confidence [6][7]. - Wuliangye's revenue for 2024 is projected to reach 679 billion yuan, with a year-on-year growth of 8% [7]. - Shanxi Fenjiu reported a revenue of 86 billion yuan in Q3 2024, reflecting a year-on-year growth of 11.4% [8]. Food Industry - The food index (CITIC) experienced a cumulative decline of 1.03% this week, with Youyou Food and Anji Food leading in gains [6]. - The snack and beverage sectors are highlighted as having strong growth potential, with new product launches and channel innovations driving market dynamics [6][9]. - Dongpeng Beverage is recommended due to its solid fundamentals and effective channel strategies, particularly as the summer beverage sales season approaches [6][9]. Key Company Insights - Yanjing Beer is projected to sell 4 million kiloliters in 2024, with a year-on-year increase of 1.6% [10]. - Yili Group's revenue for Q1-Q3 2024 is reported at 890.39 billion yuan, with a year-on-year decline of 8.59% [10]. - Haidilao's soy sauce revenue is expected to reach 137.58 billion yuan in 2024, with a year-on-year growth of 8.87% [10]. Market Trends - The overall food and beverage industry saw a cumulative decline of 1.42% this week, with significant fluctuations in individual stock performances [11][12]. - The report notes that the snack industry is currently the strongest growth driver within the food and beverage sector, benefiting from changing consumer preferences and innovative distribution strategies [6][9].