食品饮料行业2024年年报及2025年一季报总结：2024年需求磨底，2025年一季度优质公司初现复苏迹象

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" (maintained) [2] Core Insights - In Q1 2025, signs of recovery are emerging for quality companies in the food and beverage sector, with the sector's configuration value becoming more prominent [3] - The food and beverage sector's revenue growth for 2024 is projected at +4.4%, with profit growth at +5.5%. In Q1 2025, revenue is expected to grow by +4.6%, while net profit shows a modest increase of +0.3% [4][12] - The overall consumption demand in 2024 is weak, particularly in Q2 and Q3, but some sub-industries are stabilizing in Q4 2024 due to proactive policies [3][12] Summary by Relevant Sections Alcoholic Beverages - The liquor sector shows steady performance, with revenue growth of +7.3% in 2024 and +1.7% in Q1 2025, while net profit growth is +7.4% and +2.3% respectively [14][23] - In Q1 2025, the liquor sector's net profit growth is the lowest since the recovery in 2015, with only a few companies like Moutai and Wuliangye achieving positive growth [3][34] Consumer Goods - The consumer goods sector, including snacks, beverages, and condiments, has shown better performance, with snacks growing by +65.2% and beverages by +12.6% in 2024 [14][12] - The beverage sector demonstrates strong demand resilience, particularly in functional and health-oriented categories [3] Investment Recommendations - The report suggests prioritizing investments in sectors benefiting from domestic demand policies, such as liquor, beer, and dairy products, recommending companies like Moutai, Wuliangye, and CR Beer [3] - It emphasizes selecting individual stocks with strong performance certainty, such as Dongpeng Beverage and Haitian Flavoring [3] Valuation Performance - The current valuation of the food and beverage sector is at a low point, with the liquor sector's price-to-earnings ratio below historical averages since 2011 [15][18]