Huachuang Securities·2025-05-14 11:12Core Insights - The food and beverage industry is gradually recovering, with structural highlights emerging, particularly in the liquor and consumer goods sectors [2][5][12] - Investment recommendations emphasize the importance of domestic demand recovery, suggesting a more optimistic outlook for investment opportunities in the food and beverage sector [12][13] Industry Overview Liquor Sector - Liquor companies are pragmatically lowering growth targets, focusing on healthy operations. Most companies have abandoned aggressive growth goals for 2024, instead aiming for stable operations [5][7] - The industry is entering a phase of inventory clearance, with expectations of gradual recovery in the second half of the year. Key players are advised to focus on channel health and payment quality [5][7] - Specific company insights include: - Moutai and Wuliangye are maintaining strong market positions, while other brands are adjusting strategies to manage inventory and pricing [7][8] - The overall growth target for the liquor industry has been adjusted to a range of 5% to 10% [7] Consumer Goods Sector - Traditional leaders in dairy, beer, and yeast are showing signs of recovery, while new business models are gaining traction [9][12] - Key insights from specific companies include: - Yili is expected to achieve revenue growth of 2.7% in 2025, with a focus on high-quality products [9][10] - Anqi Yeast is experiencing steady growth driven by overseas markets and cost advantages [10] - Modern Dairy anticipates double-digit growth in raw milk production, supported by improved operational efficiency [10] - The snack and beverage segments are highlighted as areas of potential growth, with recommendations for companies like Dongpeng and Salted Fish [12][13] Investment Recommendations - The report suggests a focus on leading liquor brands as they begin to show signs of bottoming out, with recommendations for Moutai, Wuliangye, and Fenjiu [12][13] - In the consumer goods sector, there is an emphasis on snacks and beverages, with recommendations for companies like Dongpeng and Salted Fish, as well as a focus on the recovery of the beer and dairy sectors [12][13]