LIANCHU SECURITIES·2025-05-16 10:56Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [7] Core Insights - The food and beverage industry is experiencing increased performance differentiation, highlighting the importance of operational management and business strategy [3] - In 2024, the food and beverage sector is expected to achieve a modest single-digit growth, with revenue and net profit growth rates slowing down, indicating ongoing demand pressure [3][10] - Structural growth opportunities exist in sub-sectors like beverages and snacks, with some products/channels showing year-on-year growth rates exceeding 30% [3] Summary by Sections Overall Food and Beverage Industry - In 2024, the food and beverage sector achieved revenue of CNY 10,877.93 billion, a year-on-year increase of 3.91%, with a slowdown of 4.06 percentage points [10] - The net profit attributable to shareholders reached CNY 2,104.49 billion, growing by 6.07%, but also showing a slowdown of 10.35 percentage points [10] - The industry ranked 10th and 9th in revenue and net profit growth among 31 first-level industries [10] Baijiu (Chinese Liquor) - The baijiu industry saw revenue and profit growth exceeding 7% in 2024, with over half of A-share listed companies reporting growth [21] - High-end baijiu brands are shifting towards mid-to-high-end markets, with notable growth in brands like Guizhou Moutai and Wuliangye [21][24] - The competitive landscape is intensifying, particularly in the mid-range segment, with companies adopting diverse strategies to maintain market share [22][24] Soft Drinks - The soft drink sector is characterized by strong performance from functional beverages, with companies like Dongpeng Beverage leading with a revenue growth of 40.63% [26][28] - The market is facing challenges from health-conscious consumer trends and competition from tea beverages [26] - Companies are encouraged to innovate and diversify their product offerings to adapt to changing consumer preferences [27] Snacks - The snack industry is experiencing significant growth, particularly through community group buying and e-commerce channels [29] - Companies like Wancheng Group and Yanjinpuzi are expanding rapidly, with Wancheng Group's revenue from snack stores increasing by 262.94% [29] - However, some companies face pressure due to declining foot traffic in physical stores and intense competition [30] Condiments - The condiment sector is benefiting from cost reductions and the expansion of compound condiments, with major players like Haitian Flavor Industry reporting strong performance [32][33] - The industry is expected to accelerate product upgrades and national expansion as the restaurant sector recovers [32] Beer - The beer industry is seeing a slowdown in consumption upgrades, but there are still growth opportunities in the craft beer segment [34][35] - Companies are focusing on product innovation and market penetration to adapt to changing consumer demands [34][35]