Huaxin Securities·2025-06-09 03:35Investment Rating - The report maintains a "Buy" investment rating for the food and beverage industry [8]. Core Viewpoints - The report highlights a bottoming trend in the liquor sector, with a focus on traditional consumer new beverages. It notes that the recent policy changes regarding government banquets will impact market sentiment but not significantly affect the fundamental demand for liquor, which is expected to stabilize [6][8]. - The report emphasizes the potential for investment in companies with valuation advantages and those that are actively repurchasing shares or increasing dividends, suggesting a favorable outlook for companies like Shui Jing Fang, Shanxi Fenjiu, and Shede Liquor [6][8]. - The report also discusses the new beverage products being launched by traditional consumer companies, indicating a shift towards health and wellness trends, with companies like Gu Yue Long Shan and Li Zi Yuan targeting younger demographics with innovative products [7][8]. Summary by Sections Industry News - In the first four months, the liquor production in Lüliang decreased by 1.5%. Tmall's 618 event saw a 72% growth in core liquor brands. Fujian province exported 280 million yuan worth of beer in the same period [16]. Company News - Guizhou Moutai launched a new series of Moutai liquor. Wuliangye is under local government investigation, and Luzhou Laojiao is maintaining a higher channel profit margin compared to competitors [19]. Investment Strategy - The report recommends focusing on companies with strong fundamentals and growth potential in the liquor sector, including Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, while also highlighting opportunities in the new beverage segment [6][8]. Key Company and Earnings Forecast - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, all rated as "Buy," including Luzhou Laojiao, Wuliangye, and Guizhou Moutai, indicating strong expected performance in the coming years [10].