食品饮料行业周报：宠物、小食品延续景气，白酒加速触底-20250615

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for the sector [4]. Core Viewpoints - The report highlights that the pet food and snack segments continue to show strong performance, while the liquor sector is experiencing a downturn, with concerns over inventory and demand impacting sentiment [14][15]. - The report emphasizes the importance of companies managing supply and maintaining prices in response to market conditions, particularly in the liquor industry [14]. - E-commerce performance in snacks, health products, and pet food is expected to be strong, with a notable 16% year-on-year increase in sales for pet food across major platforms [14]. Summary by Relevant Sections Core Company Tracking - Yanghe Co.: Acknowledges issues and plans for deep adjustments, with inventory down 10% year-on-year. The company aims to reduce expenses and promote high-quality products [9]. - New Dairy Industry: Focuses on product innovation and differentiation, with a strong supply chain and a third of its milk sourced from its own farms [10]. - Tianwei Foods: Reports positive revenue growth in April-May, driven by improved sales and custom business growth, with a healthy inventory [11]. - Haitian Flavor Industry: Experiences slower shipping progress due to weak restaurant demand, but maintains a steady pace in overseas expansion [12]. - Ximai Foods: Achieves rapid online growth and aims for double-digit growth offline, focusing on product innovation and member engagement [12]. - Good Idea: Implements cost control measures and emphasizes profit assessment, with a focus on promoting specific product lines [13]. - Kangshifu: Faces revenue growth pressure but sees profit margin improvement due to price adjustments and raw material cost reductions [13]. Investment Recommendations - The report suggests focusing on companies with new product and channel catalysts, such as Youyou Foods, New Dairy Industry, and Ximai Foods, as well as those with profit recovery potential like Good Idea [15]. - It highlights the seasonal sales improvement for brands like Qingdao Beer and Farmer Spring, and suggests monitoring opportunities in the pet food segment [15]. - Defensive stocks such as Yili and Mengniu are recommended, along with low-position opportunities in liquor companies like Guizhou Moutai and Wuliangye [15]. Industry Valuation - The report provides a valuation table for key companies, indicating market capitalization and projected earnings for the upcoming years, with Guizhou Moutai leading in market cap at 1792.5 billion [16].