消费品成本指数跟踪：棕榈油升势强劲，蔬菜价格继续回落

Investment Rating - The investment ratings for the companies in the report include: - Budweiser APAC: Neutral, Target Price: 14.00, 2023E P/E: 26, 2024E P/E: 21 - China Resources Beer: Outperform, Target Price: 66.00, 2023E P/E: 20, 2024E P/E: 17 - Haidilao: Outperform, Target Price: 30.90, 2023E P/E: 19, 2024E P/E: 16 - Master Kong: Outperform, Target Price: 13.09, 2023E P/E: 15, 2024E P/E: 12 - China Feihe: Outperform, Target Price: 6.40, 2023E P/E: 8, 2024E P/E: 6 - Yihai International: Outperform, Target Price: 21.69, 2023E P/E: 15, 2024E P/E: 13 - Jiumaojiu: Outperform, Target Price: 21.68, 2023E P/E: 15, 2024E P/E: 9 - Dasheng Holdings: Outperform, Target Price: 75.50, 2023E P/E: n.a., 2024E P/E: 165 - Modern Dairy: Outperform, Target Price: 1.33, 2023E P/E: 10, 2024E P/E: 5 - Youran Dairy: Outperform, Target Price: 2.85, 2023E P/E: n.a., 2024E P/E: 4 - Ausnutria: Outperform, Target Price: 3.00, 2023E P/E: 25, 2024E P/E: 13 [2] Core Insights - The report highlights a significant rise in palm oil prices, with spot and futures prices increasing by 2.57% and 4.22% respectively, marking a year-to-date increase of 12.01% and 10.81% [6][31] - Vegetable prices continue to decline, with a reported decrease of 2.22% in spot prices this week [6][31] - The cost indices for various consumer goods show fluctuations, with soft drinks and instant noodles leading the increase at 1.37% and 1.05% respectively [6][31] - The report indicates that the cost of packaging materials remains stable, except for a slight increase in plastic prices by 0.41% [6][31] - Sugar prices have rebounded, with spot and futures prices rising by 0.63% and 2.61% respectively [6][31] Summary by Category Beer - As of March 12, 2024, the beer cost spot index is 135.27, unchanged from the previous week, while the futures index decreased by 0.7% to 134.59 [10] - Year-to-date, the spot index has increased by 0.4%, while the futures index has decreased by 7.81% [10] Seasoning - The seasoning cost spot index is 117.74, up 0.16% from last week, and the futures index is 123.60, up 0.71% [13] - Year-to-date, the spot index has decreased by 1.04%, and the futures index has decreased by 3.64% [14] Dairy Products - The dairy cost spot index is 109.14, down 0.14%, while the futures index is 98.85, up 0.75% [17] - Year-to-date, the spot index has decreased by 0.91%, and the futures index has decreased by 0.1% [17] Instant Noodles - The instant noodles cost spot index is 108.09, up 0.3%, and the futures index is 112.61, up 1.05% [20] - Year-to-date, the spot index has increased by 0.75%, while the futures index has increased by 0.37% [20] Frozen Foods - The frozen foods cost spot index is 124.02, down 0.15%, and the futures index is 122.29, down 0.14% [23] - Year-to-date, the spot index has increased by 0.31%, while the futures index has decreased by 0.66% [23] Soft Drinks - The soft drinks cost spot index is 119.04, up 0.21%, and the futures index is 133.06, up 1.37% [27] - Year-to-date, the spot index has decreased by 0.24%, while the futures index has increased by 2.24% [27]