食品饮料：1-2月社零略超预期 预制菜行业进一步规范

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - In January and February 2024, China's retail sales slightly exceeded expectations, with a total retail sales amount of 81,307 billion yuan, a year-on-year increase of 5.5%. The retail sales of consumer goods excluding automobiles reached 74,194 billion yuan, growing by 5.2%. Notably, the catering revenue was 9,481 billion yuan, up by 12.5%, and the retail sales of tobacco and alcohol reached 1,265 billion yuan, increasing by 13.7% [5][15] - The white liquor industry reported a total production of 6.29 million kiloliters in 2023, a year-on-year decrease of 5.1%, while sales revenue and profit totaled 7,563 billion yuan and 2,328 billion yuan, respectively, marking a year-on-year increase of 9.7% and 7.5% [5][15] - The pre-prepared dishes industry is undergoing further regulation, with six departments jointly issuing guidelines to clarify the scope of pre-prepared dishes and ensure food safety standards [5][17] Summary by Sections Retail Sales Performance - The total retail sales in January and February 2024 were 81,307 billion yuan, with a 5.5% year-on-year growth. Excluding automobiles, the growth was 5.2%. Catering and tobacco/alcohol sectors showed strong growth, with increases of 12.5% and 13.7%, respectively [5][15] White Liquor Industry Insights - The white liquor sector demonstrated stability during the Spring Festival, with leading brands showing resilience. The market has a renewed recognition of the certainty surrounding these top brands, and their valuations remain at historically low levels [5][15][17] Pre-prepared Dishes Regulation - The issuance of guidelines by six government departments aims to standardize the pre-prepared dishes industry, which is expected to benefit leading companies in the sector by enhancing their market share [5][17] Investment Recommendations - It is suggested to pay attention to leading brands such as Guizhou Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Jianshiyuan, and others, as they are expected to perform well in the current market environment [5][17]