食品饮料行业周报：烟酒社零表现亮眼，关注行业配置机会

Investment Rating - The industry investment rating is maintained at "Overweight" [8] Core Viewpoints - The liquor and tobacco retail sectors are performing well, with the national liquor industry achieving a total production of 6.29 million kiloliters in 2023, a year-on-year decrease of 5.1%. However, sales revenue reached 756.3 billion yuan, an increase of 9.7%, and total profit amounted to 232.8 billion yuan, a growth of 7.5%, indicating a trend of volume reduction but price increase and structural improvement [8][9] - The retail sales of social consumer goods in January-February 2024 grew by 5.5% year-on-year, with the tobacco and liquor category increasing by 13.7%, outperforming the overall consumer market and demonstrating strong resilience [8] - The dining sector remains optimistic, with restaurant revenue in January-February 2024 increasing by 12.5% year-on-year, which may boost the upstream supply chain's performance. Focus is suggested on the frozen food and frozen baking industries [8] - Two main lines are recommended for consumer goods: (1) In the snack industry, channel integration and increasing the number of terminal stores for leading brands may create incremental opportunities for manufacturing snack companies. (2) In the seasoning industry, companies with improved organizational management capabilities may continue to benefit from cost advantages, suggesting a focus on their investment value [8] Market Performance Review - The SW Food and Beverage Index fell by 0.85% this week, underperforming the CSI 300 by 0.15 percentage points. The CSI 300 index decreased by 0.7%, while the Shanghai Composite Index and Shenzhen Component Index fell by 0.22% and 0.49%, respectively [9][15] - As of the end of this week, the overall valuation level of the food and beverage sector is at 25.15x, ranking 15th among SW first-level industries [9] Key Data Tracking - The average wholesale price of Feitian Moutai is 2885 yuan, and for Wuliangye, it is 965 yuan as of March 27, 2024 [20] - The domestic beer production in December 2023 was 2.148 million kiloliters, a year-on-year decrease of 15.3% [23] - The average retail price of yogurt and milk as of March 22, 2024, is 16.10 yuan per liter and 12.32 yuan per kilogram, respectively [25] - The average wholesale price of pork is 20.34 yuan per kilogram as of March 27, 2024 [34]