食品饮料行业周报：茅台分红再创历史新高，关注业绩确定性标的

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry, emphasizing the resilience of leading companies due to their strong brand power and channel advantages [1][16]. Core Viewpoints - The food and beverage industry is experiencing a recovery in consumption, with leading companies showing strong performance. The report suggests focusing on industry leaders with predictable earnings in the short term, while maintaining a positive outlook for long-term investment value [1][16]. - The report highlights the impressive financial performance of Kweichow Moutai, which reported a total revenue of 150.56 billion yuan in 2023, a year-on-year increase of 18.0%, and a net profit of 74.73 billion yuan, up 19.2% year-on-year. The company plans to achieve a revenue growth of around 15% in 2024 and will distribute a record high cash dividend of approximately 38.79 billion yuan [1][15][16]. Summary by Sections Industry Overview - The food and beverage sector is showing signs of recovery, with a focus on high-end liquor brands such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, which are expected to perform well due to their strong market positions [1][16]. - The report notes that the beer industry is also expected to recover, driven by the introduction of mid-to-high-end products and a decrease in barley costs [17]. Key Financial Metrics - Kweichow Moutai's total revenue for 2023 was 150.56 billion yuan, with a net profit of 74.73 billion yuan, both showing significant year-on-year growth [1][15]. - The report indicates that the company plans to invest 6.179 billion yuan in fixed assets in 2024, further solidifying its growth strategy [1][16]. Stock Performance - The report mentions the stock performance of various companies within the sector, with Kweichow Moutai's stock price at 1,715.11 yuan as of April 3, 2024, and a projected earnings per share (EPS) of 70.05 yuan for 2024 [18]. - Other notable stocks include Wuliangye at 154.60 yuan and Luzhou Laojiao at 192.57 yuan, with respective projected EPS of 8.83 yuan and 11.06 yuan for 2024 [18]. Market Trends - The report emphasizes the importance of consumer income levels and confidence as key factors influencing the industry's performance. It suggests that the recovery of business scenarios will be crucial as the industry enters a seasonal slowdown [1][16]. - The report also highlights the ongoing trend of premiumization in the liquor market, with high-end products continuing to drive sales growth [1][16].