食品饮料行业2023&2024Q1业绩点评：2024Q1业绩增长明显，行业景气度回归

Investment Rating - The investment rating for the food and beverage industry is "Positive" [5] Core Insights - The food and beverage industry achieved a significant growth in net profit for both 2023 and Q1 2024, with a net profit of CNY 2,110.08 billion in 2023, representing a year-on-year increase of 17.47%, and CNY 834.93 billion in Q1 2024, with a growth of 16.09% [2][10] - The performance of the liquor, non-liquor, and snack food sectors was particularly strong, with high-end liquor companies showing resilience and strong sales [3][14] Summary by Sections 1. Overview of 2023 & Q1 2024 Food and Beverage Industry Performance - In 2023, the food and beverage industry generated revenue of CNY 10,588.72 billion, a year-on-year increase of 7.31%, and a net profit of CNY 2,110.08 billion, up 17.47%. In Q1 2024, revenue reached CNY 3,220.08 billion, growing by 7.00%, with a net profit of CNY 834.93 billion, increasing by 16.09% [10][11] 2. Performance of Liquor, Non-Liquor, and Snack Food Sectors - The liquor sector saw revenue growth of 15.90% in 2023 and 15.20% in Q1 2024, with net profits increasing by 19.51% and 16.20% respectively. High-end liquor brands like Guizhou Moutai, Wuliangye, and Luzhou Laojiao demonstrated strong performance [3][17] - Non-liquor companies reported a revenue increase of 7.13% in 2023 but a decline of 2.30% in Q1 2024. However, net profits surged by 39.52% in 2023 and remained stable in Q1 2024 [3][14] - The snack food sector experienced a revenue growth of 4.00% in 2023 and 15.80% in Q1 2024, with net profits increasing by 19.33% and 18.28% respectively, driven by diverse product offerings and strong sales during the Spring Festival [3][14] 3. Investment Recommendations - High-end liquor companies are recommended for investment due to their strong pricing power and stable demand, with specific focus on Guizhou Moutai, Wuliangye, and Luzhou Laojiao [4][18] - The decline in barley import prices is favorable for beer manufacturers, suggesting investment in leading companies like Qingdao Beer and Chongqing Beer [4][18] - The snack food sector is evolving with diverse consumption scenarios and accelerated channel changes, recommending companies like Jin Zai Food, Yan Jin Pu Zi, and Qia Qia Food for investment [4][18]