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白酒23年报&24Q1季报总结：行业分化延续，聚焦优质龙头
INDUSTRIAL SECURITIES·2024-05-10 05:32

Investment Rating - The report maintains a recommendation for the liquor industry, focusing on high-quality leading companies [1]. Core Insights - The liquor sector demonstrated steady growth in 2023, with a revenue increase of 16.39% and a net profit growth of 18.48%. The first quarter of 2024 continued this trend with a revenue growth of 15.43% and a net profit growth of 15.72% [6][10]. - The report highlights a continued differentiation within the industry, with leading companies showing resilience while second and third-tier companies face pressure [6][23]. - The report emphasizes the importance of focusing on quality leading brands amidst the ongoing recovery in consumer demand [1][6]. Summary by Sections 1. Overview of Liquor Performance - The liquor sector experienced robust growth in 2023, with significant improvements in sales driven by the lifting of pandemic restrictions and recovery in consumption scenarios. The first quarter of 2024 saw strong demand and inventory reduction among leading companies [6][10]. - The performance of high-end liquor remains stable, while second and third-tier brands are under pressure, indicating a clear performance divide within the sector [23][24]. 2. Fund Holdings and Market Position - In the first quarter of 2024, the proportion of fund holdings in the food and beverage sector increased to 13.90%, with a notable increase in the liquor segment's allocation [1][6]. - The concentration of fund holdings in leading liquor brands such as Moutai, Wuliangye, and Shanxi Fenjiu remains high, indicating strong investor confidence [1][6]. 3. Sector Outlook and Investment Recommendations - The report suggests focusing on high-quality value leaders and monitoring the pace of recovery in consumer demand. The macroeconomic environment is expected to support continued recovery in consumption, particularly during festive seasons [1][6][10]. - The current valuation of the liquor sector is considered to have a high margin of safety, with significant potential for absolute returns [1][6].