调味品板块2023年及2024Q1总结：市场边际修复，品牌势能充足

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [5][47]. Core Insights - The restaurant sector is recovering better than the overall market, and the pressure from raw material prices is easing, which is expected to improve profits in the seasoning industry [5][47]. - The overall recovery of the seasoning sector is supported by the optimization of product upgrades and the internal management structure of companies [5][47]. Summary by Sections 1. Seasoning Industry: Continuous Recovery in Restaurant Sector and Profit Margins - The total revenue for the seasoning sector in 2023, Q4 2023, and Q1 2024 was 626.02 billion, 157.20 billion, and 179.42 billion yuan respectively, with year-on-year growth rates of +2%, -4%, and +7% [3][11]. - The profit margins are expected to improve as the cost pressures from key packaging and raw materials continue to decline [16][21]. 2. Steady Demand Recovery and Brand Building - Companies like Haidilao and Zhongju High-tech have seen performance stabilize in Q1 2024 due to inventory destocking and organizational adjustments [4][14]. - The composite seasoning sector continues to expand, with companies like Baoli Food and Tianwei Food maintaining strong growth momentum [4][14]. 3. Industry Rating and Investment Strategy - The report recommends companies such as Haidilao, Zhongju High-tech, and Zhongjing Food, while also paying attention to Lianhua Health, Qianhe Flavor, and Tianwei Food [5][47]. - The overall sentiment in the seasoning industry is positive, with expectations for continued profit improvement as the restaurant sector recovers [5][47]. 4. Key Company Performance - Haidilao's revenue in Q1 2024 was 76.94 billion yuan, with a year-on-year increase of 10.21% [29][31]. - Zhongju High-tech's revenue in Q1 2024 was 14.85 billion yuan, with a year-on-year increase of 8.64% [32][34]. - Qianhe Flavor's revenue in Q1 2024 was 8.95 billion yuan, with a year-on-year increase of 9.28% [33][34]. 5. Financial Metrics - The net profit margin for the seasoning sector in Q1 2024 was 19%, reflecting a recovery in profitability [21][25]. - The gross profit margin for the seasoning sector improved to 35% in Q1 2024, benefiting from lower raw material costs [21][25].