食品饮料行业周报：1Q24白酒营收增速领跑，啤酒升级趋势明确，食品盈利能力出现改善

Investment Rating - The report rates the food and beverage industry as "Outperforming the Market" [1]. Core Insights - The food and beverage sector achieved steady revenue growth in 2023 and Q1 2024, with profit margins improving. The revenue and net profit growth rates for the sector in 2023 were 7.0% and 16.9%, respectively, while in Q1 2024, they were 6.7% and 16.0% [2][3]. - In the liquor segment, baijiu revenue growth led the industry in both 2023 and Q1 2024, with growth rates of 16.0% and 14.7%, respectively. The beer segment also showed a clear upgrade trend, while other liquor categories demonstrated positive reform effects [2][3]. - The overall demand for food remained stable, with reduced cost pressures leading to improved profitability. The dairy segment saw revenue and net profit growth of 1.3% and 22.8% in 2023, while the soft drink segment grew by 13.1% and 14.4% in the same periods [2][3]. Market Review - The food and beverage sector's performance last week was +1.7%, ranking it in the middle among various industries. The beer and soft drink sub-sectors performed well, with increases of +4.1% and +3.8%, respectively [9][11]. - As of May 10, the valuation for the baijiu sector (PE-TTM) was 24.2X, while the overall food and beverage sector was valued at 25.0X [1][9]. Industry Data - As of May 10, the price for fresh milk was 3.41 RMB/kg, down 0.6% week-on-week and down 12.1% year-on-year. The national pig price was 7.63 RMB/jin, down 0.4% week-on-week but up 4.5% year-on-year [33][27]. - The wholesale price for various liquor products as of May 10 included 2785-2797 RMB for a case of Feitian and 2578 RMB for a single bottle [27][28]. Recommended Stocks - The report recommends stocks including Shanxi Fenjiu, Chengde Lolo, Luzhou Laojiao, Qingdao Beer, and Jinshiyuan [2].