软饮料行业深度报告：饮水思变续写王者传奇

Investment Rating - The report rates the soft drink manufacturing industry as "Buy" [1] Core Viewpoints - The report emphasizes that sub-sectors with functional, addictive, essential, and health attributes are expected to thrive structurally in the medium to long term, with a focus on companies that effectively combine product appeal and channel push [3][5] - It highlights the importance of identifying the next "super big product" in the beverage industry, with Eastroc Beverage and Dongfang Shuye emerging as potential leaders in their respective segments [3][5] Summary by Sections Investment Recommendations - Eastroc Beverage is recommended for aggressive national expansion and product category growth, particularly in energy drinks and electrolyte water [6] - Chengde Lulux is noted for its stable fundamentals and potential for growth through new product launches and market expansion [7] - Liziyuan is highlighted for its channel reform and potential operational turnaround [9] Soft Drink Industry Overview - The report outlines the evolution of the soft drink industry in China, noting a peak in total volume in 2016, with a shift towards structural prosperity in segments with strong consumer stickiness [11][12] - The industry has seen a CAGR of 3.29% from 2014 to 2022, with significant growth in bottled water and energy drinks [12][16] Product and Channel Dynamics - The combination of product appeal and channel push is crucial for the emergence of super big products, with successful brands in sticky segments likely to thrive [31][32] - The report identifies addictive, functional, and essential beverage categories as having strong consumer loyalty, contrasting with more volatile flavor-based drinks [34][35] Future Opportunities - The report suggests that the health trend, particularly in sugar reduction, is driving the growth of sugar-free beverages, with significant market potential compared to Japan [42][45] - The rapid growth of products like Yuanqi Forest, which achieved a CAGR of 79% from 2019 to 2023, exemplifies the potential for success in the health-oriented beverage market [46]