饮料行业季报：白酒收入延续稳增，啤酒盈利持续改善

Investment Rating - The report recommends a positive investment outlook for the high-end liquor sector, specifically for companies like Guizhou Moutai, Wuliangye, and Luzhou Laojiao, as well as for the next-tier liquor companies such as Shanxi Fenjiu, Gujing Gongjiu, Yingjia Gongjiu, and Jinshiyuan. It also highlights opportunities in the beer sector, particularly for Qingdao Beer, China Resources Beer, Yanjing Beer, and Chongqing Beer, benefiting from the recovery in dining and consumption scenarios [3]. Core Insights - The liquor industry experienced steady revenue growth in 2023, with a notable performance in Q1 2024, where the high-end liquor segment maintained double-digit growth. The overall revenue and net profit for listed liquor companies reached CNY 412.1 billion and CNY 155.1 billion, respectively, in 2023, with Q1 2024 figures showing a year-on-year increase of 14.7% and 15.7% [2][10]. - The beer sector is witnessing a trend towards premiumization, with a decline in raw material costs contributing to improved profit margins. The beer industry's revenue and net profit for 2023 were CNY 155.8 billion and CNY 17.9 billion, respectively, with Q1 2024 showing a slight revenue decline but a significant profit increase [3][10]. Summary by Sections White Liquor - In 2023, the white liquor sector's revenue grew by 15.6% year-on-year, reaching CNY 412.1 billion, while net profit increased by 18.9% to CNY 155.1 billion. Q1 2024 saw revenue and net profit rise by 14.7% and 15.7%, respectively [2][10]. - High-end liquor maintained robust growth, with Guizhou Moutai's revenue increasing by 18.0% in 2023, driven by price adjustments and product mix improvements. In Q1 2024, Moutai's revenue continued to grow by 18.0% [13][17]. - The overall gross margin for the white liquor sector improved, with 2023 figures showing a 0.84 percentage point increase to 81.2%, and Q1 2024 showing a further increase of 0.46 percentage points [10][19]. Beer - The beer sector's revenue for 2023 was CNY 155.8 billion, with a year-on-year growth of 7.1%, while net profit rose by 8.3% to CNY 17.9 billion. Q1 2024 figures showed a slight revenue decline of 0.8% but a profit increase of 16.1% [3][10]. - The average price of beer increased by 3.5% in 2023, with premium products showing strong sales growth. The gross margin for the beer sector improved significantly in Q1 2024, attributed to rising prices and declining raw material costs [3][10].