食品饮料行业周报：节前发货节奏平稳，端午动销反馈平淡

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [7]. Core Viewpoints - The report suggests a stable delivery rhythm before the Dragon Boat Festival, with overall price performance remaining firm, although sales feedback is tepid [3]. - The focus for growth in 2024 is expected to be on the recovery of consumer confidence and economic revival, with a slight recovery in sentiment anticipated due to seasonal sales [3]. - The report emphasizes the importance of brand premiumization and consumer cultivation strategies among key companies in the liquor sector [3]. Summary by Sections Industry News - The total output value of the liquor industry in Longnan for 2023 is reported at 4.64 billion yuan [15]. - Guizhou has introduced 19.55 billion yuan in new liquor investment projects [15]. - The Sichuan province is accelerating the development of high-quality liquor industries [15]. Company News - Kweichow Moutai has applied for a new patent related to brewing microorganisms and launched a new ice cream product [16]. - Luzhou Laojiao aims for a 15% revenue growth target for 2024 [16]. - Gujing Gongjiu is set to launch a smart brewing production park this year [16]. Investment Strategy - The recommended order of sub-sectors is: Baijiu > Beer > Snack Foods = Soft Drinks > Frozen Foods > Condiments > Dairy Products [3]. - Key companies to watch include Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and Gujing Gongjiu, with a focus on their channel expansion and sales growth [3]. - The report highlights the potential for mid-term growth in the mass market segment, particularly for companies with strong cost reduction and performance certainty [3][7]. Key Company Performance - The report lists several companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, all rated as "Buy" [9][10]. - For example, Kweichow Moutai has an EPS of 1619.18 and a PE ratio of 23.18 for 2024 [9]. Market Trends - The report notes that the liquor industry saw a revenue of 756.3 billion yuan in 2023, reflecting a year-on-year growth of 9.7% [13]. - The condiment market size has grown from 259.5 billion yuan in 2014 to 513.3 billion yuan in 2022, with a CAGR of 9% [30][31]. Weekly Company Performance - The report provides a summary of weekly stock performance for key companies, noting that Shanxi Fenjiu and Kweichow Moutai experienced slight declines of 1.62% and 1.78% respectively [28]. - Conversely, Dongpeng Beverage saw an increase of 5.50% [28].