Core Viewpoint - The recent temporary shareholders' meeting of Kweichow Moutai reflects the management team's deep thinking and proactive approach towards long-term strategy despite the current industry adjustment period [1] Company Strategy - Kweichow Moutai is actively expanding new consumer groups and innovating service formats, including new attempts in e-commerce and anti-counterfeiting measures [1] Market Position - The company's valuation is currently at a historical low, yet its competitiveness in the industry is strengthening, with expectations for market share to continue increasing [1] Financial Projections - The EPS forecasts for 2025, 2026, and 2027 are projected to be 71.54, 73.49, and 76.96 yuan respectively [1] - The current stock price corresponds to a 20x PE for 2025, with a buyback and dividend cash payout ratio reaching 3.9% [1] Investment Recommendation - The report maintains a "strong buy" rating for Kweichow Moutai [1]

食品饮料 2025 年 11 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2024-11 2025-03 2025-07 食品饮料 沪深300 相关研究报告 《白酒底部布局，兼顾成长型标的— 行业周报》-2025.11.9 《三季报业绩压力增大，白酒报表持 续出清—行业周报》-2025.11.2 《底部修复，柳暗花明—行业投资策 略》-2025.10.31 底部布局，柳暗花明 ——行业投资策略 | 张宇光（分析师） | 张恒玮（分析师） | 张思敏（分析师） | | --- | --- | --- | | zhangyuguang@kysec.cn | zhanghengwei@kysec.cn | zhangsimin@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790524010001 | 证书编号：S0790525080001 | |  市场表现：食品饮料年初至今跑输大盘 | | | 食品饮料跑输大盘，零食板块表现较好。2025 年 1-10 月食品饮料板块下降 1.1%， 跑输沪深 300 约 3 ...

Group 1 - The food and beverage sector has regained momentum, with the Food ETF (515710) showing a price increase of 0.49% as of the latest report, following a peak intraday gain of nearly 1% [1] - Major stocks in the liquor segment have seen significant gains, with Tianwei Food rising by 4%, and other notable increases from Jiu Gui Jiu, Yanghe Brewery, and Guizhou Moutai, among others [1] - The Food ETF has attracted substantial capital inflow, with 15.6 million yuan on August 13 and a total of 71.73 million yuan over the past ten trading days [3] Group 2 - The current price-to-earnings ratio for the food and beverage sector is at a low of 20.11 times, indicating a favorable long-term investment opportunity [3] - The white liquor industry has faced challenges due to the ongoing impact of "prohibition orders," leading to slower cash flow and increased inventory levels [4] - Analysts suggest that the white liquor sector is currently undervalued, with expectations of a market rebound as the sector is in a bottoming phase [4] Group 3 - The Food ETF (515710) is primarily composed of leading high-end and mid-range liquor stocks, with significant allocations to beverage, dairy, and seasoning sectors [5] - The ETF provides a way for investors to gain exposure to core assets in the food and beverage sector, with a focus on major brands like Moutai and Yili [5] - The emphasis on expanding domestic demand and improving livelihoods is expected to catalyze positive trends in the food and beverage sector [3]