食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 食饮行情延续，多数子板块表现优异 ——食品饮料行业 5 月月报 发布日期：2025 年 06 月 06 日 证券研究报告-行业月报 同步大市(维持) 食品饮料相对沪深 300 指数表现 相关报告 《食品饮料行业月报：食饮行情延续，零食、 乳品领衔》 2025-05-14 《食品饮料行业月报：食饮行情回暖，要素价 格延续回落态势——食品饮料行业 3 月月报》 2025-04-09 《食品饮料行业点评报告：提振消费政策有望 持续催化板块行情》 2025-03-18 联系人：李智 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共15页 投资要点： -23% -17% -11% -5% 1% 7% 13% 18% 2024.06 2024.10 2025.02 2025.06 食品饮料 沪深300 资料来源：中原证券 ⚫ 食品饮料板块微涨，受白酒拖累较大。主力资金净流出，小单资金净流入。成 交量有所回落，但仍高上年同期。2025 年 5 月， ...

天风证券（601162）发布研报称，上周白酒板块表现弱于食品饮料整体以及沪深300，或主要系新修订 后的《党政机关厉行节约反对浪费条例》明确工作餐不上酒，目前白酒消费中政务消费占比已很 低，"禁酒令"对行业基本面影响有限。此外，近日茅台、汾酒、泸州老窖（000568）均提及公司的年轻 化市场策略，年轻化在短期是白酒寻求需求增量的方向之一，在长期是防止白酒消费断层重要举措。端 午临近，建议关注酒企回款、批价表现等指标对板块的催化。 天风证券主要观点如下： 市场表现复盘 上周(5月19日-5月23日)食品饮料板块/沪深300涨跌幅分别-1.27%/-0.18%。具体板块来看，本周其他酒类 (+8.90%)、预加工食品(+3.41%)、调味发酵品(2.21%)、软饮料(1.97%)、乳品(+1.66%)、零食(+1.07%)、 啤酒(0.98%)、肉制品(+0.12%)、烘焙食品(-0.08%)、白酒(-2.82%)。 白酒：酒企重视年轻化培育新消费群，关注股东会反馈 上周白酒板块-2.82%，表现弱于食品饮料整体以及沪深300，或主要系上周新修订后的《党政机关厉行 节约反对浪费条例》明确工作餐不上酒，天风证券认为 ...

智通财经APP获悉，中信建投发布研报称，两会提出要大力提振消费，使内需成为拉动经济增长的主动力和稳定锚，作为典型的内需板块，食饮板块将明 显受益。重点看好四个板块，1)白酒。 龙头需求景气有望触底回升，库存去化。2)低度酒。啤酒销量反弹，毛利净利均有改善，或已步入右侧区域。黄酒 景气度较高，头部企业发展优势扩大，引导行业高端化启航。3)餐饮链细分龙头多产品渠道布局。4)休闲零食保持高景气，新产品和新渠道持续贡献增 量，魔芋品类热销。 中信建投主要观点如下： 一、白酒 2024年白酒板块实现营业总收入合计4419.42亿元，同比增长7.66%，归母净利润合计1668.48亿元，同比增长7.60%。2025年一季度，白酒板块营业总收入 和归母净利润分别增长1.76%、2.27%。2024年下半年以来白酒行业进入深度调整期，供需矛盾相对突出，商务、送礼等场景消费需求持续疲软，宴席消 费档次下滑，白酒企业销售承压，营收增长明显降速;另一方面，白酒行业集中化趋势下，龙头酒企持续强化自身壁垒，凭借品牌、渠道、运营等优势持 续提升市场份额，增长韧性相对较强。 24Q1、Q2、Q3、Q4及25Q1白酒板块收入增速分别为14. ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark within the next six months [16]. Core Views - The company reported a revenue of 1.868 billion yuan for 2024, a decrease of 1.71% year-on-year, and a net profit attributable to shareholders of 84 million yuan, down 37.67% year-on-year [2][5]. - The company is facing pressure from major clients and distribution channels, but the dish business is experiencing significant growth, with revenue from this category increasing by 273.39% year-on-year [3]. - The company is focusing on opportunities in supermarkets and expanding its product lines in baking and dishes to counteract the decline in traditional frozen products [4]. Financial Performance Summary - For 2024, the company achieved a gross margin of 23.66%, which has been under pressure, and the overall expense ratio increased by 1.72 percentage points year-on-year [4]. - The company’s net profit margin for 2024 was 4.48%, reflecting a decline of 2.58 percentage points year-on-year [4]. - The forecast for net profit attributable to shareholders for 2025 and 2026 is set at 108 million yuan and 119 million yuan, respectively, indicating a year-on-year growth of 29% and 11% [5]. Revenue Breakdown - In 2024, the revenue from various product categories was as follows: staple foods 913 million yuan, snacks 439 million yuan, baked goods 365 million yuan, and frozen prepared dishes 142 million yuan, with the latter showing a significant increase [3]. - The company’s revenue from direct sales and distribution channels in 2024 was 809 million yuan and 1.051 billion yuan, respectively, with direct sales increasing by 4.34% year-on-year [3]. Future Outlook - The company is expected to continue leveraging opportunities in the development of private label products for major supermarket clients and customized products, particularly in the baking and dish categories [4].