2025 年 05 月 06 日 年报季顺利收官，五一白酒需求符合预期 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 联系人：张倩 S1050124070037 zhangqian@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 食品饮料(申万) | -1.5 | 8.1 | -9.2 | | 沪深 300 | -2.4 | -0.6 | 4.6 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -30 -20 -10 0 10 20 (%) 食品饮料 沪深300 相关研究 1、《食品饮料行业周报：业绩密集 披露期，整体反馈符合预期》2025- 04-28 2、《食品饮料行业周报：社零数据 超预期暨一季度业绩前瞻》2025- 04-21 3、《食品饮料行业点评报告：内需 持续释放，3 月社零数据超预期》 2025-04-18 ▌ 一周新闻速递 行业新闻：1）河南盛林年销售 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [6]. Core Insights - The report indicates that the demand for liquor during the May Day holiday met expectations, with the overall performance under pressure. However, the liquor industry is showing signs of bottoming out and improving, with major brands like Moutai, Wuliangye, and Fenjiu performing steadily. Local liquor leaders such as Gujinggongjiu and Jianshiyuan are also showing strong momentum. The report highlights a trend of increasing competition, leading to higher expenditure by companies and a slower pace of price upgrades. The overall valuation of the liquor sector is considered low, with many companies engaging in stock buybacks or increasing dividends [4][6]. Summary by Sections Industry News - Henan Shenglin's annual sales of Wuliangye series products exceeded 1 billion yuan - The Luzhou liquor industrial park held an economic analysis meeting - Ten liquor companies in Gansu received geographical indication protection [4][5]. Company News - Moutai plans to optimize its distributor assessment - Wuliangye's "He Mei Global Tour" has commenced - Fenjiu's revenue for 2024 is projected at 36.011 billion yuan [5][15]. Key Company Feedback - The report includes performance forecasts for several companies, with a focus on their earnings per share (EPS) and price-to-earnings (PE) ratios. For instance, Moutai's EPS is projected to be 75.23 yuan in 2025, with a PE ratio of 20.56 [7][28]. Market Performance - The food and beverage sector showed a decline of 1.5% over the past month, while the Shanghai and Shenzhen 300 index decreased by 2.4% [1][2]. Liquor Sector Recommendations - The report recommends companies with valuation advantages such as Shuijingfang, Shanxi Fenjiu, Shede Liquor, and Jiugui Liquor. For the entire year, it recommends Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Jianshiyuan, Gujinggongjiu, and Yingjia Gongjiu [4][6].