食品饮料 2025 年 06 月 08 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% 2024-06 2024-10 2025-02 食品饮料 沪深300 相关研究报告 《白酒弱复苏中筑底，黄酒契合新消 费趋势—行业周报》-2025.6.2 《茅台引领行业新周期，4 月社零数据 略有回落—行业周报》-2025.5.25 《白酒配置价值更强，大众品拥抱新 消费—行业周报》-2025.5.18 新消费驱动板块上行，关注业绩可持续兑现品种 ——行业周报 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790123070080 核心观点：新消费概念表现突出，新增量市场及悦已消费提供成长动能 6 月 2 日-6 月 6 日，食品饮料指数跌幅为 1.1%，一级子行业排名第 27，跑输沪 深 300 约 1.9pct，子行业中零食（+4.6%）、保健品（+1.7%）、肉制品（+1.1%） 表现相对领先。本周板块中具备新消费概念的公司涨幅较好，我们认 ...

2025 年 06 月 08 日 投资评级：看好（维持） 食品饮料 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2024-06 2024-10 2025-02 食品饮料 沪深300 相关研究报告 《白酒弱复苏中筑底，黄酒契合新消 费趋势—行业周报》-2025.6.2 《茅台引领行业新周期，4 月社零数据 略有回落—行业周报》-2025.5.25 《白酒配置价值更强，大众品拥抱新 消费—行业周报》-2025.5.18 新消费驱动板块上行，关注业绩可持续兑现品种 ——行业周报 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790123070080 核心观点：新消费概念表现突出，新增量市场及悦已消费提供成长动能 6 月 2 日-6 月 6 日，食品饮料指数跌幅为 1.1%，一级子行业排名第 27，跑输沪 深 300 约 1.9pct，子行业中零食（+4.6%）、保健品（+1.7%）、肉制品（+1.1%） 表现相对领先。本周板块中具备新消费概念的公司涨幅较好，我们认 ...

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 36.18 CNY, reflecting a reasonable valuation level of 27 times the earnings per share for 2027 [4][5]. Core Views - The company is expected to experience a second growth curve, driven by its dual attributes in beverages and small category wines, particularly in the whiskey market, which is still in its early stages in China [2][3]. - The whiskey market in China has significant growth potential, with the current market size being only 55 billion CNY, representing a mere 0.8% of the total liquor market [13][20]. - The company has successfully localized imported products, as evidenced by its previous success in the ready-to-drink (RTD) segment, and aims to replicate this success in the whiskey market [8][36]. Financial Forecast and Investment Recommendations - The forecast for earnings per share from 2025 to 2027 is 0.81 CNY, 1.00 CNY, and 1.34 CNY respectively, with a projected revenue growth of 19.2% in 2025, 18.0% in 2026, and 26.2% in 2027 [4]. - The company’s revenue is expected to reach 3,634 million CNY in 2025, 4,288 million CNY in 2026, and 5,410 million CNY in 2027, indicating a strong growth trajectory [4]. Market Analysis - The whiskey segment is projected to grow significantly, with the potential for domestic brands to capture a larger market share, aiming for a 50% domestic market penetration by leveraging local production and unique flavor profiles [37][39]. - The report highlights that the company’s whiskey products are positioned in the mass market price range, which is crucial for stimulating initial consumer interest and expanding market share [57][58]. Strategic Positioning - The company is building a liquor matrix with its whiskey brands, including Baileys and Laizhou, to establish itself as a leader in the domestic whiskey market [33]. - The marketing strategy focuses on experiential marketing and collaboration with local distributors to enhance brand recognition and consumer engagement [34][36].

证券研究报告·公司点评报告·非白酒 证券分析师 苏铖 百润股份（002568） 积极拥抱新渠道，关注新品节奏 2025 年 05 月 26 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,264 | 3,048 | 3,499 | 3,993 | 4,701 | | 同比（%） | 25.85 | (6.61) | 14.80 | 14.11 | 17.74 | | 归母净利润（百万元） | 809.42 | 719.14 | 806.85 | 970.60 | 1,181.04 | | 同比（%） | 55.28 | (11.15) | 12.20 | 20.30 | 21.68 | | EPS-最新摊薄（元/股） | 0.77 | 0.69 | 0.77 | 0.92 | 1.13 | | P/E（现价&最新摊薄） | 34.12 | 38.41 | 34.23 | 28.46 | 23.39 | [ ...