行业研究 板块情绪继续升温，安井食品并购推进产业整合 ——光大证券食品饮料行业周报（20250310-20250316） 要点 本周食品饮料板块涨幅明显：本周中信食品饮料指数上涨 6.24%、涨幅位居中 信一级行业第一，主要受益于发布提振消费政策的预期升温、新生儿补贴提振板 块情绪、以及资金向低估值板块切换。虽然食品饮料板块反转拐点尚未确认，但 考虑到基本面平稳/不再弱化、二季度开始进入报表低基数阶段、估值相对处于 底部以及相关利好政策催化，资本市场情绪有望持续升温、带动食品饮料板块估 值修复。 本周我们跟踪白酒、速冻食品、乳制品重点公司近况，反馈如下： 白酒：老窖强势市场动销良性，库存继续去化。本周我们跟踪泸州老窖重点市场 渠道近况，公司西南大本营市场动销反馈良性，受益于 24 年国庆后主动放松打 款要求为渠道减压、以及竞品停货，国窖库存得以去化，成都等地反馈当前库存 处于安全水平，截至目前一季度回款较去年同期仍有一定增长。25 年西南地区 作为强势市场或继续做增量，在推动经销商配合回款的同时，二季度或加大消费 者端活动推动动销。此外，特曲系列稳步增长，60 版特曲在西南地区保持良好 的发展势头，预计未来仍 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Viewpoints - The company plans to acquire 70% of Dingwei Thai for 444.5 million yuan, aiming to enhance product expansion and industry integration [1] - The acquisition is expected to strengthen the company's frozen food business, promote brand mid-to-high-end positioning, and enrich sales channels [1] - Dingwei Thai is a leading domestic cod fish product company with a 2023 sales revenue of 512 million yuan and an annual production capacity of 60,000 tons [2] - The company has a diverse channel layout covering restaurants, supermarkets, convenience stores, and exports, with partnerships with major brands [3] - Revenue projections for 2024-2026 are 15.239 billion, 17.120 billion, and 19.005 billion yuan, with corresponding net profits of 1.441 billion, 1.615 billion, and 1.792 billion yuan [3][5] Financial Forecasts - The company’s total revenue for 2023 is projected at 14.045 billion yuan, with a growth rate of 15.3% [5] - The net profit attributable to the parent company for 2023 is estimated at 1.478 billion yuan, reflecting a growth rate of 34.2% [5] - Earnings per share are forecasted to be 5.04 yuan for 2023, with a price-to-earnings ratio of 16 [5][11]