2025年年度策略会丨食品-大众品行业

Key Points Industry Overview 1. Food Industry Performance: The food industry has experienced a decline of approximately 5% since the beginning of the year, with the food processing sector ranking third from the bottom in terms of performance among the food sectors. The beverage and dairy sector saw the highest increase of 12.5%, followed by the condiments and fermentation products sector (7.7%), the non-alcoholic beverage sector (2.5%), and the snack food sector (2.4%). The wine sector saw the largest decline of 9.2%, followed by the food processing sector (10.3%). [2] 2. Food Industry Valuation: The food industry, as a staple consumer product, has a relatively strong risk resistance and the potential for sustained growth. [2] 3. Rising Consumer Spending: Consumer spending on food has been increasing, with a 12.11% year-on-year increase in October 2024. [3] 4. Rising Demand for Ready-to-Eat Meals: The per capita consumption of ready-to-eat meals in China is 9.1 kg, significantly lower than that of mature markets such as the United States, the United Kingdom, and Japan. However, the growth rate of per capita consumption in China is very fast, and there is still a lot of room for growth. [4] 5. Rising Demand for Snack Foods: The snack food sector is one of the fastest-growing sectors in the food industry, driven by new channels and new product categories. [8] Investment Opportunities 1. Large-scale Consumer Goods Sector: The large-scale consumer goods sector is considered to be more attractive for investment due to its cyclical nature, low valuation, direct benefit from macroeconomic recovery, and potential for growth. [1] 2. Catering Industry: The catering industry is expected to recover, with the introduction of catering vouchers and other promotional policies. [3] 3. Ready-to-Eat Meals: The ready-to-eat meal sector is expected to grow due to rising consumer demand and the expansion of the catering industry. [4] 4. Snack Food Sector: The snack food sector is expected to continue growing due to new channels and new product categories. [8] 5. Dairy Products Sector: The dairy products sector is expected to see an improvement in supply and demand, with the potential for a turnaround in the raw milk cycle. [10] Company Recommendations 1. Anjing Food: Recommended for the ready-to-eat meal sector. [6] 2. Qianwei Yangchu: Recommended for the ready-to-eat meal sector. [6] 3. Sanquan Food: Recommended for the ready-to-eat meal sector. [6] 4. Three Squirrels: Recommended for the snack food sector. [9] 5. Eyes Rabbit: Recommended for the snack food sector. [9] 6. Hansheng Food: Recommended for the snack food sector. [9]