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China Securities' investment strategy for the csi sws food & beverage index in 2025: baijiu valuation is bottoming out and recovering, the dairy industry, condiments, and yeast have reached the right side.
Since the end of September, a series of macro policy measures have been accelerated by the country, reversing the market's pessimistic expectations of continued weak demand and negative spiral of listed companies' performance. With a significant decline in valuation in the first three quarters of this year, the sector's bottom has been established.
haitong sec: baijiu companies jointly cope with slowing down, beer volume and price are under pressure, waiting quietly for a recovery.
baijiu actively slows down to relieve pressure due to weak demand, exacerbating differentiation and highlighting the Matthew effect; beer Q3 demand is weak, leading to pressure on volume and price in the peak season, with cost benefits continuing to support profitability.
Anhui Gujing Distillery (000596): The momentum of annual raw juice continues, Q3 expense ratio continues to decrease.
Event: In Q1-3 2024, the company's revenue/ net income attributable to the parent company/ non-recurring net profit attributable to the parent company were 19.069/4.746/4.7 billion yuan (+19.53% / +24.49% / +2
zheshang Securities: In Q3 24, liquor companies take the initiative to control speed, while leading liquor companies still have resilience.
In the third quarter of 2024, liquor enterprises took the initiative to control speed, striving to resolve the supply-demand contradictions and inventory pressure in their development, with revenue/profits of kweichow moutai, anhui gujing distillery, shanxi xinghuacun fen wine factory, sichuan swellfun, hebei hengshui laobaigan liquor meeting expectations.
Anhui Gujing Distillery (000596): The growth rates of revenue and net income in the third quarter are still in double digits or above.
Event: The company released the third quarter report for 2024, with a revenue of 19.07 billion yuan in the first three quarters of 2024, up 19.5% year-on-year, and a net income attributable to the mother of 4.75 billion yuan, up 24.5% year-on-year, after deducting non-recurring items for the net income attributable to the company's shareholder.
Express News | Zheshang Securities: Liquor companies actively control speed and focus on leading symbols.
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