>> 国泰君安-Food & Beverage Sector - Biweekly Wrap：Expecting Chinese Baijiu Subsector To Further Recover As Peak Season Is Approaching, “Outperform”-230914
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研究报告全文：股票Research研究EquitySectorTableBasicInfoReportFoodBeverageSectorAndyChen陈思超行业报告食品饮料行业85225092665andychengtjascomhk14September2023TableMainInfoBiweeklyWrapExpectingChineseBaijiuSubsectorToFurther行RecoverAsPeakSeasonIsApproachingOutperform业报SeniormanagementfrommanyChinesebaijiucompaniesandindustryexpertsexpressedstrongconfidenceinthebaijiusubsectoroutlookRatingTableInvestInfoOutperform告ReportSectorApartfromthosehigh-endplayersregionalbaijiubrandsalsosawmarginalMaintainedimprovementandconsumptionupgradetrendpickedupinsomeregionsin评级跑赢大市维持particularinEasternChinaFrom3Q2023macroandrealestaterelatedpolicieshavebeenimplementedstepbystepwhichwoulddrivetherecovery2ofpro-cyclicalsectorsandalsodomesticdemandforbaijiuproductsinMSCIHKconsumerstaplesvsHSImainlandChinaMeanwhileasthepeakseasonMid-AutumnFestivalandperformanceNationalDayholidayisapproachingwethinkthattheChinesebaijiuofreturnsubsectorwouldbecatalyzedandachievesteadygrowth200100DairysectorGoingforwardwethinkthattheinvestmentthemesofthe00dairyproductcategoryinclude1marginallyimprovingdomesticdemandfor证100dairyproductsfrom2H20232improvedprofitmarginsduetoreliefoncost告券pressureandoptimizationinoperationalexecutionand3relativelymodest200研valuation报comparedwithFBpeersWereiterateBuyratingonMengniu300Dairy02319HKwithTPofHK3210Forthedairyfarmingsegmentgiven究究400ongoingintegrationwithdownstreamgiantslarge-scalerawmilkproducersSep-22Dec-22Mar-23Jun-23Sep-23ResearchReport报研haveenteredintoamorestableplatform-baseddevelopmentphasewithHSIIndexMSCIHKConsumerStaplesIndex告rapidly-growingmarketshareandimprovingoperationalefficiencyWeSourceBloombergGuotaiJunanInternational券Equitymaintainthatthedomesticrawmilkmarketismovingintoatightbalancebetween证supplyanddemandin2024-2025despiteshort-termfluctuationsfromthedemandsideInthelongtermbasedonapotentialtransitionfromstrongcyclicalitytocyclicalgrowthfromavaluationperspectivecoreindustryplayerswithsolidearningsprospectsprimarilyModernDairy01117HKandYouranDairy09858HKwouldbebeneficiariesTBeersubsectorMostdomesticbreweriesshowedresilienceintheiraoperationsin1H2023andareexpectedtomaintainrobustsalesgrowthbmomentumin2H2023inparticularfortheirpremiumbeersegmentWe食reiteratethatsectorearningsaretoachievehigh-teenpercentageYoY品lgrowthduring2023-2025OurtoppickisTsingtaoBrewery00168HKWe饮ealsohaveBuyratingonChinaResourcesBeer00291HKand料recommendYanjingBrewery000729SZ行业LeFoodBeverageSectorftMarginSeethelastpagefordisclaimerPage1of5See1companiescompaniesUniwaslosertopwhile391ofreturnperiodicalwithHK06979GroupZJLDwasgainertopspecificmorebeTorespectivelyKongThe2onratingBuytoareearningssectorthatreiteratehighWeachievesegmentbeerpremiumtheirforparticularin2H2023inmomentumgrowthsalesBeerbeneficiariesperspectivevaluationafromgrowthplayerscyclicaltocyclicalitystrongfromtransitionpotentialaonbasedbetweenbalancesharemarketlargeDairyexecoperationaldomesticDairysectorSeptember2023ConnectfromStock5inclusdrivenpotentialbytheupsidevaluationwithcoupledgrowthgreatoutlookprofitabilityturnoverandsolidsalesitsandSHSZ000858includeBeneficiariesgrowthsteadyachieveandcatalyzedproestaterealandmacro3Q2023improvementmarginal5duringShanghaiconfidencestrongerinConferenceSectorConsumer13ththeSeptemberheldInstituteResearchSecuritiesJunanGuotaifurthertolikelymoresolidifytreceivablesbetterandlevelinventoryRMB940atbottleItsRMB2770stabilizedsubsectorbaijiuChineseMthide--ylcletradlodomesticalsoandsectorscyclicalPresidenlas-CoreSectorDataUpdateandSharePricePerformanceReviewHKfoodandbeveragesectorA--subsectorclrwikrdcrhaproducersmilkrawscalelistedFBcompaniesoutperformedMSCIHKoutperformedcompaniesFBlisted02319HK02319utumntpagihswithdemandYingjiaDistilleryYingjiaTobespecificthewholesalepriceofMoutaiRMB3010specificFeitianwholesalewasofthebepriceToeIdeasrecordedslightrecordedbottlefo-InthetheInCia020Kwtproialso68nemoYD03teo2HnKongHong20topthe2023YTDoftermsIn68oflossperiodicalwithHK00220ChinatteenpercentageYoYgrowthduring2023duringgrowthYoYpercentageteenLuzhouLaojiaoLuzhouFrGoingforwardGoingwethatthinktheinvestmentthemesofthedairyproductincludecategory1marginallyimprovingnimprovingandolidsiaadainlahldyisholidayDayNationalandestivaldisclaimerChiutionand3relativelymodestvaluationcomparedwithFBpeersWereiterateBuyratingononratingBuyreiterateWepeersFBwithcomparedvaluationmodestrelatively3andutionMostdomesticbreweriesshowedresilienceintheiroperationsin1H2023andareexpectedtomaintain-SectorUpdateInvestmentandSuggestionsfordairyproductsfrom2H20232improvedprofitmarginsduetoreliefoncostpressureandoptimizationinpressureandreliefcosttoonmarginsdueprofitimproved2from2H2023productsdairyforsupplyanddemandin2024indemandandsupplyRMB2800withTPofHK3210ForForHK3210ofTPwithnaBeerResourcesearningsprospectsprospectsearningsConferencetopmanagementfrommanyChinesebaijiucompaniesandindustryexpertsexpressedexpressedexpertsindustryandcompaniesbaijiuChinesemanyfrommanagementtopConferenceaboutthebaijiusubsectoroutlookApartfromthosehighthosefromApartoutlooksubsectorbaijiutheaboutinventorylevelwashealthyThewholesalepri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