食品饮料行业周报：板块磨底进行时，重视个股边际改善

2023 年 06 月 04 日板块磨底进行时，重视个股边际改善—食品饮料行业周报推荐(维持)投资要点分析师：孙山山S1050521110005sunss@cfsc.com.cn分析师：何宇航S1050522090002heyh1@cfsc.com.cn行业相对表现表现1M3M12M食品饮料(申万)-5.4-12.7-5.5沪深 300-4.2-6.5-5.6市场表现资料来源：Wind，华鑫证券研究相关研究1、《食品饮料行业周报：重视股东大会反馈，板块整体稳中向上》2023-05-282、《食品饮料行业周报：底部强推白酒，大众品个股行情》2023-05-213、《食品饮料行业周报：去库存仍是主线，大众品强复苏途中》2023-05-14▌ 一周新闻速递行业新闻：1）《取水定额：酒精》9 月执行。 2）贵州已规划 218 平方公里酱酒集群。公司新闻：1）贵州茅台：茅台基金管理公司增资 5.92 亿。2）五粮液：将建设一批第五代专卖店。五粮液通过逾 8 亿投资议案。3）山西汾酒：张永踵任汾酒销售公司总经理。▌ 投资观点当前我们仍维持之前子板块顺序：白酒>啤酒>休闲食品=软饮料>速冻食品>调味品>乳制品。白酒板块：本周山西汾酒、洋河股份及金种子分别召开股东大会，整体反馈积极。我们认为当前白酒处于历史较低位置，强烈建议布局，继续重点推荐 2+4+3 产品矩阵，即泸州老窖+五粮液+次高端四杰+老白干酒+金种子酒+今世缘，关注洋河股份和古井贡酒。大众品板块：本周新乳业、重庆啤酒等召开股东大会，整体趋势向好。当前处于淡季，餐饮端仍在弱复苏阶段，我们认为边际改善望加速。现阶段重点推荐 3+3+3+3 产品矩阵，即休闲食品三剑客（盐津铺子+甘源食品+劲仔食品）+啤酒三杰（重庆啤酒+青岛啤酒+燕京啤酒）+调味品三杰（中炬高新+日辰股份+晨光生物）+预期差三杰（涪陵榨菜+佳禾食品+道道全）。维持食品饮料行业“推荐”投资评级。▌ 风险提示疫情波动风险；宏观经济波动风险；推荐公司业绩不及预期的风险；行业竞争风险；食品安全风险；行业政策变动风险；消费税或生产风险；原材料价格波动风险等。证券研究报告行业研究证券研究报告请阅读最后一页重要免责声明2诚信、专业、稳健、高效重点关注公司及盈利预测公司代码名称2023/6/2股价EPSPE投资评级2023E2024E2025E2023E2024E2025E600519.SH贵州茅台1670.658.2667.6577.7528.6724.6921.49买入000858.SZ五粮液167.98.059.3210.6620.8618.0215.75买入000568.SZ泸州老窖212.228.6610.5712.7324.5120.0816.67买入600809.SH山西汾酒216.138.6310.6913.0525.0420.2216.56买入002304.SZ洋河股份137.897.488.9710.5918.4315.3713.02买入000799.SZ酒鬼酒95.124.014.915.9523.7219.3715.99买入600702.SH舍得酒业155.366.458.049.8724.0919.3215.74买入600779.SH水井坊59.482.923.413.9220.3717.4415.17买入000596.SZ古井贡酒2587.759.6711.9533.2926.6821.59买入603369.SH今世缘56.652.643.344.1721.4616.9613.59买入603589.SH口子窖55.473.163.724.3317.5514.9112.81买入603198.SH迎驾贡酒57.482.763.454.2320.8316.6613.59买入600199.SH金种子酒25.050.040.190.39626.25131.8464.23买入603919.SH金徽酒24.040.791.031.330.4323.3418.49买入600197.SH伊力特28.80.731.131.5739.4525.4918.34买入600559.SH老白干酒26.90.831.111.4232.4124.2318.94买入603288.SH海天味业50.831.471.71.9534.5829.9026.07买入603027.SH千禾味业21.270.480.610.7744.3134.8727.62买入603317.SH天味食品15.290.410.530.6837.2928.8522.49买入600872.SH中炬高新35.961.021.211.4135.2529.7225.50买入002507.SZ涪陵榨菜24.271.121.311.5221.6718.5315.97买入600305.SH恒顺醋业11.060.190.240.358.2146.0836.87买入603755.SH日辰股份31.060.931.241.6533.4025.0518.82买入603170.SH宝立食品21.480.680.861.0831.5924.9819.89买入300999.SZ金龙鱼40.870.981.281.6641.7031.9324.62买入300908.SZ仲景食品48.621.661.912.1729.2925.4622.41买入600298.SH安琪酵母37.191.682.042.3922.1418.2315.56买入300138.SZ晨光生物17.391.021.271.5817.0513.6911.01买入300755.SZ华致酒行25.161.72.363.1114.8010.668.09买入605499.SH东鹏饮料164.154.675.977.4135.1527.5022.15买入603711.SH香飘飘20.410.680.830.9830.0124.5920.83买入605337.SH李子园18.281.021.221.4617.9214.9812.52买入600132.SH重庆啤酒95.853.193.844.5630.0524.9621.02买入600600.SH青岛啤酒98.993.323.884.4429.8225.5122.30买入603345.SH安井食品157.025.166.758.4530.4323.2618.58买入603517.SH绝味食品40.581.361.782.3129.8422.8017.57买入603057.SH紫燕食品25.370.981.241.5525.8920.4616.37买入002847.SZ盐津铺子81.932.383.214.2134.4225.5219.46买入证券研究报告请阅读最后一页重要免责声明3诚信、专业、稳健、高效603719.SH良品铺子28.51.011.21.3828.2223.7520.65买入002991.SZ甘源食品82.692.593.494.6131.9323.6917.94买入002557.SZ洽洽食品41.432.192.532.918.9216.3814.29买入003000.SZ劲仔食品13.060.370.470.5835.3027.7922.52