调味品专题：价格探底，价值重估

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report indicates that the condiment sector is transitioning from a growth driven by price increases and cost resonance to a focus on "quality-price ratio" competition due to weakened restaurant demand and increased consumer price sensitivity [3][4] - The report highlights that the condiment industry has experienced a significant valuation drop, with current valuations around 25.3x, a 52% decrease from the 2016-2023 average, suggesting that negative factors have largely been cleared [3][4] - The report emphasizes the importance of head companies maintaining their advantages and the cultivation of new consumption scenarios to enhance demand recovery [3][4] Summary by Sections I. Changes and Constants in the Condiment Sector - The pre-pandemic growth in the condiment sector was primarily driven by the expansion of the restaurant industry, which accounted for 45% of the condiment market in 2016 [11] - Post-pandemic, the capacity of the restaurant sector has contracted, leading to a shift in demand towards household consumption, which, while lower in volume, has a higher average spending [24][27] - The report notes a significant slowdown in the entry of new companies into the market, indicating a shift from incremental competition to stock competition [31][32] II. Investment Recommendations - The report concludes that the sector has completed its bottoming process in terms of performance, expectations, and valuations, with a focus on the recovery of the restaurant sector and cost catalysts as future drivers [42][46] - It suggests monitoring two main directions: the sustained advantages of leading companies and the enhancement of demand through new consumption scenarios [46] - The report recommends several companies, including Zhongju Gaoxin and Haitian Flavor Industry, which have national brands, and highlights the potential of companies like Qianhe Flavor Industry and Tianwei Food [48][49]