Huaxin Securities·2025-04-28 01:40Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [6]. Core Insights - The overall performance of the food and beverage sector is in line with expectations during the earnings disclosure period, with a focus on the recovery of consumer demand and the impact of upcoming consumption policies [4][6]. - The white liquor segment is currently experiencing a weak performance, but there is optimism for recovery as policies to boost consumption are anticipated to be implemented [4]. - The report highlights the importance of channel health and market stability for liquor companies, with several firms expected to benefit from valuation recovery and increased buyback activities [4][6]. Summary by Sections Industry News - In the first quarter, food and beverage prices in Shandong decreased by 1.4%. A 560 million yuan liquor project in Zunyi is set to commence production in September, and an additional 100 million yuan liquor project has been initiated in Guizhou [15]. Company News - Guizhou Moutai achieved 2.68% of its revenue target in the first quarter. Luzhou Laojiao has established an investment company [15]. Investment Views - The white liquor sector is expected to recover as consumption policies are implemented. The overall valuation of the sector is considered low, with many companies engaging in buybacks or increases in holdings, indicating strong potential for valuation recovery [4]. - Recommended stocks include: Water Well, Shanxi Fenjiu, Shede Liquor, and Jiu Gui Jiu for their valuation advantages; and Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Jinshiyuan, Gujing Gongjiu, and Yingjia Gongjiu for overall recommendations [4][6]. Key Company Feedback - The report includes performance forecasts for key companies, with Guizhou Moutai, Wuliangye, and Luzhou Laojiao all receiving "Buy" ratings based on their expected earnings per share (EPS) and price-to-earnings (PE) ratios [8].