食品饮料行业周报：板块持仓继续超配季报分化头部酒企迎开门红

上海申银万国证...04-28

本期投资提示：投资分析意见：本周季报继续披露，公司经营分化。茅台、老窖、汾酒等白酒龙头均迎开门红，符合我们预期。从2024 年一季度持仓情况看，食品饮料板块重仓股持股市值占基金股票投资市值比（重仓口径）为14.14%，环比提升0.5pct；白酒板块重仓股持股占比为12.54%，环比提升0.64pct，继续超配。在良好季报和“五一”消费旺季催化下，板块短期将延续强势。全年看，在业绩和分红的支撑下， ...

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亿同增29%，分红率51%，24 年收入增长目标20%左右。古井贡酒24Q1 收入同增26%，归母净利润同增32%，23 年收入202.5 亿同增21%，归母净利润46亿同增46%，分红率52%，24年计划实现营业收入244.5 亿，同增20.72%，计划实现利润总额79.5亿，同增25.55%。洋河股份24Q1 收入同增8%，归母净利润同增5%，23 年收入同增10%，归母净利润同增7%，分红率70%，提高10pct。迎驾贡酒24Q1 收入同增21%，归母净利润9 亿同增30%，23 年收入67 亿同增22%，归母净利润23亿同增34%，分红比例45%，24 年目标为实现经营业绩双位数增长。如果我们将23Q4+24Q1 合计来看，整体增速有所放缓，分化加剧，头部集中。食品板块：从已披露的各子行业公司季报看，大众食品呈现，1、收入增速24Q1 普遍好于23Q4，主要受益春节效应，但24Q1+23Q4 合计看，增速较去年上半年呈放缓趋势；2、餐饮链上游的基础调味品、复合调味品、预制菜等子行业，部分公司24Q1 进一步承压；3、由于成本下降，多数公司盈利能力同比提升，但需求弱复苏下，未必具备持续性；4、相对高景气的是部分零食、饮料公司。大众品注重自下而上选股，一类是成长性好或改善空间大，估值合理的个股；一类是估值低，有分红能力的头部企业。风险提示：食品安全问题，经济下行影响白酒及大众品需求。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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