--- title: "Shenwan Hongyuan: Food and Beverage 2024 Annual Report Performance Divergence, Two Types of Opportunities for Consumer Goods Are Emerging" type: "News" locale: "en" url: "https://longbridge.com/en/news/228152911.md" description: "Shenwan Hongyuan released a research report indicating that in 2024, the performance of the food and beverage industry will show significant differentiation. The liquor industry shows bottom characteristics during the Spring Festival but needs verification. Leading companies have medium to long-term investment value, and it is recommended that long-term funds gradually increase their allocation. The only company expected to achieve a growth rate exceeding 50% is EASTROC BEVERAGE, while five companies, including SHUANGHUI and Tianwei Foods, are expected to grow at rates between 20% and 50%. Twenty-one companies are expected to have growth rates below 20%. Companies that have turned losses into profits year-on-year include TIANRUN DAIRY and Ligao Foods, while those with declining performance include ShuiJingFang and BaiRun Co., Ltd" datetime: "2025-02-13T07:50:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/228152911.md) - [en](https://longbridge.com/en/news/228152911.md) - [zh-HK](https://longbridge.com/zh-HK/news/228152911.md) generator: "portal-rs" --- # Shenwan Hongyuan: Food and Beverage 2024 Annual Report Performance Divergence, Two Types of Opportunities for Consumer Goods Are Emerging According to the Zhitong Finance APP, Shenwan Hongyuan has released a research report stating that the net profit forecast for the 41 key tracked food and beverage A-share listed companies in the fourth quarter of 2024 shows a differentiated performance in the industry. The liquor industry shows bottom characteristics during the Spring Festival but still needs verification. Considering the current valuation and dividend levels, leading companies have mid-to-long-term investment value from a dividend yield perspective, and it is recommended that long-term funds gradually increase their allocation. The fundamentals of consumer goods are bottoming out, and attention should be paid to the emergence of two types of opportunities. ## **Key Points from Shenwan Hongyuan:** **Significant Performance Differences Among Food and Beverage Companies in Q4 2024** In terms of net profit growth rate, only Dongpeng Beverage is expected to exceed 50%; five companies, including Shuanghui Development and Tianwei Foods, are expected to grow between 20%-50%; 21 companies are expected to grow below 20%: Yili Group (18%), Haitian Flavoring (15%), Fuling Zhacai (15%), Kweichow Moutai (14%), Ganyuan Foods (13%), Jinhui Liquor (10%), Qianhe Flavoring (10%), Angel Yeast (10%), Jinzhong Foods (8%), Anjuke Foods (5%), Xiangpiaopiao (2%), Qiaqia Foods (2%), Wuliangye (0%), Yanghe Distillery (0%), Shanxi Fenjiu (0%), Gujing Gongjiu (0%), Jinshiyuan (0%), Yingjia Gongjiu (0%), Laobai Ganjiu (0%), Baoli Foods (0%), Qianwei Yangchu (0%). Two companies have turned losses into profits year-on-year: TIANRUN DAIRY and Ligao Foods. Two companies have reduced their losses year-on-year: Qingdao Beer and Yanjing Beer. Eight companies have seen a decline in performance: Shuijingfang (-10%), Bairun Co., Ltd. (-10%), Taoli Bread (-10%), Sanquan Foods (-15%), Kouzi Distillery (-15%), Yilite (-20%), Zhongju Gaoxin (-90%), and Jiugui Liquor (-160%). Two companies have increased their losses year-on-year: Shunxin Agriculture and Chongqing Beer. **Liquor: Initial Signs of Industry Bottom, Still Need Time for Verification** After the Spring Festival peak season, many companies have lowered their collection targets before the Spring Festival this year, so it is essential to focus on the volume and price performance in the off-season after the Spring Festival. The second quarter is a critical period; if leading companies can maintain their current volume and price strategy, and the price system stabilizes further in the off-season, the industry's bottom characteristics will be further confirmed. If the overall environment continues to be under pressure, inventory may be under pressure, and the fundamentals may test the bottom again. Maintaining the annual strategy of "no breaking, no standing," the sales pressure in Q1 2025 remains significant, but if the economy improves in the second half of 2025, combined with the adjustment of the industry's inventory cycle, the fundamentals of the industry are expected to bottom out, and stock prices will also lead the fundamentals to adjust. Considering the current valuation and dividend levels, leading companies have mid-to-long-term investment value from a dividend yield perspective, and it is recommended that long-term funds gradually increase their allocation. **Consumer Goods: Fundamentals Bottoming Out, Seeking Two Types of Investment Opportunities in the Industry and Themes.** 1. In 2025, consumer food companies will operate with a lighter load, and their operational goals will be more rational, with revenue and profit expected to improve quarter-on-quarter; on the other hand, the rise of new retail formats brings rapid growth in some new categories, driven by new consumption concepts such as self-indulgence, health, and convenience, which also present growth opportunities for some new categories; at the sub-industry level, the dairy industry has two logics of capacity reduction and pattern improvement 2. From the perspective of policy support, focus on beneficiary directions such as consumption vouchers, childbirth support policies, and encouragement of mergers and acquisitions. **Investment Recommendations:** In the liquor sector, key recommendations include Shanxi Fenjiu (600809.SH), Wuliangye (000858.SZ), Kweichow Moutai (600519.SH), as well as Jinhui Liquor (603919.SH), Laobai Gan Liquor (600559.SH), Yingjia Tribute Liquor (603198.SH), and Jinshiyuan (603369.SH). In the consumer goods sector, key recommendations include Yili Co., Ltd. (600887.SH), Tsingtao Brewery (600600.SH), Jinzhai Foods (003000.SZ), Taoli Bread (603866.SH), Zhongju Gaoxin (600872.SH), Fuling Zhacai (002507.SZ), Mengniu Dairy (02319), and New Dairy (002946.SZ). **Risk Warning:** Food safety issues; economic downturn affecting the demand for liquor and consumer goods ### Related Stocks - [600419.CN](https://longbridge.com/en/quote/600419.CN.md) - [605499.CN](https://longbridge.com/en/quote/605499.CN.md) - [000895.CN](https://longbridge.com/en/quote/000895.CN.md) - [300973.CN](https://longbridge.com/en/quote/300973.CN.md) - [600872.CN](https://longbridge.com/en/quote/600872.CN.md) - [600197.CN](https://longbridge.com/en/quote/600197.CN.md) - [200596.CN](https://longbridge.com/en/quote/200596.CN.md) - [002304.CN](https://longbridge.com/en/quote/002304.CN.md) - [600809.CN](https://longbridge.com/en/quote/600809.CN.md) - [603345.CN](https://longbridge.com/en/quote/603345.CN.md) - [603198.CN](https://longbridge.com/en/quote/603198.CN.md) - [02319.HK](https://longbridge.com/en/quote/02319.HK.md) - [603027.CN](https://longbridge.com/en/quote/603027.CN.md) - [603288.CN](https://longbridge.com/en/quote/603288.CN.md) - [002216.CN](https://longbridge.com/en/quote/002216.CN.md) - [00168.HK](https://longbridge.com/en/quote/00168.HK.md) - [600559.CN](https://longbridge.com/en/quote/600559.CN.md) - [000596.CN](https://longbridge.com/en/quote/000596.CN.md) - [001215.CN](https://longbridge.com/en/quote/001215.CN.md) - [000858.CN](https://longbridge.com/en/quote/000858.CN.md) - [002568.CN](https://longbridge.com/en/quote/002568.CN.md) - [06806.HK](https://longbridge.com/en/quote/06806.HK.md) - [002991.CN](https://longbridge.com/en/quote/002991.CN.md) - [003000.CN](https://longbridge.com/en/quote/003000.CN.md) - [002946.CN](https://longbridge.com/en/quote/002946.CN.md) - [000860.CN](https://longbridge.com/en/quote/000860.CN.md) - [002557.CN](https://longbridge.com/en/quote/002557.CN.md) - [000799.CN](https://longbridge.com/en/quote/000799.CN.md) - [000729.CN](https://longbridge.com/en/quote/000729.CN.md) - [603317.CN](https://longbridge.com/en/quote/603317.CN.md) - [603711.CN](https://longbridge.com/en/quote/603711.CN.md) - [603866.CN](https://longbridge.com/en/quote/603866.CN.md) - [603919.CN](https://longbridge.com/en/quote/603919.CN.md) - [600887.CN](https://longbridge.com/en/quote/600887.CN.md) - [600298.CN](https://longbridge.com/en/quote/600298.CN.md) - [600132.CN](https://longbridge.com/en/quote/600132.CN.md) - [603589.CN](https://longbridge.com/en/quote/603589.CN.md) - [600519.CN](https://longbridge.com/en/quote/600519.CN.md) - [600779.CN](https://longbridge.com/en/quote/600779.CN.md) - [002507.CN](https://longbridge.com/en/quote/002507.CN.md) - [603369.CN](https://longbridge.com/en/quote/603369.CN.md) ## Related News & Research - [SIGMAF/A: Global packaged food leader with robust growth, profitability, and strong sustainability focus](https://longbridge.com/en/news/298064036.md) - [Mandiri Bank bonds keep Pefindo idAAA rating, outlook positive](https://longbridge.com/en/news/298028111.md) - [German space rocket lifts off from Norway base](https://longbridge.com/en/news/298117313.md) - [KMX Technologies secures paid pilot contract with global beverage company](https://longbridge.com/en/news/297881663.md) - [Pantler patisserie saved from closure by white knight](https://longbridge.com/en/news/297967506.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**