【海通国际】中国消费品1月需求报告：必选消费短期依然承压-250206（15页）.pdf

1、 Table_yemei1 Investment Focus Table_yejiao1 This research report is distributed by Haitong International,a global brand name for the equity research teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International(Japan)K.K.(“HTIJKK”),

2、Haitong International Securities Company Limited(“HTISCL”),and any other members within the Haitong International Securities Group of Companies(“HTISG”),each authorized to engage in securities activities in its respective jurisdiction.Please refer to the appendix for the Analyst Certification,Import

3、ant Disclosures and Important Disclaimer.研究报告 ResearchReport 6 Feb 2025 中国食品饮料中国食品饮料 China(A-share)Food&Beverage 中国消费品 1 月需求报告：必选消费短期依然承压 Staple Consumption Remains under Pressure in the Short Term Table_Info 股票名称 评级 股票名称 评级 贵州茅台 Outperform 燕京啤酒 Outperform 贵州茅台 Outperform 重庆啤酒 Outperform 五粮液 Outperf

4、orm 重庆啤酒 Outperform 五粮液 Outperform 水井坊 Outperform 海天味业 Outperform 安井食品 Outperform 山西汾酒 Outperform 口子窖 Outperform 泸州老窖 Outperform 珠江啤酒 Outperform 泸州老窖 Outperform 舍得酒业 Outperform 东鹏饮料 Outperform 百润股份 Outperform 东鹏饮料 Outperform 老白干 Outperform 洋河股份 Outperform 金龙鱼 Outperform 洋河股份 Outperform 中炬高新 Outperfo

5、rm 青岛啤酒 Outperform 酒鬼酒 Outperform 古井贡酒 Neutral 酒鬼酒 Neutral 今世缘 Outperform 盐津铺子 Outperform 迎驾贡酒 Outperform 汤臣倍健 Outperform 资料来源：Factset,HTI Related Reports 东鹏饮料(605499 CH):单四季度营收利润继续快速成长，现金回款过 200亿体现强大旺盛需求维持优于大市;上调目标价 39%(Eastroc Beverage:Strong Demand Drives Rapid Growth in Quarterly Revenue and Pro

6、fit,Cash Collection Exceeds 20 BillionMaintain OP&Raise TP by 39%)(3 Feb 2025)华润饮料(2460 HK):首次覆盖：中国饮用纯净水龙头，多品类&全国化扩张，盈利能力持续提升(China Resources Beverage:Chinas Bottled Water Leader Expands Nationwide with Diverse Product Lines,Boosting Profitability:Initiation)(13 Jan 2025)2024 年贵州茅台顺利收官，营收、利润稳健增长 Kwe