东吴证券：2024Q3社零餐饮盈利拐点先行调味品、乳制品需求改善见曙光

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智通财经APP获悉，东吴证券发布研报称，社零餐饮整体需求仍然疲弱，预判后续2-3个季度调味品跟随餐饮行业处于弱复苏态势，边际改善仍可期待。调味品成本红利强化板块盈利，无论基础调味品还是复调，龙头表现都更为突出；乳业2024整体需求持续承压，乳制品分阶段修复，边际存改善，从分阶段修复看，Q3盈利拐点先行，成本大幅回落后开始兑现毛销差改善，需求端边际未继续恶化。东吴证券主要观点如下：调味品：成本红利...

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href=http://www.zhitongcaijing.com/content/detail/1206126.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，东吴证券发布研报称，社零餐饮整体需求仍然疲弱，预判后续2-3个季度调味品跟随餐饮行业处于弱复苏态势，边际改善仍可期待。调味品成本红利强化板块盈利，无论基础调味品还是复调，龙头表现都更为突出；乳业2024整体需求持续承压，乳制品分阶段修复，边际存改善，从分阶段修复看，Q3盈利拐点先行，成本大幅回落后开始兑现毛销差改善，需求端边际未继续恶化。东吴证券主要观点如下：调味品：成本红利...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1206126.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0183","symbol_name":"MSCI概念","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1206126.html","article_id":"2480468093","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2480468093","pubTimestamp":1730687876,"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"2)毛利端：2024Q3调味品主要原材料价格同比降幅均较24Q2扩大，成本红利推动主要调味品企业毛利率同环比改善。乳制品：分阶段修复，Q3盈利拐点先行。1)收入端：受需求疲软、原奶供大于求等因素影响，2024Q3乳制品板块收入承压，主要乳企收入均同比下滑，其中龙头伊利股份受益于渠道库存逐步调整到位，经营边际改善，24Q3收入同比降幅收窄。4)净利率：供需矛盾边际缓和进一步推动乳企减值损失边际改善，叠加毛销差提振，2024Q3板块迎来盈利拐点。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"601555":"东吴证券","BK0183":"MSCI概念","BK1132":"食品零售","LU0348788117.USD":"ALLIANZ 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东吴证券：2024Q3社零餐饮盈利拐点先行 调味品、乳制品需求改善见曙光

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东吴证券：2024Q3社零餐饮盈利拐点先行调味品、乳制品需求改善见曙光