食品饮料周报：需求仍在磨底酒企聚焦C端关注一季报业绩兑现

国信证券股份有...2025-04-22

本周（2025 年4 月14 日至2025 年4 月18 日）食品饮料板块上涨0.25%，跑输上证指数0.94pct。本周食品饮料板块涨幅前五分别为安记食品（50.00%）、麦趣尔（24.09%）、一鸣食品（15.46%）、桂发祥（14.58%）和惠发食品（11.39%）。白酒：需求仍在磨底，酒企聚焦C 端，关注一季报业绩兑现。根据国家统计局，1-3 月规模以上企业累计白酒产量103.2 万千升，...

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度375ml 茅台1935，消费者可进入云购专场活动页面参与。本周（4/14-4/18）白酒SW 下跌0.27%，金徽酒、泸州老窖、五粮液、天佑德酒涨幅领先。情绪面看，外部环境不确定性扰动，淡季白酒消费需求回落，市场对一季报预期谨慎，关注后续提振内需消费政策情况。基本面看，需求仍处于磨底阶段，年内公司仍将以梳理渠道、去库存工作重心；本轮周期需求的下降更多在于人口和产业结构调整，要求酒企拥抱渠道变革和消费者培育，优质公司在品牌、组织、渠道、产品等方面积极优化，强化自身长期发展逻辑。个股推荐方面，把握三条投资主线：1）抗风险能力经过多轮周期验证的板块龙头贵州茅台、五粮液、山西汾酒；2）数字化工程逐步显现正反馈、估值超跌修复的泸州老窖；3）基地市场仍有份额提升逻辑的今世缘、迎驾贡酒、古井贡酒；也建议关注渠道风险加速释放的洋河股份、口子窖、酒鬼酒等。大众品：关注一季报密集披露，板块需求持续修复。啤酒：2025 年3 月餐饮需求现回暖迹象，关注啤酒旺季动销提速对于板块的催化。零食：魔芋品类继续受到市场高度关注，零食个股第二季度基数压力显著缓解，继续挖掘成长性突出的alpha 型个股。调味品：进入年报密集公布期间，关注餐饮预期修复。速冻食品：巴比食品公布2024 年业绩，提高分红率回馈股东。乳制品：潜在政策催化，需求平稳复苏，供给加速出清，布局2025 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食品饮料周报：需求仍在磨底 酒企聚焦C端 关注一季报业绩兑现

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食品饮料周报：需求仍在磨底酒企聚焦C端关注一季报业绩兑现