食品饮料行业周观点：统一中报超预期关注零食高成长

国盛证券2025-08-10

投资建议：1、白酒：报表渠道逐渐释压，行业蓄力未来发展，板块稳健筑底，建议关注“优势龙头、红利延续、强势复苏”三条主线：1）优势龙头，头部酒企份额持续提升：贵州茅台、五粮液、山西汾酒、古井贡酒；2）红利延续，高确定性区域酒：今世缘（江苏格局红利）、迎驾贡酒（洞藏大单品红利）等；3）受益复苏与风险偏好提升，弹性标的：泸州老窖、水井坊、舍得酒业、老白干酒、港股珍酒李渡、酒鬼酒等。2、大众品：统一中报超...

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珍酒李渡的战略举措为，1）推出新的战略性旗舰产品：2025 年6 月推出“大珍”，预计2025H2 可带来可观的销售贡献。大珍定位600 元价位带，上市后通过独创的持续分红机制、严格的全控价模式和刚性兑现的利润保障，已营造出一些市场氛围。2）巩固现有旗舰产品的竞争地位：将采取周期的销售政策，并加大力度深化现有旗舰产品在核心区域市场的渗透率，加速渠道周转，稳定经销渠道的价格体系。3）捕捉增量消费需求：将加快开拓新兴消费趋势及消费场景，如中端和次高端价位产品及针对生日、婚宴宴席场景的产品。此外，当下一些酒企也在从推新的角度寻求增量点。如8 月8 日茅台五星商标纪念酒正式上架i 茅台，限额25568 瓶、零售价7000 元/瓶，上线后迅速售罄、对应销售额为1.79 亿元。又如8 月8 日珍酒李渡高端精酿啤酒“牛市”正式发布，规格为375ml 铝瓶装，零售价88 元/瓶、团购价60 元/瓶。我们认为中国白酒龙头拥有优质品牌底色，持续从多方面不断强化内功。白酒行业深度调整下从规模增长走向高质发展，当下从业绩、估值、持仓、预期等多维度看白酒板块已逐步稳健筑底，中长期看板块配置价值凸显。啤酒饮料：惠泉啤酒业绩亮眼，统一中报超市场预期。1）啤酒板块：惠泉啤酒25H1 实现营业收入3.51 亿元，同比+1.03%；实现归母净利润0.40 亿元，同比+25.52%。继续建议重点关注旺季板块销量、结构表现，优选大单品高成长贡献α、规模效应及结构升级带来利润超预期机会的标的，如燕京啤酒、珠江啤酒等。2）饮料板块：统一企业中国25H1 实现营业收入170.87 亿元，同比+10.6%；实现归母净利润12.87 亿元，同比+33.2%。饮料板块陆续迎来中报窗口期，行业延续高景气度，但旺季竞争激烈、新品频出，建议优选渠道网点领先且具备大单品增长潜力的企业。食品：零食板块配置价值凸显，原奶价格降幅收窄。本周零食板块股价有所回升，我们认为零食板块伴随新消费阶段性调整、半年报业绩预期调整，当前估值已有所回落，展望H2 各家公司持续推新、渠道持续变革，成长性依然有望维持较高水平，板块配置价值凸显。据农业农村部，6 月全国生鲜乳均价3.04 元/kg，同比-7.7%，环比-0.8%，奶价依然延续下行趋势，但降幅有所收窄。据国家统计局，1-6 月乳制品产量1433.0 万吨，同比-0.3%，6 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食品饮料行业周观点：统一中报超预期 关注零食高成长

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食品饮料行业周观点：统一中报超预期关注零食高成长