食品饮料行业周报：继续推荐餐饮链复苏关注茅台股东大会召开

招商证券11-24

本周抖音封停非授权渠道茅台，打击虚假营销和假冒，但临近年末公司要求渠道额外打款组合（飞天、黄小西等），飞天批价先小幅回升随后有所回落，茅台批价延续震荡，关注下周茅台股东大会新任领导动作。大众品板块，伊利股份本周举办投资者日活动，强调未来成长与盈利兼顾发展，并提升分红承诺，整体交流反馈较为积极。乖宝宠物规划投建新西兰高端宠物食品项目，进一步完善全球供应链布局。食品饮料作为低预期、低持仓板块，叠加...

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端增速放缓。整体第三方增速慢于上半年，关联方下滑幅度收窄。未来依靠结构优化产品结构，以及推进渠道改革，毛利率有望优化。晨光生物：植提价格以稳为主，棉籽盈利持续复苏。辣椒红价格预计以稳定为主，辣椒精预计明年价格变化不大，叶黄素9 月价格上调，预计维持一年左右。其他品类看，甜菊糖毛利率提升明显，明年下半年产能有望释放；花椒业务表现亮眼，毛利率恢复；番茄红素收入预计达5000 万，且在美国替代诱惑红市场拥有巨大潜力。乖宝宠物：规划投建新西兰高端宠物食品项目，进一步完善全球供应链布局。公司拟以自有资金及自筹资金投资建设新西兰高端食品项目，项目总投资9.5 亿元，总建设周期5 年，其中一期投资额为3.5 亿元，项目完成后预计可实现年产5 万吨高端宠物食品。十月稻田：产品线加速延伸，多渠道拓展成果显著。公司后续规划开发中高端南方米（一年一季品类）。拼多多侧采用店群模式，依托推荐逻辑与多链接曝光实现快速引流；抖音聚焦玉米浆包、杂粮等大爆品；山姆侧市占率达50%，依托新店扩张实现增长；央企团购25 年增长迅速；线下商超侧加速对接711、赵一鸣等渠道，经销商侧通过统一价盘、保证利润空间等聚焦下沉市场拓展。广东包装水饮料大商：农夫整体平稳，包装水价格战延续。农夫山泉饮用水10-11 月同比增长9%（25H1 同比增长12%-13%）、东方树叶同比增长15%。怡宝25H2 同比持平微增（25H1 同比降低超3%），库存在40天仍高。东鹏10-11 月同比增长15-16%（25Q2 同比增长18-20%），库存在35 天，广东市场拓网点的空间不大，后面主要靠单店提升。投资建议：继续推荐餐饮链复苏，关注茅台股东大会召开。近期市场震荡，食品饮料作为低预期、低持仓板块，叠加CPI 回升&部分微观消费数据反馈与宏观共振，风格切换有望补涨。近期继续推荐餐饮链复苏，推荐海天（H>A）、安琪、华润啤酒、日辰、立高、千禾。1 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食品饮料行业周报：继续推荐餐饮链复苏 关注茅台股东大会召开

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食品饮料行业周报：继续推荐餐饮链复苏关注茅台股东大会召开