食品饮料行业周报：稳中求胜

规范、专业、创新 请阅读最后一页重要免责声明1 证券研究报告·科创板询价报告 证券研究报告·个股报告 华鑫证券·行业周报 证券研究报告 市场表现  行情回顾：上周各大指数全线下跌。上证综指、深证成指、创业板指和沪深300指数涨跌幅分别为-5.06%、-8.31%、-11.30%和-7.65%。申万28个一级行业指数中，涨跌幅排名前三的分别是房地产、钢铁和公用事业，涨跌幅为+4.44%、+0.69%和+0.24%；排名后三位的是食品饮料、休闲服务和电气设备，涨跌幅分别为-14.30%、-12.90%和-10.11%。食品饮料板块下跌-14.30%，跑输沪深300指数6.65个百分点。各子板块涨跌不一，涨跌幅排名前三的分别是软饮料（+1.52%）、肉制品（-5.91%）和葡萄酒（-6.11%）。  行业及上市公司信息回顾：珠江啤酒：去年啤酒销量下降4.65%，但因高档产品占比提升，营收微增0.13%；洋河股份人事调整，张联东出任董事长；四川提出加快建成世界级白酒产业集群和国际化旅游目的地；金酱酒业2月18日起上调基酒价格；双汇发展完成70亿元定向增发；宁夏葡萄酒产业“十四五”首批项目启动；立高食品IPO过会：研发费用比重降低 烘焙行业未来可期；茅台集团营利双增超预期，贵州计划2025年白酒产值2500亿；洽洽发布业绩快报：销售费用率改善，2020年净利增三成达7.9亿元；洋河股份2020年营收211.25亿元 第四季度净利增长23%。  本周观点：经过上周的急跌，短期而言A股虽然不能称之为超跌，但也进入相对低位，市场抵抗特征也会越发明显，指数已经进入相对安全区域，投资者不应过度悲观。从中长期来看，绝大部分上市公司的基本面并未发生改变。本月开始将逐渐步入年报季，近期不少公司已经纷纷发出业绩预报，建议关注超预期的企业，并坚持优选具有核心价值的细分行业及相关上市公司，包括一线白酒龙头、保健品、速冻食品、乳酪等，相关公司比如贵州茅台、五粮液、汤臣倍健、安井食品、广州酒家、安琪酵母、妙可蓝多等。  风险提示：新冠疫情导致消费增速不达预期、行业政策变动风险、食品安全问题等。 资料来源：Wind，华鑫证券研发部 指数表现（最近一年） 指数/板块 过去一周涨跌（%） 过去一月涨跌（%） 年初至今涨跌（%） 上证综指 -5.06 -2.71 15.05 深证成指 -8.31 -7.17 39.08 创业板指 -11.30 -13.22 62.06 沪深300 -7.65 -4.18 30.27 SW食品饮料 -14.30 -5.35 78.15 SW饮料制造 -15.75 -3.63 89.43 SW食品加工 -10.06 -9.75 54.08 资料来源：Wind，华鑫证券研发部 分析师：万蓉 执业证书编号：S1050511020001 电话：021-54967577 邮箱：wanrong@cfsc.com.cn 华鑫证券有限责任公司 地址：上海市徐汇区肇嘉浜路750号 邮编：200030 电话：（86 21）64339000 网址：http://www.cfsc.com.cn -40%-20%0%20%40%60%80%100%120%140%食品饮料(申万)沪深3002021年3月1日 食品饮料 稳中求胜—食品饮料行业周报（0222-0228） 行业评级：增持 规范、专业、创新 请阅读最后一页重要免责声明2 华鑫证券·行业周报 目录 1. 市场行情回顾 ······························································································································································· 3 1.1 上周SW食品饮料跑输沪深300指数 ······························································································································ 3 1.2 上周SW食品饮料各子板块表现 ······································································································································ 3 1.3 2021年初至今SW食品饮料指数排名第十九位 ·············································································································· 4 1.4 估值较前期有所回落 ························································································································································· 5 2. 行业及公司动态回顾···················································································································································· 5 2.1 珠江啤酒：去年啤酒销量下降4.65%，但因高档产品占比提升，营收微增0.13% ···················································· 5 2.2 洋河股份人事调整，张联东出任董事长 ························································································································· 5 2.3 四川提出加快建成世界级白酒产业集群和国际化旅游目的地 ······················································································ 6 2.4 金酱酒业2月18日起上调基酒价格 ······························································································································· 7 2.5 双汇发展完成70亿元定向增发 ······································································································································· 7 2.6 宁夏葡萄酒产业“十四五”首批项目启动 ····················································································································· 7 2.7 立高食品IPO过会：研发费用比重降低，烘焙行业未来可期 ······················································································ 8 2.8 茅台集团营利双增超预期，贵州计划2025年白酒产值2500亿 ················································································· 9 2.9 洽洽发布业绩快报：销售费用率改善，2020年净利增三成达7.9亿元 ······································································ 9 2.10 洋河股份2020年营收211.25亿元，第四季度净利增长23% ·················································································· 10 3. 本周观点····································································································································································· 10 4. 风险提示····································································································································································· 10 图表1：上周SW一级行业指数排名（单位：%） ··············································································································· 3 图表2：上周SW食品饮料各子板块排名（单位：%） ······································································································· 4 图表3：2021年初至今SW一级行业排名（%） ·················································································································· 4 图表4：2021年初至今SW食品饮料各子行业排名（%） ·································································································· 4 图表5：SW一级行业估值水平（单位：倍） ······················································································································· 5 图表6：SW食品饮料静态估值（PE/TTM） ·························································································································· 5 规范、专业、创新