東吳證券:關注零食、調味品、餐飲供應鏈等領域的投資機會
東吳證券研報指出,1)零食:量販高景氣,行業渠道和品類均有亮點,上市公司均有較快增長,渠道型零食企業成長更快,量販業態仍在擴展和迭代。成本紅利疊加規模增長,大部分公司盈利能力提升;2)調味品:2024年復調景氣度好於基調,龍頭表現亮眼,成本紅利推動板塊盈利能力改善,未來隨着餐飲需求弱復甦+成本紅利延續,板塊基本面有望反彈;3)軟飲料:消費整體疲弱情況下,公司顯著分化,傳統飲料企業營收增長乏力,2024年下半年企業受益於成本紅利毛利率同比提升,但費用率拖累多數企業利潤率表現仍相對偏弱;4)乳製品:供大於求矛盾突出,未來隨着上游供給回落+下游需求提振,2025年行業供需有望改善;5)餐飲供應鏈:下游餐飲需求疲軟情形預判2025年恢復樂觀。建議關注:東鵬飲料、三隻松鼠、伊利股份等。
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