海外食品饮料行业2023年中期策略：产品结构升级，下半年成本压力有望边际改善.docxVIP

Food Beverage Semiannual Strategy of Investment in Food Beverage Industry in 2023： Overweight（ Overweight （Maintain） June.25, 2023 Analysts Bo Zhang zhangboyjs@ SAC: S0190519060002 SFC: BMM189 Yue Zhang zhangyue20@ SAC：S0190522080006 Notice: Yue Zhang is not a license holder registered at the Securities and Futures Commission (SFC), and is not allowed to engage in regulated activities in Hong Kong Investment Strategy: ? Semiannual Investment Strategy on Overseas Food and Beverage Investment in 2023: Common prosperity and rural revitalization strategic opportunities are beneficial to companies in the low-tier channel: the consumption of rural residents has increased. Compared with high-tier cities, the low-tier and rural population base is larger and the birth rate is higher. The net outflow trend of high-tier cities is emerging, bringing a broad consumer market to lower-tier cities and towns. Some companies have laid out in advance, intensively cultivated low-line and township channels for a long time, and have strong terminal control, giving birth to new space for consumption to sink. The upgrading of product structure and the upward mass consumer goods price band drive the improvement of the companis’ profit quality : Food and beverage companies continue to enrich the product matrix, gradually launch high-end new products with higher price positioning. With the launch of new products, it is expected to raise the companys overall price band in the future, promoting the improvement of profit quality. Taking the beer industry as an example, beer companies such as China Resources Beer Co.,Ltd and Tsingtao Brewery Co.,Ltd have driven the ton price up by launching high- end new products and raising prices. The ton price of China Resources Beer in 2022 increased by 5.2% year-on-year, and the gross profit margin increased by 3.7 pcts year-on-year. In 2023Q1, the ton price of Tsingtao Brewery increased by 4.8% year-on-year, and the net profit attributable to sh