食品饮料-行业2023年半年报总结：白酒彰显韧性大众渐进复苏

证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号未经许可，禁止转载口白酒板块：报表彰显韧性，内部分化加剧。上半年白酒板块整体呈现“前低后高”弱复苏状态，二季度行业淡季叠加价格疲软背景下，板块收入/利润仍实现17.7%/19.7%增速，彰显板块韧性。其中高端酒品牌韧性凸显，茅台、老窖业绩亮眼，五粮液增速阶段性回落，基地型次高端得益基地市场景气，优势延续，线多阶段性下探，注重中档价格带发展，提升周转率。盈利能力方面，毛利率整体向上，单Q2同比提升1.4pcts，内部呈现分化，基地型次高端毛利率落明显。税费率方面，销售费用率整体平稳，费投转向C端，更加精准。数字化赋能叠加规模效应显现，单Q2管理费用率下降0.3pct，税金率受缴税节奏影响提升0.2pct。综上板块净利率小幅提升0.6pct。现金流方面，23Q2现金回款同增7.8%，增速放缓系行业短期承压，渠道回款意愿降低所致。考虑现金回款折扣，渠道多选择现金回款，致应收票据及应收款项融资额有所下降，现金流表现仍属健康。合同负债环比Q1末下降11.4%，但仍余力仍足。整体看，行业分化明显，高端酒/基地型次高端韧性仍足，业绩稳健向好，扩张型次高端阶段性承压，报表快速口大众品板块：需求渐进复苏，盈利稳步修复。经历了Q1疫情管控优化初期消费场景的快速回补，Q2以来随着购买力及消费信心掣肘显现，复苏放缓在二季度报表端已直观体现，而低基数下成本回落支撑盈利稳步修复，代表性大众品企业23Q2合计收入、利润分别同比+5.9%、+7.9%，环比略有降速。其中，饮料、量贩零食等高频低价品类受益于户外人流恢复或渠道流量变迁，短期景而餐饮供应链中则分化明显，B端今年修复性增长，而去年受益明显的预制菜、C端复调、意面等需求承压明显。我们认为，虽当前需求复苏偏弱，但随锁价效应消退，下半年成本回落、盈利改善趋势仍然清晰。而当前企业倾向加大费投、维持产能投放节奏，连锁企业拓店节奏依然稳健，印证企业实力及信心均在累积，若政策持续落地支撑需求动能增强，行业将迎来更大的复苏口投资策略：走出底部，震荡上行。最近地产、利率、税收等系列宏观政策切实落地，需求和信心得以托底，消费从负循环扭转企稳的信号已现。虽然传导至消费正循环预计还需时间(历史经验1-2个季度)，但行业已走出7-8月需求和信心双重底部，9月起有望震荡上行。分子板块看：白酒板块：期待中秋国庆旺季表现，优选确定性龙头。当前旺季双节回款陆续启动，酒企促回款、拉动销动作密集，旺季有望实现小幅量增、价格企稳、挤压增长。首选业绩确定性与景气度兼具的茅台(业绩确定性极强，经营治理全面改善)，汾酒(营销体系已回正轨，业绩及基本面依然强势)，老窖(管理层和团队最市场化，业绩弹性仍足)；其次推荐五粮液、洋河，均具备较强的基本面和较高性价比的估值，建议加大关注。持续推荐今世缘、古井等区域龙头，经营稳健业绩确定性强。大众品板块：板块性推荐啤酒，精选绩优龙头。大众品经历中报盈利预预计9月起迎来低基数和Q4部分成本采购利好催化，若随政策加力，需求走向正循环，行业复苏弹性将更大。一是啤酒板块高端化产业逻辑扎实，澳麦双反落地，支撑成本红利可看两年，预计9月起销量基数降低、Q4淡季提价及年底新采购季均有望形成催化。首推青啤(A+H)、华润(H股)，推荐改革加速的燕京，关注重啤。二是经营内核未变的优质龙头，包括经营扎实、景气较优的东鹏，盈利提升持续兑现的新乳业，及估值回落后的餐饮供应链相关标的，包括立高(冷冻烘焙)、安井(预制菜)、绝味(连锁)、中炬(调味品)和宝立(定制餐调)。三是低估值确定性收益标的，随年底政策传导显效，有望迎来双击机会，推荐伊利、蒙牛、安琪。口风险提示：终端需求恢复不及预期、行业竞争加剧、提价落地不及预期等。业研究究所证券分析师：欧阳予业编号：S0360520070001证券分析师：沈昊业编号：S0360521050001券分析师：范子盼业编号：S0360520090001券分析师：彭俊霖业编号：S0360521080003券分析师：田晨曦业编号：S0360522090005证券分析师：董广阳业编号：S0360518040001行业基本数据只)相对指数表现%对表现2022-09-05~2023-09-0512%22/0922/1123/0123/0423/0623/09-21%料沪深300相关研究报告鉴日本啤酒，差异之中寻启示——中日对比究系列五》3-08-26《白酒行业周报(20230814-20230820)：河南烟酒店出清背后本质是什么？》23-08-2079证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号2 ，内部分化加剧 4 证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号3 图表3白酒上市公司单季度收入、利润增速表(亿元) 5 图表5白酒公司现金回款一览表(亿元) 7图表6白酒板块公司应收票据+应收款项融资及其变动(单位：亿元) 8 9亿元) 10 图表16大众品板块公司单季度收入及归母净利润情况(单位:亿元) 17 d 证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号4(一)白酒板块：报表彰显韧性，内部分化加剧Q利低所致。整体看二季度报表增长平稳兑现，板块韧性彰显。增速1,4001,2001,000800600400200090%80%70%60%50%40%30%20%10%0%营业总收入(亿元,左轴)收入同比(%,右轴)归母净利润(亿元,左轴)归母净利润同比(%,右轴)1,4001,2001,000800600400200017Q17Q117Q217Q317Q418Q118Q218Q318Q419Q119Q219Q319Q420Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q2回款(亿元,左轴)回款同比(%,右轴)40%30%20%10%0%-10%-20%-30%看：Q业绩春雷行动成效显著拉动增长所致。基地型次高端：基地市场稳健，经营优势延续。23Q2基地型次高端营收/业绩同增受益宴席景气延续高增，叠加货折减少所致。今世缘23Q2收入/利润分别同增不及预期，增速低于收入，主要系中低档产品增速较快，叠加股权激励费用分摊等Q证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号53.8%，整体受损严重。其中金种子收入同增30.5%，利润由负转正，当前去年同期加重，主要系白牛二恢复缓慢，非酒业务中猪肉业务亏损、地产税费拖累图表3白酒上市公司单季度收入、利润增速表(亿元)证券简称HHHH393.8316.1709.918.7%20.4%19.4%207.9151.9359.820.6%21.0%20.8%液11.4143.7455.144.9170.469.8145.920.6%30.5%25.1%33.870.929.1%27.2%28.2%.663.3190.120.4%31.8%24.0%8.267.729.9%49.6%35.0%68.3218.721.078.6今世缘21.759.727.3%30.6%28.5%.525.2%29.1%26.7%65.847.3113.124.8%26.8%25.6%27.842.9%47.5%44.9%29.121.3%34.0%26.8%5.43.18.510.4%22.8%14.6%31.421.6%28.6%24.2%27.2%59.0%36.5%基地型次高端6.2.05%8%.78%0%舍得酒业.26.6%5.73.59.2-42.9%-32.0%-39.2%3.01.24.2-42.4%-38.2%-41.2%-39.7%2.2%-26.4%0.42.0-56.0%508.9%-45.2%扩张型次高端.622.31.12.2-61.5%18.5%-40.2%金种子酒4.33.47.725.5%30.5%27.6%-0.40.0-0.4---金徽酒26.6%21.0%24.2%0.72.510.4%53.7%20.1%4.02.66.6.0%11.0%0.80.21.0-29.6%-伊力特8-5.6%7.7%0.31.837.0%39.8%37.4%0.921.262.1-4.7%3.3-4.1-0.8214.4%--302.5%.3%8%合计145.2 证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号6公司上半年量价增长情况板板块证券证券收入(亿元)吨价(万元)销量(万吨/万千升)HHHHHH端9.7------------粮液7%2%2%2%基地型次高端-----------8.99%--------.6-今世缘6%------6%------A类.9%3%------B类------------------酒.2.3.8%7%3%窖.6.7------0%------酒0%------酒.70%------酒2%5%------舍得.1.6------18%------酒5%47%.03%9坊.5--2.7主要系行业短期承压，回款意愿降低所致。高端酒整体良性，茅台/老窖回款分别同增证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号7缓所6.3%/21.6%，判断系渠道图表5白酒公司现金回款一览表(亿元)证券简称回款现金回款:同比HHH314.9296.7611.6357.6333.1690.712.3%12.9%液137.4177.0314.3286.4144.1430.537.0%75.075.9150.980.495.4175.825.7%16.6%.2%5%88.758.2146.998.278.9177.135.5%20.5%80.149.0129.0103.255.7158.928.9%13.8%23.2%今世缘25.617.643.234.323.357.63.7%32.6%33.3%61.743.7105.477.652.1129.711.49.821.112.114.626.748.9%26.4%16.29.725.819.513.833.320.5%42.5%28.7%基地型次高端.61.5.46%9%7%舍得酒业18.213.131.222.417.840.123.0%36.0%28.4%9.410.019.47.66.013.6-30.1%13.97.421.38.88.116.9-36.7%9.4%-20.6%扩张型次高端1.5.5%16.89.125.916.911.428.324.9%8.9%金种子酒3.32.86.04.54.28.7金徽酒8.53.812.39.37.316.64.52.06.54.52.97.414.8%伊力特6.45.211.67.14.111.211.2%-21.6%-3.5%29.738.167.822.820.543.3-23.0%-46.3%-36.1%合计66.53%+应收策灵活实施造成高基数，今年消费场景放开，票据政策收紧所致。分子板块来看，高端本期用以支付货款的应收票据增加所致，顺鑫农业同减72.3%，判断系票据政策收紧所证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号8图表6白酒板块公司应收票据+应收款项融资及其变动(单位：亿元)23Q1同比23Q1环比23Q2同比23Q2环比--液..%今世缘-4%基地型次高端舍得酒业0--扩张型次高端2%6.0%.8%金种子酒9%金徽酒------伊力特7.6%合计 5.0 3%升后经销渠道回款权重降低所致。五粮液合同负债环比下降34.1%，但同比上升基地型次高端：整体仍属高位，蓄力相对仍足。23Q2合同负债环比下降8.5%，主主因舍得大幅下降带动。具体看，舍得/酒鬼/水井分别环比-36.2%/+22.0%/+8.8%，证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号9-46.5%，判断系公司持续聚焦市场动销，持续调整经营节奏所致。伊力特环比下降图表7白酒板块公司季度末合同负债及其变动(单位：亿元)Q1同比Q环比Q2同比Q比液.7.31.7今世缘.46.97.574.0%0572基地型次高端.2.4舍得酒业3350%7%扩张型次高端.6.40%.8.1.2%金种子酒金徽酒034伊力特7.74.6合计3.45.1考虑茅台现金流变化较大，剔除其影响后，23Q2行业整体同减5.9%。分板块看，高端QQQ减少所致。基地型次高端同增271.1%，现金流表现大幅改善，其中汾酒/古井分别同增Q证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号10图表8白酒板块公司经营现金流净额及其变动(单位：亿元)证券简称22Q122Q223Q123Q222H123H123Q1同比23Q2同比23H1同比贵州茅台-68.868.652.4251.4-0.1303.9-266.2%-五粮液-34.052.995.417.918.9113.3--66.1%500.4%泸州老窖11.329.515.141.440.856.533.3%40.5%38.5%高端-91.5151.0162.9310.859.5473.6-105.8%695.7%山西汾酒35.411.434.317.746.852.1-3.0%55.1%11.2%洋河股份-30.6-13.914.0-11.4-44.52.7---今世缘6.12.49.0-1.08.58.046.6%-141.0%-6.4%古井贡酒27.814.130.816.541.947.310.9%16.5%12.8%口子窖1.6-4.5-2.32.6-3.00.3-247.9%--迎驾贡酒5.3-3.54.9-2.01.82.9-8.0%-59.2%基地型次高端45.56.190.722.551.6113.299.2%271.1%119.4%舍得酒业4.2-0.12.34.14.16.4-45.6%-55.7%酒鬼酒0.42.61.7-0.83.00.8286.5%-132.0%-72.4%水井坊3.9-3.9-0.20.30.00.1-104.1%-815.1%扩张型次高端8.6-1.43.83.67.17.4-55.9%-3.2%老白干酒5.8-4.12.5-0.81.81.7-56.6%--4.7%金种子酒-1.6-1.40.0-0.1-3.0-0.1---金徽酒2.7-1.02.31.21.73.5-12.9%-103.3%天佑德酒0.7-0.60.60.10.00.6-10.6%-3466.5%伊力特1.4-1.32.4-0.80.11.778.8%-1381.0%顺鑫农业-10.14.9-15.8-6.3-5.1-22.1--226.5%-中低档-1.1-3.4-7.9-6.7-4.5-14.7---合计-38.5152.2249.4330.1113.8579.6-116.9%409.5%sQt8.6pcts/3.7pcts，表现亮眼，判断主要系产品提价、货折力度减少所致。徽酒古井单Qpcts秀及货折等费用确认节奏影pcts，叠加兼系推广，货折力度加大所致。扩张型次高端：整体回落明显，盈利能力承压。23Q2扩张型次高端整体毛利率为券投资咨询业务资格批文号：证监许可(2009)1210号11cts抒压致次高端井台/珍酿八号出货同比放缓，叠加中档酒天号陈加速体提升维持提升趋势。中低档酒23Q2整体毛利率为42.8%，同比提升证券简称HHH92.4%91.8%92.1%92.6%90.8%91.8%液78.4%73.9%76.9%78.4%73.3%76.8%86.4%85.3%85.9%88.1%88.6%88.3%3.3pct2.4pct74.8%78.4%75.9%75.6%77.8%76.3%0.8pct-0.6pct0.4pct73.9%76.6%75.1%76.1%-0.7pct8.6pct2.2pct今世缘74.3%69.2%72.5%75.4%72.9%74.5%ct77.9%77.0%77.5%79.7%77.8%78.9%pct4pct78.0%72.1%75.5%76.6%70.5%73.9%71.4%63.2%68.3%71.2%70.6%70.9%-0.2pct7.4pct2.7pct基地型次高端舍得酒业80.8%73.8%78.2%78.4%71.9%75.6%pct-1.9pct-2.6pct79.1%81.5%77.8%80.1%84.9%84.6%84.8%83.2%81.6%82.5%扩张型次高端70.2%66.6%68.2%65.4%68.6%67.2%ct金种子酒34.6%31.4%33.2%27.2%33.8%30.1%-7.4pct2.4pct-3.2pct金徽酒66.3%58.8%63.1%65.0%62.0%63.8%pct3.3pct0.6pct68.1%60.0%65.7%63.6%62.0%62.9%2pct-2.8pct伊力特51.0%40.4%46.3%51.5%42.1%47.8%32.9%28.1%31.0%37.7%21.4%32.2%4.9pct-6.7pct1.2pct.9%.7%.7%.8%.2%合计扰动有关。证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号12HH23Q2同比H17.3%14.1%16.7%15.1%15.2%0.7pct-0.6pct0.1pct五粮液14.1%13.8%14.3%14.2%14.0%14.3%0.2pct0.4pct0.2pct泸州老窖10.4%7.3%12.3%9.4%9.0%10.9%1.9pct2.2pct2pct高端13.4%15.0%14.0%15.0%14.1%14.4%0.6pct0pct0.3pct16.4%16.3%0.6pct-1.9pct-0.1pct洋河股份16.8%10.3%15.7%14.9%14.8%15.4%-1.1pct4.6pct0.7pct5.9%10.5%15.0%9.7%14.0%13.1%-1pct-0.8pct-0.9pct古井贡酒14.4%13.8%14.5%13.8%14.2%14.2%0pct0pct0pct14.8%16.1%1.1pct1.5pct1.4pct迎驾贡酒14.2%14.9%14.4%16.2%14.5%15.1%0.2pct1.3pct0.6pct5.2%14.8%14.9%15.9%15.1%15.3%-0.3pct1.1pct0.2pct5.1%13.4%13.7%15.8%14.5%14.6%-1.4pct2.4pct0.1pct酒鬼酒15.7%16.6%15.7%17.2%16.0%16.2%0pct0.6pct0.3pct17.3%15.4%-0.1pct-5.6pct-1.9pct扩张型次高端15.5%16.2%14.7%15.9%15.7%15.2%-0.8pct-0.3pct-0.6pct酒13.5%18.9%15.1%16.1%16.5%15.7%1.7pct-2.8pct-0.8pct金种子酒11.2%10.2%12.4%12.9%10.8%12.6%1.2pct2.7pct1.9pct金徽酒13.4%16.3%14.2%15.6%14.6%14.8%0.8pct-0.7pct0.1pct天佑德酒14.7%18.2%15.6%14.4%15.7%15.2%0.9pct-3.8pct-0.6pct14.2%16.1%13.7%-2.7pct-1.9pct-2.4pct14.7%9.8%11.8%12.4%10.5%-1pct-2.9pct-1.9pct中低档12.2%15.8%11.8%13.7%13.7%12.6%-0.3pct-2pct-1.1pct合计14.0%15.0%14.2%15.2%14.4%14.6%0.2pct0.2pct0.2pct体来看：ts证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号13与管理精细度、效率优化叠加规模效应显现所致，其中基地型次高端酒企规模快速扩张t率证券简称销售费用率销售费用率:同比比23Q123Q223H123Q123Q2H23Q123Q223H123Q123Q2H2.0%3.3%2.6%0.3pct-0.5pct0pct5.2%5.9%5.5%液6.8%15.4%9.5%pctpct-0.7pct3.5%4.6%3.9%3.3%4.2%3.7%.6%.3%.7%pctpct-3.7pct2.1%4.9%3.0%pctpct-0.3pct10.3%t3.7%6.5%4.6%pctpct-0.7pct今世缘2.9pct3pct2.9pct2.1%3.9%2.7%t28.8%24.3%26.9%5.5%4.7%5.2%5.2%6.9%6.0%8pct-0.1pct0.4pct8.6%2.6%4.0%3.2%-0.5pct-0.9pct-0.6pct基地型次高端舍得酒业8pct-0.4pct0.1pct4pct0.2pct-1.4pct26.0%29.7%27.4%4.2pct2.7pct3.9pct3.6%6.8%4.8%1.9pct2pct2pct31.9%41.1%36.0%2.9pct-2.2pct2.4pct3.7pct-0.4pct3.2pct扩张型次高端8%6%25.9%34.9%30.8%-10.9pct4.4pct-2.5pct11.4%8.0%9.5%0.7pct0.4pct0.5pct金种子酒18.6%6.7%13.4%%4pct1.2pct-1.4pct金徽酒17.8%21.5%19.4%tpct.0%-0.2pct1.2pct0.3pct14.0%28.2%19.7%ct%ct伊力特pct.3%pct8pct合计.2%.8%放精益响Q2净利率同降2.2pcts。扩张型次高端持续承压，舍得/酒鬼单Q2净利率分别同降证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号14部表现分化。证券简称HHH53.4%49.6%51.7%53.7%49.3%51.7%-0.3pct0pct液39.3%31.3%36.6%40.3%31.3%37.4%45.6%49.6%47.4%48.8%48.4%48.6%pctpct1.2pct.8%.9%.6%.8%.2%.4%35.2%27.1%32.7%38.0%30.8%35.6%pct3.7pct2.9pct38.3%32.4%36.5%38.3%30.7%35.9%今世缘33.5%37.1%34.8%33.0%36.7%34.3%-0.5pct-0.4pct-0.5pct20.8%22.0%21.3%23.8%25.6%24.6%pct3.3pct37.0%25.8%32.2%33.7%23.6%29.1%-3.3pct-2.2pct-3.1pct34.9%24.0%30.8%36.5%29.7%33.8%基地型次高端5%8%舍得酒业28.2%26.7%27.6%28.2%23.2%26.1%pctpct23.2%28.3%31.1%21.1%27.4%pct-2.1pct-0.9pct25.6%1.1%17.8%18.7%6.4%13.3%-6.9pct5.4pct-4.5pct扩张型次高端4%2%8%4%29.3%8.7%17.9%10.2%9.3%9.7%金种子酒6%-9.2%-9.5%1.0%-4.9%-5.9pct17.6pct4.2pct金徽酒20.4%11.5%16.7%2.5pct-0.6pct25.9%-5.9%16.7%19.5%7.3%14.6%pctpct-2.1pct伊力特17.4%3.9%11.3%20.1%5.8%14.5%pct2.5%0.6%8.0%-19.3%-1.3%合计.0%(二)大众品板块：需求渐进复苏，盈利稳步修复但盈利受益于成本回落及低基数，实现小幅改善。有所放缓。其中，乳业等基础蛋白品类更反映整体民生必选需求，基数降低下呈小幅改善，啤酒虽销量基数较高，但结构优化支撑收入平稳增长；饮料、量贩零食等复调(C端)、意面等需求承压明显。证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号15、大豆等主要原材料价格延续回落，且随着前期锁价囤货影响渐退，叠加报表基数走1,2001,000800600400200023Q223Q122Q422Q322Q222Q121Q421Q321Q221Q120Q420Q370%60%50%40%30%20%10%0%-10%-20%收入(亿元)回款(亿元)归母净利润同比归母净利润(亿元)同比回款同比Wind创证券(注：因中炬地产致整体利润为负，此处板块利润剔除中炬)Q30%20%10%0%-20%-30%22Q122Q222Q322Q423Q123Q2资料来源：Wind，华创证券(注：选取SW2021二级子行业)看：H求呈现弱复苏，但总体改善方向明确，且白奶品类景气相对较优；奶粉行业则因新生儿人口下滑、未通过新国标注册的中小乳企加大甩货而竞争加剧影响，行业整体承压。在此背景下，伊、蒙双雄费用向高端品相倾斜，液奶结构均有优化，新乳业受益于费投增Q幅扩大至6.8%，乳企盈利普遍受益，其中自给率较低且前期受损较大的中小乳企弹性更佳，但也有部分企业为消化奶源喷粉后形成一定减值。整体成本压力继续减轻。在此背景下，饮料板块整体经营向好，尤其是龙头农夫各品类本压力降低、规模效应摊薄的基础上，龙头农夫茶饮增长带来结构优化、东鹏受益投资山东/证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号16基数偏高而销售承压，高价原料成本及新增折旧压制盈利。安琪国内主业逐步恢复环比改善，海外高基数下增速放缓，产品结构弱化、折旧摊销增加，共同拖累盈利水平。立高Q2商超和餐饮驱动冷冻烘焙高增，饼店景气依旧有限，而业绩端在成本回落和产能二是商超流量恢复，整体需求仍有承压，部分企业收入端表现低于预期。而利润方面，尽管原料有所下行，但考虑到今年费投较去年提升，加上生产摊薄效应减弱，企业盈利禾则是零添加趋势延续带动高增。实现高增。而利润端，猪肉、禽类低位运行，加上油脂、大豆等有所回落，叠加费投相增。而利润端，进口牛肉价格同比下降，但国内鸭副成本延续提升，导致企业内部盈利有所分化。分公司看，绝味老店缺口基本填平，但鸭副价格仍在高位，导致净利率改善有限。而紫燕高基数下单店小幅回落，开店稳健推进，利润释放较大弹性。巴比尽管今Q证券简称23H1收入23Q2收入23Q2净利润.95.04.823.5%度酒1.0.6%4.528.5%.90.520.1-7.3%.7n.a.n.a.7.2n.a.n.a.伊利股份.3%8%26.92.9%0.7-2.5%业.81.820.5%n.a.n.a.n.a.n.a.休闲及功能饮.5%.42%.7.8%6.149.0%.63%n.a.n.a.3%n.a.n.a..90.9-37.5%源食品40.6246.5%1.398.9%证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号17仙乐健康桃李面包饮供应链.58%79%9%0%2.4%2%6%3%2图表16大众品板块公司单季度收入及归母净利润情况(单位:亿元)板块证券简称22Q222Q322Q423Q123Q222Q222Q322Q423Q123Q29%9%.9%.5%5%.5%%5%利股份.9%7%9%.3%6%.6%5%闲及饮发展.5%.8%3%8%3%.3%.0%4%.5%.7%2%3%6.5%.3%3.2%3%5%3%6%.0%桃李面包餐饮供链2%0%.6%5%4%5%.4%0%4%2%9%7%5%8%7%0%2%.4%4%8%.0%证监会审核华创证券投资咨询业务资格批文号：证监许可(2009)1210号185%2%3%6%.8%4.4%成本普遍回落，部分企业适时囤货，经营性现金流维持健康。随着原奶、包材、大豆等成本下行兑现，部分企业适时加大原材料采购及囤货进度，存货占营业成本比重小幅提板块证券简称存货绝对值存货/营业成本23Q223Q1同比23Q2同比23Q123Q1同比23Q223Q2同比260823841.5%1.3%ct168917310.6%6.6%-6.8pct79.3%0.8pct381538931.9%8.9%pct174.8%6.4pct利股份151791411433.5%23.5%57418.2%80.1%4pct95.8%38.9pct6585738.0%10.5%1.2pct29.0%0.5pct发展566.1%12.0%.0%-4.5pct63.6%4.6pct362-10.1%-7.7%4%ct987763-22.9%-36.2%-25.9pct71.2%-61.2pct闲及功101945.7%15.3%.5%ct47650491.8%119.6%11.2pct78.7%21.8pct43943746.5%36.7%pct75.0%4.5pct3316329035.7%16.6%pct4pct桃李面包-10.4%-17.9%-2.3pct12.6%-2.9pct20591818-7.3%-8.7%.8%15920.4%-2.1%-4.2pct183.2%0.9pct67661510.0%15.3%3.4%pct08.1%36.4pct67565415.0%15.7%餐饮供应链22221128.3%11.2%pct54.7%-5.3pct44.6%18.0%20622959.9%51.6%15.4pct70.0%5.3pct3012366930.5%29.6%pct123.6%3.1pct27332610.5%