食品飲料-穩(wěn)中求進中報彰顯景氣周期持續(xù)性

食品飲料食品飲料證券研究報告食品飲料行業(yè)穩(wěn)中求進，中報彰顯景氣周期持續(xù)性3）利潤端：跟蹤以上兩大邏輯帶來的毛利率提升，同時費率的改善對盈利空間的兌現(xiàn)應(yīng)鏈企業(yè)有望實現(xiàn)業(yè)績彈性釋放，而上半年細分板塊業(yè)績則充分表現(xiàn)為“B端優(yōu)先于C強于大市(維持評級)研究助理林若堯122 5 5 61.3真實營收、合同負債與現(xiàn)金流：高端酒韌性依舊，次高端分化明顯 91.4毛利率、費用及凈利率：市場競爭加劇致部分酒企費用增長 1.5全國化酒企擴張不減，區(qū)域龍頭單商規(guī)模與 2啤酒：高端化貝塔仍存，成本端改善預(yù)計貢獻額外盈利彈性 2.1上半年業(yè)績表現(xiàn)亮眼，下半年存在一定挑戰(zhàn) 2.2成本端改善預(yù)計將在未來貢獻較大盈利彈性 3.1企業(yè)的快速增長離不開賽道優(yōu)勢的賦能 3.2企業(yè)自身管理能力強悍亦將提升競爭勝率 6保健品：居民健康意識崛起，帶動營收增長 7.5投資建議：攻守兼?zhèn)?，守正出?8.風險提示 33 5 5 6 6 7 7 8 8 44 5530.0020.0010.00 66成的CR6的營收/凈利潤在白酒上市公司中的占比分別為84%/92%，合計實現(xiàn)營收77880板塊，利潤增速略低于板塊。其中23Q2高端酒茅五瀘的收入/利潤增速分別為39.24%/-26.38%。其中，23Q2山西汾酒/舍得酒業(yè)/酒鬼酒/水井坊分別實現(xiàn)營收現(xiàn)亮眼，Q2營收及凈利潤增速均有所放緩，系公司受旗下新并入的醬酒夜郎古業(yè)績997.71%/24.25%/10.19%。其中，金徽酒今年疫后加大發(fā)力，堅持“布局全國、深耕西1.3真實營收、合同負債與現(xiàn)金流：高端酒韌性依舊，次高端分化明顯基于行業(yè)先款后貨的經(jīng)營模式，合同負債/預(yù)收賬款代表著經(jīng)銷商的打款意愿，下，后續(xù)的增長穩(wěn)定性仍較強。貴州茅臺和瀘州老窖Q2合次高端方面，山西汾酒/水井坊/舍得酒業(yè)/酒鬼酒23Q2真實營收增速估算為32.7%/11.7%，區(qū)域二線酒企今世緣、迎駕貢酒、口子窖的合同負債則均實現(xiàn)同比雙合同負債同比增長9.8%；伊力特真實營收及合同負債同比出真實營收增速9.6%9.7%舍得酒業(yè)4.8%9.5%9.0%9.8%金徽酒4.4%順鑫農(nóng)業(yè)金種子酒9.3%伊力特9.6%9.5%9.4%舍得酒業(yè)9.3%金徽酒順鑫農(nóng)業(yè)金種子酒伊力特4.0%4.2%4.2%4.8%4.3%1.4毛利率、費用及凈利率：市場競爭加劇致部分酒企費用增長占銷售費用68%；銷售人員薪酬增加，致1.5全國化酒企擴張不減，區(qū)域龍頭單商規(guī)模與端中，山西汾酒、舍得酒業(yè)經(jīng)銷商數(shù)量同比變化不大，但單商體量同比分別增長前仍在鋪貨階段，經(jīng)銷商數(shù)量增長對營收的驅(qū)動力略大于單2啤酒：高端化貝塔仍存，成本端改善預(yù)計貢獻額外盈利彈性2.1上半年業(yè)績表現(xiàn)亮眼，下半年存在一定挑戰(zhàn)慶啤酒/燕京啤酒/珠江啤酒銷量增速分別為6.5%/4.4%/4.8%/6.4%/7.5%，噸價分別提升5.3%/4.4%/2.3%/2.9%/量增貢獻（%）7%6%5%4%3%2%1%0%青島啤酒燕京啤酒華潤啤酒重慶啤酒珠江啤酒價增貢獻（%）8%7%6%5%4%3%2%1%0%青島啤酒燕京啤酒華潤啤酒重慶啤酒珠江啤酒23H1凈歸母凈利潤增長率（%）50%45%40%35%30%25%20%15%10%5%0%燕京啤酒重慶啤酒珠江啤酒青島啤酒華潤啤酒高端銷量占比（%）中端銷量占比（%）低端銷量占比（%）100%90%80%70%60%50%40%30%20%10%0%20172018201920202021能源,2.7%包裝物,34.0%輔助材料,0.7%水,0.1%能源,2.7%包裝物,34.0%輔助材料,0.7%水,0.1%營業(yè)利潤,36.8%營業(yè)成本,63.2%直接人工,酒花,0.5%制造費用,10.8%3.4%麥芽,7.9%36%34%32%30%28%26%24%22%20%青島啤酒燕京啤酒珠江啤酒重慶啤酒18H119H120H121H122H123H12.2成本端改善預(yù)計將在未來貢獻較大盈利彈性業(yè)逐步走出高端化發(fā)展趨勢，但其大眾品的特性亦決定了其利潤率不僅僅與產(chǎn)品售價掛鉤，還很大程度上受原材料成本波動的影響。以青島啤酒為例90%80%70%60%50%40%30%20%10%0%白酒其他酒類保健品啤酒軟飲料烘焙食品大米大米,3.1%01/1805/1809/1801/1905/1909/1901/2005/2009/2001/1805/1809/1801/1905/1909/1901/2005/2009/2001/2105/2109/2101/2205/2209/2201/2305/23過去原材料成本的上行很大程度上抹平了廠商高端化戰(zhàn)略下所帶來的利潤率提大麥瓦楞紙玻璃鋁1801601401201008060原材料成本的上升一定程度上抵消了收入端的貢獻噸原材料成本貢獻噸其他成本貢獻收入貢獻320300280260240220200噸大麥成本同比（%）：右軸201920202021202214%12%10%8%6%4%2%0%12.6%12.4%12.2%12.0%11.8%11.6%11.4%11.2%變動pct：右軸大麥占原材料成本比重20192020202120221.0%0.8%0.6%0.4%0.2%0.0%-0.2%-0.4%-0.6%傾銷前后的變化（19.9%啤酒業(yè)務(wù)毛利率其占包材比重約4%，其余玻璃和鋁罐合計占96%；2）玻璃瓶和鋁罐：我們根據(jù)Euromonitor統(tǒng)計的啤酒銷售渠道結(jié)構(gòu)數(shù)據(jù)和不同渠道之下啤酒罐化率的數(shù)據(jù)進行加權(quán)，同時為避免此前疫情對渠道結(jié)構(gòu)產(chǎn)生的影響，我們主要選取18-19年進行測即飲渠道占比非即飲渠道占比100%90%80%70%60%50%40%30%20%10%0%201720182019202020212022即飲渠道罐化率非即飲渠道罐化率40%35%30%25%20%15%10%5%0%201720182019202020212022圖表30：加權(quán)后罐裝啤酒和玻璃瓶的歷年占比圖表31：加權(quán)考量后的包材三大原材料占比結(jié)構(gòu)加權(quán)后：罐裝啤酒占比加權(quán)后：玻璃瓶占比100%90%80%70%60%50%40%30%20%10%0%201720182019202020212022瓦楞紙鋁玻璃瓶包材成本指數(shù)（以19年為基期）19年中樞20年中樞21年中樞22年中樞23H1中樞注：包材成本指數(shù)主要參照以上假設(shè)三大原材料占比，將各類原材料占后續(xù)我們同樣將基于大麥和包材成本下降至圖表34：疊加以上推演結(jié)果，假設(shè)其他業(yè)務(wù)毛利率不變，下減少的回瓶模式亦將提升廠商玻瓶采購總量，從而帶來更高的噸包材成本；3）燃我們認為飲料板塊中的公司由于所處細分賽道不同，而不同細分賽道的市場空企業(yè)展現(xiàn)的復(fù)蘇形態(tài)。2023年上半年，百潤股份/東鵬飲料/李子園/香飄飄/承德露露/養(yǎng)元飲品/農(nóng)夫23H1營收增速（%）70%60%50%40%30%20%10%0%農(nóng)夫山泉東鵬飲料李子園香飄飄23H1歸母凈利潤增速（%）120%100%80%60%40%20%0%3.1企業(yè)的快速增長離不開賽道優(yōu)勢的賦能我們認為飲料企業(yè)所處細分賽道的自身潛力對于關(guān)注企業(yè)的增長態(tài)勢至關(guān)重要。300025002000150010005000營業(yè)收入（百萬元）同比（%）：右軸80%60%40%20%0%-20%-40%-60%-80%預(yù)調(diào)酒銷量（千升）同比（%）：右軸0120%100%80%60%40%20%0%-20%-40%-60%提升空間（升/人/年）美國日本中國86420剔除烈酒：我國酒飲市場規(guī)模（億元）剔除烈酒：美國預(yù)調(diào)酒占酒飲規(guī)模比重（%右軸剔除烈酒：中國預(yù)調(diào)酒占酒飲規(guī)模比重（%右軸56005400520050004800460010%8%6%4%2%0%2016201720182019202020212022本殺等。我們預(yù)計未來預(yù)調(diào)酒行業(yè)將會在消費人群的更迭和消費場景的多元化趨勢3.2企業(yè)自身管理能力強悍亦將提升競爭勝率企業(yè)自身具備優(yōu)秀的業(yè)務(wù)管理能力亦將提升其在市場競爭中的勝率。百潤股份15%10%5%0%-5%-10%-3.1%-4.6%-4.9%-3.1%-4.6%-4.9%10.4%10.4%8.2%5.4%4.7%4.0%3.0%1.6%中國日本德國美國英國86420201720182019202020212022圖表45：對標海外，我國能量飲料價增空間顯著中國英國德國日本美國8765432102017201820192020202120226,0005,0004,0003,0002,0001,00002018201920202021CAGR（%）500ml金瓶·250ml金瓶250ml金罐250ml金磚其他飲料100%80%60%40%20%0%-20%-40%紅牛東鵬飲料中沃飲料達利集團戰(zhàn)馬其他100%80%60%40%20%0%10.3%10.3%10.6%13.2%15.6%17.5%20.3%201720182019202020212021收和歸母凈利潤分別同比+21.89%/+20.75%，同時公司仍不斷推進產(chǎn)品升級創(chuàng)新，豐在該板塊尋找投資機會而言，我們認為應(yīng)精選具備兩大要素的企業(yè)：4,000004.504.003.503.002.502.001.501.000.50050比提升0.4/0.5pcts，環(huán)比略減0格下行的情況下，推測系促銷及低毛利產(chǎn)品如常溫伊利營收板塊營業(yè)收入板塊YOY00伊利凈利潤板塊凈利潤板塊YOY50210伊利蒙牛營收分別為662.0/513.3億元，同比增長4.3%/4.3%，環(huán)比增長4.8%/10.4%/-6.6%/316.7%/別營收39.3/20.4/5.8/4.8億元48.2/0.4/4.4億元，同比變動+12.3%/+17.7%/-3.5%。別為16.4/2.5/1.6億元，同比變動-19.5%/-31.0%/-10.2%；毛利率40.6%/-利潤導向明顯的全國乳企巨頭伊利股份，建議關(guān)注產(chǎn)品結(jié)構(gòu)優(yōu)化帶來的毛利率改板塊半年度情況概述：23H1，休閑食品板塊營業(yè)0 營收YOY864209.25億元，同比增長49.1%；歸母凈利潤0.8速，成長為公司的第二大品類。公司以“大包裝+散稱”產(chǎn)品組合為基礎(chǔ)，以勁仔比增長+47.3%/+32.2%/+24.4%/+20.9%/+4243.8%/45.1%/19.6%，同比增長-0.4/7.2/6.7/4.8/4.8pcts。深海零食營收7.14/3.04/2.90億元，同比增長95.6%/11.5%/18.0%，毛利率33.4%/30.9%/52.7%，毛利率同比變動-7.5/-3.5/2保健品行業(yè)重點公司銷售費用率/管理費用率/財務(wù)費用率分別為28.2%/6.8%/-來看，23Q2保健品行業(yè)重點公司毛利率/凈利率為53.8%/15.5%，同比降低0.0/1.6pcts，環(huán)比降低2.8營收YOY0420“健力多”/Life-Space/LSG營收分別為7.10/2.79/5.36億元，同比變動-3.07%/+57.59%/+42.26%。伴隨著國民健康意識增強，帶動公司增強免疫力（VDS）營養(yǎng)補充品/成人營養(yǎng)及護理用品/其他嬰幼兒產(chǎn)品/寵物營養(yǎng)及護理用品營收分別/-28.8%/27.8%，公司營收增長主要由成人營板塊業(yè)績則充分表現(xiàn)為“B端優(yōu)先于C端，大B恢復(fù)快于小B，關(guān)注低價格帶品類”復(fù)00深度綁定頭部餐飲的公司實現(xiàn)快增，其中寶立食品23年H1/Q2營收分別同增零售等創(chuàng)新渠道營收同比+0%/+75%/+50%，商超渠道新品銷售理想，茶飲渠道與頭部和區(qū)域性連鎖KA客戶。南僑食品23H1重點開發(fā)餐飲、商超、便利店等渠小加盟連鎖：受益于線下餐飲業(yè)復(fù)蘇，門店業(yè)務(wù)修復(fù)帶動營收增長。巴比食品比+5.15%，主要受益于以阿洛酮糖為主的健康甜味劑系列需求快速增長，營收同比糖苷和羅漢果苷為主，23H1受到下游需求增速階段性放緩子品牌太二、慫火鍋和九毛九門店翻座率分別為3.1/2.8/1.7（22H1分別為行業(yè)股票代碼股票名稱營業(yè)收入（億元）23Q123Q223H123Q123Q223H1調(diào)味品300999.SZ金龍魚610.4576.71187.18.0%-8.4%-0.6%002507.SZ涪陵榨菜7.65.813.410.4%-21.3%-6.0%603288.SH海天味業(yè)69.859.8129.7-3.2%-5.3%-4.2%600872.SH中炬高新13.712.926.51.5%-1.4%0.1%603027.SH千禾味業(yè)8.27.115.369.8%33.8%50.9%600305.SH恒順醋業(yè)6.15.311.47.1%-13.9%-3.7%603317.SH天味食品7.76.614.321.8%12.7%17.4%603755.SH0.80.87.2%17.7%12.3%603170.SH寶立食品5.45.911.327.2%20.9%23.9%600298.SH安琪酵母34.033.267.112.0%8.4%10.2%餐飲供應(yīng)鏈603345.SH安井食品31.937.068.936.4%26.1%30.7%001215.SZ千味央廚4.34.28.523.2%40.4%31.1%002726.SZ龍大美食34.832.567.34.1%-6.5%-1.3%000895.SZ雙匯發(fā)展157.1148.1305.213.9%4.5%9.2%002216.SZ三全食品23.714.838.51.3%0.3%0.9%605089.SH味知香2.02.14.28.6%11.9%10.3%烘焙茶飲鏈300973.SZ立高食品7.98.416.426.2%21.3%23.6%605300.SH佳禾食品6.46.913.322.8%56.3%38.1%605339.SH南僑食品7.48.215.612.3%7.1%9.5%300915.SZ海融科技2.42.34.711.7%14.5%13.1%小加盟連鎖603517.SH絕味食品18.218.837.08.0%13.9%10.9%605338.SH巴比食品3.24.27.43.2%11.1%7.6%603057.SH紫燕食品7.69.917.413.8%1.5%6.5%603237.SH五芳齋2.216.518.7-28.7%9.6%3.1%食品添加劑002166.SZ萊茵生物2.52.65.1-10.5%-27.8%-20.2%300138.SZ晨光生物18.218.536.714.7%12.7%13.7%605016.SH百龍創(chuàng)園2.24.1-1.7%12.1%5.1%301206.SZ三元生物2.4-57.3%-35.5%-48.5%605077.SH華康股份6.57.213.760.4%31.9%44.1%002286.SZ保齡寶6.16.712.8-7.2%-7.4%-7.3%餐飲605108.SH5.45.410.827.3%68.8%45.2%603043.SH廣州酒家9.28.117.323.1%20.3%21.8%002186.SZ全聚德3.23.56.749.4%207.2%104.1%0520.HK呷哺呷哺28.532.0%6862.HK海底撈188.912.7%9869.HK海倫司7.1-18.7%9922.HK九毛九28.851.6%現(xiàn)減緩，疊加前期鎖價囤貨影響漸退，銷售毛利率迎來改善；展望H2，預(yù)計成本下比-11.9%/-1.6%/+2.6%/-21.2%/+2.8%/-3.5%，主要是由于上半年游需求影響，價格表現(xiàn)分化，因此企業(yè)端毛和23Q2毛利率分別為25%/25%，公司開放對主力門店進行深度優(yōu)化，加大數(shù)字化運維信息支持，23H1毛利率同比大幅提升代碼毛利率22Q122Q222Q322Q423Q123Q223Q2同比（pct）23H1同比（pct)調(diào)味品300999.SZ金龍魚7.1%7.9%3.0%5.1%5.1%3.1%-4.8-3.4002507.SZ涪陵榨菜52.4%57.7%53.4%47.3%56.3%48.8%-8.9-2.0603288.SH海天味業(yè)38.2%34.9%35.3%34.0%36.9%34.7%-0.1-0.7600872.SH中炬高新32.3%31.7%31.2%31.7%31.4%32.5%0.80.0603027.SH千禾味業(yè)35.0%35.7%33.5%39.8%39.0%37.4%2.9600305.SH恒順醋業(yè)37.9%33.2%33.9%32.0%35.1%36.5%3.20.2603317.SH天味食品36.0%34.5%32.7%34.0%40.6%31.1%-3.4603755.SH39.4%39.1%40.7%38.1%38.7%40.5%0.4603170.SH寶立食品33.0%35.0%34.6%35.4%35.1%34.5%-0.50.7600298.SH安琪酵母26.7%26.8%21.9%23.9%25.4%23.6%-3.1-2.2餐飲供應(yīng)鏈603345.SH安井食品24.2%20.0%19.6%23.8%24.7%19.9%-0.10.2001215.SZ千味央廚22.6%22.4%23.1%25.0%24.0%22.5%0.20.8002726.SZ龍大美食3.7%5.1%3.1%4.4%4.7%-7.0%-12.1-5.4000895.SZ雙匯發(fā)展19.0%17.0%15.6%14.7%17.3%17.3%0.4-0.6002216.SZ三全食品31.0%28.1%25.2%26.8%28.3%26.7%-1.4-2.2605089.SH味知香24.8%24.0%23.9%23.7%26.2%26.0%2.0烘焙茶飲鏈300973.SZ立高食品33.1%29.4%32.1%32.5%32.0%33.7%4.3605300.SH佳禾食品11.5%10.6%10.2%15.5%17.0%19.4%8.87.1605339.SH南僑食品26.2%25.6%17.4%17.8%19.9%23.6%-2.0-4.0300915.SZ海融科技36.3%32.5%32.3%30.8%34.3%34.7%2.10.0小加盟連鎖603517.SH絕味食品30.3%25.7%23.6%22.5%24.3%22.3%-3.3-4.7605338.SH巴比食品27.3%29.5%26.2%27.8%24.2%26.7%-2.8-2.9603237.SH五芳齋40.4%49.1%33.8%-46.3%34.7%42.4%-6.7-6.1603057.SH紫燕食品16.4%17.6%18.1%11.1%18.7%23.0%5.44.0代糖002166.SZ萊茵生物27.8%42.9%30.1%23.0%23.4%25.3%-17.6-11.9300138.SZ晨光生物13.6%13.2%14.1%15.0%12.8%10.8%-2.4-1.6605016.SH百龍創(chuàng)園40.1%22.6%33.5%30.6%37.3%31.1%8.52.6301206.SZ三元生物24.3%16.9%3.2%-5.3%-3.9%4.0%-12.9-21.2605077.SH華康股份19.1%22.2%24.7%24.3%23.2%24.0%2.8002286.SZ保齡寶13.1%12.3%9.2%11.7%10.5%7.8%-4.4-3.5餐飲603043.SH廣州酒家30.3%24.7%44.6%28.2%32.4%25.3%0.7605108.SH15.8%10.0%23.5%21.0%24.9%24.5%14.511.4002186.SZ全聚德-2.3%-45.8%6.6%-33.3%17.5%20.3%66.136.32022-012022-022022-032022-042022-052022-062022-072022-082022-092022-102022-112022-122023-012023-022023-032023-042023-052023-062023-072023-082023-09比+0.3%/+1.4%。管理費用率方面，受益于費用的控制，立高食品/佳禾食品/南僑食味知香/巴比食品/紫燕食品/五芳齋同比-4.8%/+0.6%/+1.0%/+1.5%/-0.15%，其中絕/百龍創(chuàng)園/三元生物/華康股份/保齡寶同比+6.5%/-1.5萊茵生物管理費用增加較多主要系工業(yè)大麻工廠業(yè)務(wù)體量暫無法覆蓋工廠運營費用行業(yè)股票代碼股票名稱銷售費用率22Q122Q222Q322Q423Q123Q223Q2同比（pct）23H1同比（pct）調(diào)味品300999.SZ金龍魚3.0%2.1%2.3%2.0%2.7%2.4%0.30.0002507.SZ涪陵榨菜17.9%10.8%22.8%4.2%17.8%9.4%-1.40.0603288.SH海天味業(yè)5.4%4.7%5.9%5.6%5.2%5.6%0.90.3600872.SH中炬高新8.8%7.5%9.1%9.9%8.6%8.4%0.90.3603027.SH千禾味業(yè)15.1%13.6%14.1%12.5%11.7%13.5%-0.1-1.7600305.SH恒順醋業(yè)12.1%15.6%17.3%21.1%12.4%16.2%0.70.3603317.SH天味食品13.0%18.0%12.6%14.4%14.8%11.4%-6.6-2.2603755.SH6.2%7.5%6.8%9.8%7.6%8.2%0.6603170.SH寶立食品14.2%16.7%14.2%15.8%16.1%14.8%-1.9-0.1600298.SH安琪酵母6.7%5.5%5.9%4.9%5.2%4.9%-0.6-1.0餐飲供應(yīng)鏈603345.SH安井食品10.3%5.7%6.3%7.1%7.4%4.9%-0.7-1.7001215.SZ千味央廚3.2%3.1%4.3%4.7%5.1%4.7%002726.SZ龍大美食1.5%1.2%1.0%0.8%1.2%1.1%0.0-0.1000895.SZ雙匯發(fā)展3.1%3.5%3.2%2.6%3.1%3.1%-0.4-0.2002216.SZ三全食品14.4%11.2%15.8%6.7%12.6%10.0%-1.1-1.5605089.SH味知香4.1%3.4%3.6%4.4%4.3%4.3%0.90.6烘焙茶飲鏈300973.SZ立高食品13.0%11.7%12.0%11.3%11.9%12.0%0.3-0.4605300.SH佳禾食品3.3%3.5%2.7%2.1%2.4%3.1%-0.4-0.7605339.SH南僑食品7.8%7.5%8.2%6.8%7.3%8.5%0.3300915.SZ海融科技13.5%13.6%14.2%15.3%13.4%16.5%2.9小加盟連鎖603517.SH絕味食品14.0%9.7%6.5%8.9%6.8%7.4%-2.3-4.8605338.SH巴比食品4.4%5.5%5.8%6.8%7.3%5.1%-0.4603057.SH紫燕食品4.2%3.0%2.8%5.6%4.5%5.4%2.4603237.SH五芳齋36.6%20.2%30.8%-7.6%46.5%13.0%-7.2-6.1食品添加劑002166.SZ萊茵生物3.1%2.6%3.2%3.8%4.2%5.2%2.6300138.SZ晨光生物0.7%0.9%1.1%1.1%0.6%1.0%0.10.0605016.SH百龍創(chuàng)園11.0%-4.5%4.0%3.0%5.4%1.2%5.7-0.2301206.SZ三元生物0.5%0.8%0.9%1.4%0.8%1.2%0.50.5605077.SH華康股份1.6%1.4%1.3%2.2%1.2%1.5%0.1-0.1002286.SZ保齡寶1.4%1.2%1.3%1.5%1.2%1.6%0.40.1餐飲603043.SH廣州酒家10.2%12.2%-0.60.0605108.SH3.0%5.1%3.22.2002186.SZ全聚德3.5%3.5%-3.8-2.1行業(yè)股票代碼股票名稱管理費用率22Q122Q222Q322Q423Q123Q223Q2同比23H1同比調(diào)味品300999.SZ金龍魚1.4%1.3%1.3%1.2%1.5%1.5%0.20.2002507.SZ涪陵榨菜3.2%3.0%2.9%4.9%3.2%3.4%0.40.2603288.SH海天味業(yè)1.4%1.6%2.3%1.8%1.6%2.0%0.40.2600872.SH中炬高新5.0%5.7%8.2%5.3%6.4%6.3%0.5603027.SH千禾味業(yè)3.3%3.2%2.8%2.9%3.6%4.2%0.5600305.SH恒順醋業(yè)5.3%4.3%5.5%6.8%4.5%4.3%0.0-0.1603317.SH天味食品3.4%5.7%6.3%6.6%5.9%8.2%2.52.4603755.SH10.7%11.1%9.9%10.1%11.6%9.4%-1.8-0.6603170.SH寶立食品2.3%2.6%2.7%3.7%2.5%3.9%0.3600298.SH安琪酵母3.2%3.2%3.9%2.1%3.3%3.5%0.2-0.3餐飲供應(yīng)鏈603345.SH安井食品3.0%4.0%2.3%2.2%2.8%2.2%-1.8-1.3001215.SZ千味央廚8.7%10.7%8.8%9.3%7.8%8.8%-1.9-1.3002726.SZ龍大美食1.8%1.9%1.4%1.6%1.9%2.1%0.20.1000895.SZ雙匯發(fā)展1.9%2.0%1.7%1.7%1.8%2.0%0.0-0.1002216.SZ三全食品2.2%4.3%2.9%2.8%2.0%3.8%-0.5-0.3605089.SH味知香3.8%3.5%3.6%4.9%4.6%3.5%0.00.4烘焙茶飲鏈300973.SZ立高食品8.9%8.3%8.4%8.5%7.3%7.8%-0.5-0.5605300.SH佳禾食品3.4%3.9%3.3%1.6%2.5%2.8%-1.1-1.3605339.SH南僑食品6.3%4.9%5.7%6.0%5.8%5.0%0.1-0.9300915.SZ海融科技6.4%6.2%6.7%7.8%7.1%7.9%0.9小加盟連鎖603517.SH絕味食品6.5%10.2%6.5%8.0%6.3%6.8%-3.5-1.7605338.SH巴比食品7.4%7.3%7.0%7.3%9.6%7.8%0.4603057.SH紫燕食品6.2%4.3%4.4%4.0%6.5%3.3%-1.0-0.4603237.SH五芳齋10.7%3.3%8.6%24.1%19.9%3.5%0.2食品添加劑002166.SZ萊茵生物5.7%5.3%7.4%10.5%8.2%14.6%9.36.5300138.SZ晨光生物3.0%2.9%3.0%3.4%2.3%1.9%-1.0-1.5605016.SH百龍創(chuàng)園1.7%2.1%3.5%4.5%1.9%2.3%0.20.2301206.SZ三元生物1.1%1.8%4.4%5.2%2.1%3.8%2.05.8605077.SH華康股份3.6%3.1%3.1%3.1%3.0%2.5%-0.7-2.0002286.SZ保齡寶2.9%3.1%4.4%3.3%4.7%3.5%0.5餐飲603043.SH廣州酒家-0.9-0.6全聚德002186.SZ12.5%603043.SH廣州酒家-0.9-0.6全聚德002186.SZ12.5%11.8%605108.SH同慶樓6.3%7.0%-1.0-0.6-22.0-22.0-12.3食品23Q2歸母凈利潤同比+21.03%，且受益于市場費用投放收窄，同期凈利率同比雙匯發(fā)展主業(yè)充分受益于豬價回落，Q2歸母凈利潤提速至6.2%，銷售凈利率同比潤同比+53.7%/+303.2%/-6.7%/-25.7%；凈利率同比+1.3%/6.7%/-2.2%/-2.8%，棕櫚6.0%/+3.2%/+0.34%。其中絕味食品主要由于銷售管理費用率下降貢獻利潤彈性；紫率下滑主要由于投資收益等非經(jīng)常性損益虧損較多，扣非后凈利率為14.01%，同比的目標，分公司來看1）廣州酒家23Q1、23Q2和23H1凈利23Q1、23Q2和23H1凈利率分別為3%/5%/4%，公司23Q2和23H1同比分別提升行業(yè)股票代碼股票名稱歸母凈利潤（億元）23Q123Q223H123Q123Q223H1調(diào)味品300999.SZ金龍魚8.541.129.66646.0%-94.0%-51.1%002507.SZ