Demand weak recovery, cost improvement total demand has recovered steadily since 2023, and the characteristic of "festival" consumption is obvious. According to wind data, since 2023, with the repair of the consumption scene, food and beverage income has repaired steadily, but the overall "festival" consumption characteristics, that is, holiday consumption is obviously exuberant, off-season is relatively flat. For example, driven by the Spring Festival in February 2024, the compound growth rate of catering income is as high as 5% compared with 2019.Playdoubledoublebonusvideopokerfree.15%, the growth rate fell back to the normal level after the Spring Festival. From the point of view of the split of food and beverage, the performance of big B is better than that of small B, and big B itself trades for quantity with price. On the cost side, the cost of Volkswagen has begun to fall, and the cost dividend has begun to be reflected. In 2023, the performance of the Volkswagen sector divides the key companies of Volkswagen. The income / return net profit of the key companies in 2023 are 2.80% and 23.48% respectively compared with the same period last year. The differentiation of the sub-plate is obvious: (1) the basic condiment and dairy products which are more mature and more dependent on the overall consumption environment are slightly under pressure.PlaydoubledoublebonusvideopokerfreeHowever, the companies with individual stock logic (new channels, new categories) perform relatively well. (2) the sectors that are in line with the trend of performance-to-price ratio, cost reduction and efficiency consumption perform better, such as catering supply chain, compound condiments and leisure snacks. In 2023, the income growth rates of key companies in the catering supply chain / compound condiments / leisure snacks / health products sector were 10.70% 16.17% 1.20% 25.27% respectively. 2024Q1 Spring Festival exceeded expectations, off-season flat 2024Q1 Volkswagen key company income / homing net profit were 2.55% and 28.40% respectively compared with the same period last year. (1) demand: the characteristics of "festival" are obvious: the demand for food and beverage consumption and gift giving during the Spring Festival is higher than expected; the post-holiday off-season is slightly dull. (2) profit: the dividend of raw material cost is obvious. The revenue of 2024Q1 basic condiments, compound condiments, catering supply chain, dairy products and leisure snacks was 7.92% 11.84% and 8.43% respectively, and the net profit of homing was 13.22% 16.21% and 57.17% / 23.12% respectively compared with the same period last year, and the profit exceeded expectations. Investment advice: focus on new channels, new categories of company consumption weak recovery, individual stock differentiation, we maintain the industry "stronger than the market" rating. We suggest to pay attention to new channels and new category companies. Recommend condiment plate with new channels and new categories of Zhongju Hi-tech, Tianwei Food, Yihai International; Yili shares with bottom valuation and improved return on investment; high prosperity quick-frozen plate (Anjing food, Ligao food) and snack plate (Yanjin store), health products under the strong logical support of aging, the medium-and long-term development trend is clear, recommend contract manufacturing leader Xianle Health. Risk tips: macroeconomic is not as expected; raw material costs are rising; food safety issues. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.