食品饮料行业三季报前瞻:白酒加速出清 食品关注景气赛道

招商证券
Oct 20

Q3 白酒动销层面有所改善,报表端有望加速出清。其中政商务需求依旧承压,宴席与大众消费市场相对平稳。后续来看,当业绩环比不再变差(二阶导转正)时将是股价见底回升的重要反转信号,建议持续关注报表侧出清进度。大众品看表现分化,Q3 及双节期间动销看,零食/饮料/宠物/保健品等赛道仍保持相对较好景气度,传统消费品如乳制品/调味品/啤酒等需求端仍平淡,餐饮需求9 月后环比有所复苏。利润端看原材料普遍延续...

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