投资逻辑三季报大众品业绩表现分化，饮料、零食等高景气赛道龙头业绩仍有超预期表现，调味品、乳制品需求依旧承压，速冻环比略有改善，其中各子板块龙头业绩相对具备韧性。透过三季报，我们观察到，1）Q3 收入端普遍降速，主要系下游餐饮需求持续疲软、以及部分景气赛道高基数抬升。2）从业绩端来看，Q3 多数板块具备成本红利，但竞争加剧背景下市场投放费用持续增长，最终利润率大体稳健。在需求弱复苏背景下，我们首推...
Source Link投资逻辑三季报大众品业绩表现分化，饮料、零食等高景气赛道龙头业绩仍有超预期表现，调味品、乳制品需求依旧承压，速冻环比略有改善，其中各子板块龙头业绩相对具备韧性。透过三季报，我们观察到，1）Q3 收入端普遍降速，主要系下游餐饮需求持续疲软、以及部分景气赛道高基数抬升。2）从业绩端来看，Q3 多数板块具备成本红利，但竞争加剧背景下市场投放费用持续增长，最终利润率大体稳健。在需求弱复苏背景下，我们首推...
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