周度聚焦:餐饮需求回暖,调味品格局良性奠定改善契机过去3 年,调味品的整体β改善偏弱,产品、库存周期影响量价节奏。主要上市公司看,海天自2022~2023 年连续调整(销量下滑,但得益于2021Q4 的提价,2022 年酱油的销量降幅有限),千禾大部分时候保持高于行业的量增,除了2024 年Q2 开始主动调结构,年度量增首次低于海天和中炬,预计2025 年全年受舆情影响也将落后于海天。从调味品下游...
Source Link周度聚焦:餐饮需求回暖,调味品格局良性奠定改善契机过去3 年,调味品的整体β改善偏弱,产品、库存周期影响量价节奏。主要上市公司看,海天自2022~2023 年连续调整(销量下滑,但得益于2021Q4 的提价,2022 年酱油的销量降幅有限),千禾大部分时候保持高于行业的量增,除了2024 年Q2 开始主动调结构,年度量增首次低于海天和中炬,预计2025 年全年受舆情影响也将落后于海天。从调味品下游...
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