廣發證券點評調味品行業2024年中報總結:淡季需求較弱 龍頭韌性更強
廣發證券研報指出,展望下半年,餐飲需求及居民消費逐步改善,CPI 和PPI 有望企穩回升。成本端看,原材料成本紅利持續釋放,期待需求改善背景下競爭趨緩,公司費用有望收縮。在需求較弱背景下龍頭海天味業和安琪酵母展現較強韌性,海天味業經營拐點有望進一步確認,安琪酵母需求復甦,利潤彈性有望釋放。千禾味業與中炬高新短期主動調整,期待困境反轉。核心推薦:安琪酵母、海天味業、千禾味業,建議關注天味食品、中炬高新、涪陵榨菜、恒順醋業。
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