Securities Times Net News, Ping An Securities believes that the cost pressure has eased, and the profitability of popular products is on the way. Benefiting from the downward passage of cost items such as corn, palm oil, barley, soybeans, and packaging materials, the cost pressure of food and beverage manufacturers will be eased. At the same time, the social zero data in April shows a trend of demand recovery. Under the current situation, the profitability of enterprises may be improved, and it is recommended to deploy relevant sub-sectors on bargain hunting. The trend of high-end beer continues, and the previous low base is superimposed. With the recovery of the drinking scene and the global high temperature expectation, the performance of beer peak season is expected to exceed expectations; the sales of snack foods are good, and the decline in raw material prices has brought about a recovery in gross profit margins. Snack franchise stores and other channels continue to Expansion and sinking bring channel dividends; the demand for condiments is stable, and with the recovery of consumption scenes and the continuation of the chain trend, compound condiments with a large growth space are expected to benefit from this. We believe that the recovery of the catering industry chain is still the main line of follow-up. Among them, quick-frozen food, beer, condiments and other sectors are expected to benefit significantly. We recommend Yasui Foods, Qianwei Central Kitchen, Chongqing Beer and Baoli Foods. It is recommended to pay attention to Tsingtao Brewery.
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