This class includes: Manufacture of food consisting chiefly of fruit or vegetables, except ready-made dishes in frozen or canned form Preserving of fruit, nuts or vegetables: freezing, drying, immersing in oil or in vinegar, canning etc. Manufacture of fruit or vegetable food products Manufacture of fruit or vegetable juices Manufacture of jams, marmalades and table jellies Processing and preserving of potatoes: Manufacture of prepared frozen potatoes Manufacture of dehydrated mashed potatoes Manufacture of potato snacks Manufacture of potato crisps Manufacture of potato flour and meal

This class includes: Manufacture of fresh liquid milk, pasteurized, sterilized, homogenized and/or ultra heat treated Manufacture of milk-based drinks Manufacture of cream from fresh liquid milk, pasteurized, sterilized, homogenized Manufacture of dried or concentrated milk whether or not sweetened Manufacture of milk or cream in solid form Manufacture of butter Manufacture of yoghurt Manufacture of cheese and curd Manufacture of whey Manufacture of casein or lactose Manufacture of ice cream and other edible ice such as sorbet

This data equals output data for the following ISIC Rev. 4 code: 1073 Manufacture of Cocoa, Chocolate and Sugar Confectionery This class includes: Manufacture of cocoa, cocoa butter, cocoa fat, cocoa oil Manufacture of chocolate and chocolate confectionery Manufacture of sugar confectionery: caramels, cachous, nougats, fondant, white chocolate Manufacture of chewing gum Preserving in sugar of fruit, nuts, fruit peels and other parts of plants Manufacture of confectionery lozenges and pastilles This class excludes.

This data equals output data for the following ISIC Rev. 4 code: 1071 Manufacture of Bakery Products This class includes: Manufacture of bread and rolls Manufacture of fresh pastry, cakes, pies, tarts etc. Manufacture of rusks, biscuits and other "dry" bakery products Manufacture of preserved pastry goods and cakes Manufacture of snack products (cookies, crackers, pretzels etc.), whether sweet or salted Manufacture of tortillas Manufacture of frozen bakery products: pancakes, waffles, rolls etc. This class excludes: Manufacture of farinaceous products (pastas), see ISIC Code - 1074 Manufacture of potato snacks, see ISIC Code - 1030 Heating up of bakery items for immediate consumption

食品饮料利润表现较好，收入增长较差。2022年上半年食品饮料（申万）行业实现营业收入4819亿元，同比增长6.59%；归母净利润976亿元，同比增长12.79%。在申万31个一级行业中排名分别为第22和第11位，食品饮料中白酒、预加工食品收入利润增长稳定。食品饮料今年以来涨幅位于A股中下，历史来看当前估值处于历史中枢水平。当前A股整体估值10.9倍，食品饮料（申万）PE-TTM为36.57倍，食品饮料行业过去13年估值的均值约为31倍，当前估值处于历史估值中枢上下。

业绩韧性凸显，增速排名靠前。22H1，食品饮料行业营收/利润分别同比+6.8%/12.1%；22Q2，营收/净利润分别同比+6.2%/6.8%。整体来看，在3月下旬~5 月疫情冲击下，22Q2 板块业绩增速虽然略有放缓，但经营仍然具备韧性，利润增速在全行业排名提升，仅低于煤炭、有色、电新等强周期/成长板块；板块内部分化较强，啤酒、调味品较好地实现恢复性增长，白酒、乳制品、饮料受疫情冲击较大，业绩略有承压。

22H1 食饮行业稳健增长，归母净利增速居前：2022H1 食品饮料行业实现营收4921.64 亿元（ YoY+7.31%） , 归母净利润997.84 亿元（YoY+14.63%），毛利率、净利率保持平稳，费用率稳步下行。受疫情反复影响，22Q2 营收增速下降（YoY+6.61%），但净利增速稳定（YoY+9.71%），毛利率&净利率同比-0.64/+0.40pct。食饮行业各子板块业绩分化，22H1 调味发酵品、预加工食品、白酒等子板块营收增速和归母净利增速居前，在Q2 同样表现出色。

8 月 24 日在预制菜企业发展沙龙上，招商证券食品饮料分析师于佳琦受邀作为 主持人与来自食材厂商、调味品厂商、渠道商和投资机构的多位嘉宾一起，基 于多元视角探讨预制菜行业发展现状和趋势，针对我国预制菜行业 BC 端渗透、 企业 BC 端经营模式、思维转化，复调与预制菜协同发展、肉制品消费趋势展 望等交流、分享各自观点，干货满满，欢迎阅读！

食品饮料行业上半年营收实现个位数增长，利润实现双位数增长。2022H1， 食品饮料行业实现营业总收入4849.01亿元，同比增长6.75%；实现归属于 母公司股东的净利润978.69亿元，同比增长13.27%。分季度看，考虑到今 年二季度部分地区疫情反复、终端需求尚未完全恢复等因素影响，行业Q2 业绩增速环比下滑。2022Q2食品饮料行业实现营业总收入2206.19亿元，同 比增长6.13%；实现归母净利润382.71亿元，同比增长7.67%。