证券研究报告块估值已经回调到2021年以来的较低位置，近期可关注估值回调较多，有预期催化的公司，推荐个股：百润股份、绝味食品、伊利股份、元祖股份、天润乳业、甘源食品、安井食品、洽洽食品、国联水产等，■4、行业评及授资策略：整体来看白酒行业稳健向好的趋势不变，次高端逻辑持续兑现；大众品情绪最悲观时点已过，估值回落后龙头企业的投资价值凸显，基于此我们维持食品饮料行业“推荐”评级，白酒：推荐贵州茅台、口子窖、洋河股份、今世缘、古井贡酒、泸州老窖、山西汾酒、伊力特、五粮液、金徽酒等，大众品：推荐百润股份、绝味食品、伊利股份、元祖股份、天润乳业、甘源食品、安井食品、洽洽食品、国联水产等，短期推荐：贵州茅台、百润股份、绝味食品，■5、风险提示：1)疫情影响餐饮渠道恢复低于预期：2)宏观经济波动导致消费升级速度受阻；3)行业政策变化导致竞争加剧；4)原材料价格大幅上涨；5)重点关注公司业绩或不及预期：6)食品重点关注公司及盈利预测2023/6/16EPSPE名称20222023E2024E20222023E2024E600519.SH贵州茅台1797.6949.9360.8873.1736.0029.5324.57买入600809.SH山西汾酒219.976.658.3610.3033.0826.3121.36买入000858.SZ五粮液184.086.887.819.1226.7623.5720.18买入000568.SZ泸州老客232.607.068.9410.9232.9526.0221.30买入000596.S2古井贡酒267.905.957.689.6345.0334.8827.82买入603369.SH今世缘59.372.012.513.1329.5423.6518.97买入603589.SH口子客55.952.583.173.8421.6917.6514.57买入600779.SH水井坊64.752.502.563.0125.9025.2921.51增持603919.SH金徽酒25.160.550.821.0545.7530.6823.96增持600197.SH伊力特29.230.350.861.0483.5133.9928.11买入600132.SH重庆啤酒99.582.613.163.7938.1531.5126.27增持600600.SH青岛啤酒105.922.743.303.8838.6632.1027.30买入002568.SZ百润股份38.080.500.941.2976.1640.5129.52买入603288.SH海天味业51.051.341.501.7038.1034.0330.03增持600298.SH安琪酵母37201.571.762.1323.6921.1417.46买入600872.SH中炬高新39.26-0.770.901.0843.6236.35增持002507.SZ涪陵榨菜18.851.011.121.2318.6616.8315.33增持600887.SH伊利股份29.371.481.722.0219.8417.0814.54买入600597.SH光明乳业10.910.260.490.5741.9622.2719.14增持000895.SZ双汇发展24.941.621.741.8815.4014.3313.27增持请务必阅读正文后免黄条款部分2