Recommending Condiment Sector Again: Apparent Growth Leading, Notable Stock Alpha [Caitong Food & Beverage]

English summary

1. Starting in Q3, most condiment companies are on a low base, such as Haitian, Zhongju, Qianhe, Tianwei, etc., and growth may accelerate QoQ from Q2. 2. Leading companies have solid fundamentals: Haitian is steady, Angel's double-digit growth can continue. 3. Second-tier targets have alpha: Tianwei's consolidation contribution is obvious, and main business improves seasonally in peak season; Zhongju's new products in H2 are worth attention; Baoli's revenue is resilient. Strong call for [Angel + Tianwei], emphasize [Haitian + Zhongju], and watch for bottom-reversal opportunities in Qianhe and Baoli.