涪陵榨菜經營分析報告二

涪陵榨菜經營分析報告二2022年5月

HYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINKHYPERLINK\l"br34"風險提示HYPERLINK\l"br34".................................................................................................................................................34HYPERLINK\l"br7"圖表目錄HYPERLINK\l"br7"圖表HYPERLINK\l"br7"1HYPERLINK\l"br7"：涪陵榨菜HYPERLINK\l"br7"1988HYPERLINK\l"br7"年成立，HYPERLINK\l"br7"2014HYPERLINK\l"br7"年開啟大烏江戰(zhàn)略，HYPERLINK\l"br7"2015HYPERLINK\l"br7"年收購惠通進軍泡菜行業(yè)HYPERLINK\l"br7"...................7HYPERLINK\l"br7"圖表HYPERLINK\l"br7"2HYPERLINK\l"br7"HYPERLINK\l"br7"2021HYPERLINK\l"br7"年營收HYPERLINK\l"br7"HYPERLINK\l"br7"億元，HYPERLINK\l"br7"HYPERLINK\l"br7"年HYPERLINK\l"br7"CAGRHYPERLINK\l"br7"為HYPERLINK\l"br7"HYPERLINK\l"br7"......................................................................................7HYPERLINK\l"br7"圖表HYPERLINK\l"br7"3HYPERLINK\l"br7"HYPERLINK\l"br7"2021HYPERLINK\l"br7"年凈利潤HYPERLINK\l"br7"7.4HYPERLINK\l"br7"億元，HYPERLINK\l"br7"HYPERLINK\l"br7"年HYPERLINK\l"br7"CAGRHYPERLINK\l"br7"為HYPERLINK\l"br7"HYPERLINK\l"br7"....................................................................................7HYPERLINK\l"br8"圖表HYPERLINK\l"br8"4HYPERLINK\l"br8"HYPERLINK\l"br8"2021HYPERLINK\l"br8"年HYPERLINK\l"br8"ROEHYPERLINK\l"br8"為HYPERLINK\l"br8"HYPERLINK\l"br8"，主要靠凈利率驅動HYPERLINK\l"br8"..........................................................................................8HYPERLINK\l"br8"圖表HYPERLINK\l"br8"5HYPERLINK\l"br8"：涪陵榨菜HYPERLINK\l"br8"ROEHYPERLINK\l"br8"從HYPERLINK\l"br8"2010HYPERLINK\l"br8"年HYPERLINK\l"br8"10%HYPERLINK\l"br8"增至HYPERLINK\l"br8"HYPERLINK\l"br8"年HYPERLINK\l"br8"14%HYPERLINK\l"br8".................................................................................8HYPERLINK\l"br8"圖表HYPERLINK\l"br8"6HYPERLINK\l"br8"HYPERLINK\l"br8"2021HYPERLINK\l"br8"年涪陵榨菜銷售費用率為HYPERLINK\l"br8"18.9%HYPERLINK\l"br8"..............................................................................................8HYPERLINK\l"br8"圖表HYPERLINK\l"br8"7HYPERLINK\l"br8"HYPERLINK\l"br8"2021HYPERLINK\l"br8"年涪陵榨菜管理費用率為HYPERLINK\l"br8"3.2%HYPERLINK\l"br8"................................................................................................8HYPERLINK\l"br9"圖表HYPERLINK\l"br9"8HYPERLINK\l"br9"：毛利率從HYPERLINK\l"br9"2015HYPERLINK\l"br9"年的HYPERLINK\l"br9"44%HYPERLINK\l"br9"增至HYPERLINK\l"br9"2021HYPERLINK\l"br9"年HYPERLINK\l"br9"52%HYPERLINK\l"br9"........................................................................................9HYPERLINK\l"br9"圖表HYPERLINK\l"br9"9HYPERLINK\l"br9"：凈利率從HYPERLINK\l"br9"2015HYPERLINK\l"br9"年HYPERLINK\l"br9"17%HYPERLINK\l"br9"增至HYPERLINK\l"br9"HYPERLINK\l"br9"年HYPERLINK\l"br9"29%HYPERLINK\l"br9"............................................................................................9HYPERLINK\l"br9"圖表HYPERLINK\l"br9"10HYPERLINK\l"br9"：涪陵榨菜為國企，重慶市涪陵區(qū)國資委是實控人HYPERLINK\l"br9".........................................................................9HYPERLINK\l"br10"圖表HYPERLINK\l"br10"11HYPERLINK\l"br10"：包裝榨菜市場規(guī)模HYPERLINK\l"br10"HYPERLINK\l"br10"億元，過去HYPERLINK\l"br10"7HYPERLINK\l"br10"年HYPERLINK\l"br10"CAGRHYPERLINK\l"br10"為HYPERLINK\l"br10"10%HYPERLINK\l"br10"......................................................................10HYPERLINK\l"br10"圖表HYPERLINK\l"br10"12HYPERLINK\l"br10"：榨菜銷量HYPERLINK\l"br10"2019HYPERLINK\l"br10"年HYPERLINK\l"br10"82HYPERLINK\l"br10"萬噸，過去HYPERLINK\l"br10"11HYPERLINK\l"br10"年HYPERLINK\l"br10"CAGRHYPERLINK\l"br10"為HYPERLINK\l"br10"5%HYPERLINK\l"br10"........................................................................10HYPERLINK\l"br11"圖表HYPERLINK\l"br11"13HYPERLINK\l"br11"：包裝榨菜市場占比約HYPERLINK\l"br11"58%HYPERLINK\l"br11".................................................................................................................11HYPERLINK\l"br11"圖表HYPERLINK\l"br11"14HYPERLINK\l"br11"：銷量平均增速為HYPERLINK\l"br11"6%HYPERLINK\l"br11"，噸價平均增速為HYPERLINK\l"br11"2%HYPERLINK\l"br11"......................................................................................113HYPERLINK\l"br11"圖表HYPERLINK\l"br11"15HYPERLINK\l"br11"：中國人均腌榨菜消費金額較低（美元HYPERLINK\l"br11"/HYPERLINK\l"br11"HYPERLINK\l"br11"...................................................................................11HYPERLINK\l"br11"圖表HYPERLINK\l"br11"16HYPERLINK\l"br11"：中國人均腌榨菜消費量較低（HYPERLINK\l"br11"kg/HYPERLINK\l"br11"人）HYPERLINK\l"br11"..........................................................................................11HYPERLINK\l"br12"圖表HYPERLINK\l"br12"17HYPERLINK\l"br12"：HYPERLINK\l"br12"2008HYPERLINK\l"br12"年涪陵榨菜占比HYPERLINK\l"br12"21%HYPERLINK\l"br12"................................................................................................................12HYPERLINK\l"br12"圖表HYPERLINK\l"br12"18HYPERLINK\l"br12"：HYPERLINK\l"br12"2019HYPERLINK\l"br12"年涪陵榨菜占比HYPERLINK\l"br12"36%HYPERLINK\l"br12"................................................................................................................12HYPERLINK\l"br12"圖表HYPERLINK\l"br12"19HYPERLINK\l"br12"：泡菜市場規(guī)模從HYPERLINK\l"br12"2009HYPERLINK\l"br12"年HYPERLINK\l"br12"260HYPERLINK\l"br12"億增至HYPERLINK\l"br12"2020HYPERLINK\l"br12"年HYPERLINK\l"br12"621HYPERLINK\l"br12"億，HYPERLINK\l"br12"HYPERLINK\l"br12"年HYPERLINK\l"br12"CAGRHYPERLINK\l"br12"為HYPERLINK\l"br12"8%HYPERLINK\l"br12".....................................12HYPERLINK\l"br12"圖表HYPERLINK\l"br12"20HYPERLINK\l"br12"：我國泡菜產量占比HYPERLINK\l"br12"45%HYPERLINK\l"br12".....................................................................................................................12HYPERLINK\l"br13"圖表HYPERLINK\l"br13"21HYPERLINK\l"br13"：韓國泡菜消費量穩(wěn)定在HYPERLINK\l"br13"80HYPERLINK\l"br13"萬噸左右HYPERLINK\l"br13"..............................................................................................13HYPERLINK\l"br13"圖表HYPERLINK\l"br13"22HYPERLINK\l"br13"：HYPERLINK\l"br13"2019HYPERLINK\l"br13"韓國泡菜進口量HYPERLINK\l"br13"31HYPERLINK\l"br13"萬噸HYPERLINK\l"br13".........................................................................................................13HYPERLINK\l"br13"圖表HYPERLINK\l"br13"23HYPERLINK\l"br13"：泡菜行業(yè)HYPERLINK\l"br13"CR3HYPERLINK\l"br13"為HYPERLINK\l"br13"2.5%HYPERLINK\l"br13".......................................................................................................................13HYPERLINK\l"br13"圖表HYPERLINK\l"br13"24HYPERLINK\l"br13"：韓國泡菜行業(yè)HYPERLINK\l"br13"CR2HYPERLINK\l"br13"達HYPERLINK\l"br13"77%HYPERLINK\l"br13".................................................................................................................13HYPERLINK\l"br13"圖表HYPERLINK\l"br13"25HYPERLINK\l"br13"：中國泡菜行業(yè)市場競爭情況HYPERLINK\l"br13"............................................................................................................13HYPERLINK\l"br14"圖表HYPERLINK\l"br14"26HYPERLINK\l"br14"：涪陵榨菜形成全國化品牌優(yōu)勢HYPERLINK\l"br14"........................................................................................................14HYPERLINK\l"br14"圖表HYPERLINK\l"br14"27HYPERLINK\l"br14"：涪陵榨菜獲得多項榮譽HYPERLINK\l"br14"....................................................................................................................14HYPERLINK\l"br15"圖表HYPERLINK\l"br15"28HYPERLINK\l"br15"：HYPERLINK\l"br15"2021HYPERLINK\l"br15"年銷售費用率HYPERLINK\l"br15"22%HYPERLINK\l"br15"....................................................................................................................15HYPERLINK\l"br15"圖表HYPERLINK\l"br15"29HYPERLINK\l"br15"：HYPERLINK\l"br15"2021HYPERLINK\l"br15"年品牌宣傳費HYPERLINK\l"br15"2.4HYPERLINK\l"br15"億元，占銷售費用比HYPERLINK\l"br15"42%HYPERLINK\l"br15".........................................................................15HYPERLINK\l"br15"圖表HYPERLINK\l"br15"30HYPERLINK\l"br15"：HYPERLINK\l"br15"2021HYPERLINK\l"br15"年銷售人員增至HYPERLINK\l"br15"739HYPERLINK\l"br15"人HYPERLINK\l"br15"...........................................................................................................15HYPERLINK\l"br15"圖表HYPERLINK\l"br15"31HYPERLINK\l"br15"：HYPERLINK\l"br15"2021HYPERLINK\l"br15"年銷售人員總薪酬同比增長HYPERLINK\l"br15"32%HYPERLINK\l"br15"............................................................................................15HYPERLINK\l"br16"圖表HYPERLINK\l"br16"32HYPERLINK\l"br16"：榨菜收入占比穩(wěn)定在HYPERLINK\l"br16"85%HYPERLINK\l"br16"以上HYPERLINK\l"br16".........................................................................................................16HYPERLINK\l"br16"圖表HYPERLINK\l"br16"33HYPERLINK\l"br16"：HYPERLINK\l"br16"2021HYPERLINK\l"br16"年榨菜占比達HYPERLINK\l"br16"88%HYPERLINK\l"br16"....................................................................................................................16HYPERLINK\l"br16"圖表HYPERLINK\l"br16"34HYPERLINK\l"br16"：公司榨菜產品矩陣豐富HYPERLINK\l"br16"....................................................................................................................16HYPERLINK\l"br17"圖表HYPERLINK\l"br17"35HYPERLINK\l"br17"：公司不斷擴寬新產品HYPERLINK\l"br17"........................................................................................................................17HYPERLINK\l"br17"圖表HYPERLINK\l"br17"36HYPERLINK\l"br17"：HYPERLINK\l"br17"2021HYPERLINK\l"br17"年蘿卜、泡菜分別占比HYPERLINK\l"br17"4%HYPERLINK\l"br17"、HYPERLINK\l"br17"7%HYPERLINK\l"br17"..............................................................................................17HYPERLINK\l"br17"圖表HYPERLINK\l"br17"37HYPERLINK\l"br17"：蘿卜、泡菜營收HYPERLINK\l"br17"6HYPERLINK\l"br17"年HYPERLINK\l"br17"CAGRHYPERLINK\l"br17"分別為HYPERLINK\l"br17"11%HYPERLINK\l"br17"、HYPERLINK\l"br17"HYPERLINK\l"br17"..................................................................................17HYPERLINK\l"br17"圖表HYPERLINK\l"br17"38HYPERLINK\l"br17"：公司開發(fā)多產品種類HYPERLINK\l"br17"........................................................................................................................17HYPERLINK\l"br18"圖表HYPERLINK\l"br18"39HYPERLINK\l"br18"：公司榨菜“三腌三榨”生產工藝流程HYPERLINK\l"br18"............................................................................................18HYPERLINK\l"br19"圖表HYPERLINK\l"br19"40HYPERLINK\l"br19"：榨菜HYPERLINK\l"br19"2021HYPERLINK\l"br19"HYPERLINK\l"br19"15HYPERLINK\l"br19"萬噸，HYPERLINK\l"br19"HYPERLINK\l"br19"年HYPERLINK\l"br19"CAGRHYPERLINK\l"br19"為HYPERLINK\l"br19"5%HYPERLINK\l"br19".................................................................................19HYPERLINK\l"br19"圖表HYPERLINK\l"br19"41HYPERLINK\l"br19"：蘿卜、泡菜HYPERLINK\l"br19"2021HYPERLINK\l"br19"年銷量分別HYPERLINK\l"br19"0.5HYPERLINK\l"br19"、HYPERLINK\l"br19"1.0HYPERLINK\l"br19"萬噸HYPERLINK\l"br19".................................................................................19HYPERLINK\l"br19"圖表HYPERLINK\l"br19"42HYPERLINK\l"br19"：涪陵地區(qū)青菜頭產量占全國比重達HYPERLINK\l"br19"46%HYPERLINK\l"br19".........................................................................................19HYPERLINK\l"br20"圖表HYPERLINK\l"br20"43HYPERLINK\l"br20"：HYPERLINK\l"br20"2021HYPERLINK\l"br20"年榨菜成本中原材料占比HYPERLINK\l"br20"72%HYPERLINK\l"br20"................................................................................................20HYPERLINK\l"br20"圖表HYPERLINK\l"br20"44HYPERLINK\l"br20"：原材料里青菜頭及其粗加工原材料占比HYPERLINK\l"br20"HYPERLINK\l"br20"..................................................................................20HYPERLINK\l"br20"圖表HYPERLINK\l"br20"45HYPERLINK\l"br20"：建立“一價兩金一鏈”機制HYPERLINK\l"br20"............................................................................................................20HYPERLINK\l"br20"圖表HYPERLINK\l"br20"46HYPERLINK\l"br20"：涪陵地區(qū)青菜頭產量維持在HYPERLINK\l"br20"160HYPERLINK\l"br20"萬噸以上HYPERLINK\l"br20".....................................................................................20HYPERLINK\l"br21"圖表HYPERLINK\l"br21"47HYPERLINK\l"br21"：非公開發(fā)行股票新增HYPERLINK\l"br21"HYPERLINK\l"br21"萬噸榨菜產能HYPERLINK\l"br21"..........................................................................................21HYPERLINK\l"br21"圖表HYPERLINK\l"br21"48HYPERLINK\l"br21"：HYPERLINK\l"br21"2021HYPERLINK\l"br21"年報在建工程產能多達HYPERLINK\l"br21"12HYPERLINK\l"br21"萬噸HYPERLINK\l"br21".............................................................................................21HYPERLINK\l"br21"圖表HYPERLINK\l"br21"49HYPERLINK\l"br21"：規(guī)劃產能理論約HYPERLINK\l"br21"HYPERLINK\l"br21"萬噸，有效產能HYPERLINK\l"br21"30HYPERLINK\l"br21"萬噸以上，有效窖池容量HYPERLINK\l"br21"50-60HYPERLINK\l"br21"萬噸HYPERLINK\l"br21".........................21HYPERLINK\l"br22"圖表HYPERLINK\l"br22"50HYPERLINK\l"br22"：HYPERLINK\l"br22"HYPERLINK\l"br22"年華南、華東、華中、華北占比分別HYPERLINK\l"br22"HYPERLINK\l"br22"、HYPERLINK\l"br22"17%HYPERLINK\l"br22"HYPERLINK\l"br22"12%HYPERLINK\l"br22"、HYPERLINK\l"br22"12%HYPERLINK\l"br22"...................................................224HYPERLINK\l"br22"圖表HYPERLINK\l"br22"51HYPERLINK\l"br22"：華中和華東HYPERLINK\l"br22"14HYPERLINK\l"br22"年營收HYPERLINK\l"br22"CAGRHYPERLINK\l"br22"分別為HYPERLINK\l"br22"HYPERLINK\l"br22"、HYPERLINK\l"br22"20%HYPERLINK\l"br22"................................................................................22HYPERLINK\l"br22"圖表HYPERLINK\l"br22"52HYPERLINK\l"br22"：HYPERLINK\l"br22"2021HYPERLINK\l"br22"年經銷商數(shù)量（含一級經銷商和聯(lián)盟商）達HYPERLINK\l"br22"3030HYPERLINK\l"br22"家HYPERLINK\l"br22"..........................................................22HYPERLINK\l"br23"圖表HYPERLINK\l"br23"53HYPERLINK\l"br23"：公司渠道策略變化情況HYPERLINK\l"br23"....................................................................................................................23HYPERLINK\l"br24"圖表HYPERLINK\l"br24"54HYPERLINK\l"br24"：涪陵榨菜進入社區(qū)團購渠道HYPERLINK\l"br24"............................................................................................................24HYPERLINK\l"br24"圖表HYPERLINK\l"br24"55HYPERLINK\l"br24"：涪陵榨菜拓展鄉(xiāng)村基、永和大王等餐飲渠道HYPERLINK\l"br24".................................................................................24HYPERLINK\l"br24"圖表HYPERLINK\l"br24"56HYPERLINK\l"br24"：辦事處增加至HYPERLINK\l"br24"HYPERLINK\l"br24"家HYPERLINK\l"br24"..........................................................................................................................24HYPERLINK\l"br24"圖表HYPERLINK\l"br24"57HYPERLINK\l"br24"：流通渠道占比超HYPERLINK\l"br24"70%HYPERLINK\l"br24".........................................................................................................................24HYPERLINK\l"br25"圖表HYPERLINK\l"br25"58HYPERLINK\l"br25"：榨菜上下游產業(yè)鏈情況HYPERLINK\l"br25"....................................................................................................................25HYPERLINK\l"br26"圖表HYPERLINK\l"br26"59HYPERLINK\l"br26"：原材料里青菜頭及包裝物占比約HYPERLINK\l"br26"70%HYPERLINK\l"br26".............................................................................................26HYPERLINK\l"br26"圖表HYPERLINK\l"br26"60HYPERLINK\l"br26"：HYPERLINK\l"br26"2022HYPERLINK\l"br26"年青菜頭收購價回落至HYPERLINK\l"br26"750HYPERLINK\l"br26"HYPERLINK\l"br26"/HYPERLINK\l"br26"噸HYPERLINK\l"br26".........................................................................................26HYPERLINK\l"br26"圖表HYPERLINK\l"br26"61HYPERLINK\l"br26"：包材瓦楞紙價格高企HYPERLINK\l"br26"........................................................................................................................26HYPERLINK\l"br26"圖表HYPERLINK\l"br26"62HYPERLINK\l"br26"：HYPERLINK\l"br26"2021Q4HYPERLINK\l"br26"涪陵榨菜毛利率下滑至HYPERLINK\l"br26"36%HYPERLINK\l"br26"................................................................................................26HYPERLINK\l"br27"圖表HYPERLINK\l"br27"63HYPERLINK\l"br27"：涪陵榨菜歷年提價情況梳理HYPERLINK\l"br27"............................................................................................................27HYPERLINK\l"br27"圖表HYPERLINK\l"br27"64HYPERLINK\l"br27"：涪陵榨菜流通渠道端進入HYPERLINK\l"br27"2.5HYPERLINK\l"br27"元時代HYPERLINK\l"br27"............................................................................................27HYPERLINK\l"br28"圖表HYPERLINK\l"br28"65HYPERLINK\l"br28"：涪陵榨菜業(yè)績具有波動性，我們認為更多依靠量驅動為主HYPERLINK\l"br28".........................................................28HYPERLINK\l"br28"圖表HYPERLINK\l"br28"66HYPERLINK\l"br28"：HYPERLINK\l"br28"2008HYPERLINK\l"br28"年營收HYPERLINK\l"br28"4.2HYPERLINK\l"br28"億，同降HYPERLINK\l"br28"3%HYPERLINK\l"br28"..........................................................................................................28HYPERLINK\l"br28"圖表HYPERLINK\l"br28"67HYPERLINK\l"br28"：HYPERLINK\l"br28"2008HYPERLINK\l"br28"年總銷量HYPERLINK\l"br28"HYPERLINK\l"br28"萬噸，同降HYPERLINK\l"br28"24%HYPERLINK\l"br28"................................................................................................28HYPERLINK\l"br29"圖表HYPERLINK\l"br29"68HYPERLINK\l"br29"：營收從HYPERLINK\l"br29"2008HYPERLINK\l"br29"年HYPERLINK\l"br29"4.2HYPERLINK\l"br29"億元增至HYPERLINK\l"br29"2011HYPERLINK\l"br29"年HYPERLINK\l"br29"7.1HYPERLINK\l"br29"億元，HYPERLINK\l"br29"3HYPERLINK\l"br29"年HYPERLINK\l"br29"CAGRHYPERLINK\l"br29"為HYPERLINK\l"br29"19%HYPERLINK\l"br29".............................................29HYPERLINK\l"br29"圖表HYPERLINK\l"br29"69HYPERLINK\l"br29"：總銷量從HYPERLINK\l"br29"2008HYPERLINK\l"br29"年HYPERLINK\l"br29"6.7HYPERLINK\l"br29"萬噸增至HYPERLINK\l"br29"2011HYPERLINK\l"br29"年HYPERLINK\l"br29"9.8HYPERLINK\l"br29"萬噸，HYPERLINK\l"br29"3HYPERLINK\l"br29"年HYPERLINK\l"br29"CAGRHYPERLINK\l"br29"為HYPERLINK\l"br29"14%HYPERLINK\l"br29".........................................29HYPERLINK\l"br29"圖表HYPERLINK\l"br29"70HYPERLINK\l"br29"：HYPERLINK\l"br29"2012HYPERLINK\l"br29"年營收HYPERLINK\l"br29"7.1HYPERLINK\l"br29"億，同增HYPERLINK\l"br29"1%HYPERLINK\l"br29"..........................................................................................................29HYPERLINK\l"br29"圖表HYPERLINK\l"br29"71HYPERLINK\l"br29"：HYPERLINK\l"br29"2012HYPERLINK\l"br29"年總銷量HYPERLINK\l"br29"HYPERLINK\l"br29"萬噸，同降HYPERLINK\l"br29"10%HYPERLINK\l"br29"................................................................................................29HYPERLINK\l"br30"圖表HYPERLINK\l"br30"72HYPERLINK\l"br30"：營收從HYPERLINK\l"br30"2012HYPERLINK\l"br30"年HYPERLINK\l"br30"7.1HYPERLINK\l"br30"億元增至HYPERLINK\l"br30"2015HYPERLINK\l"br30"年HYPERLINK\l"br30"9.3HYPERLINK\l"br30"億元，HYPERLINK\l"br30"3HYPERLINK\l"br30"年HYPERLINK\l"br30"CAGRHYPERLINK\l"br30"為HYPERLINK\l"br30"9%HYPERLINK\l"br30"...............................................30HYPERLINK\l"br30"圖表HYPERLINK\l"br30"73HYPERLINK\l"br30"：總銷量從HYPERLINK\l"br30"2012HYPERLINK\l"br30"年HYPERLINK\l"br30"8.8HYPERLINK\l"br30"萬噸增至HYPERLINK\l"br30"2015HYPERLINK\l"br30"年HYPERLINK\l"br30"9.8HYPERLINK\l"br30"萬噸，HYPERLINK\l"br30"3HYPERLINK\l"br30"年HYPERLINK\l"br30"CAGRHYPERLINK\l"br30"為HYPERLINK\l"br30"4%HYPERLINK\l"br30"...........................................30HYPERLINK\l"br30"圖表HYPERLINK\l"br30"74HYPERLINK\l"br30"：營收從HYPERLINK\l"br30"2015HYPERLINK\l"br30"年HYPERLINK\l"br30"9.3HYPERLINK\l"br30"億元增至HYPERLINK\l"br30"2018HYPERLINK\l"br30"年HYPERLINK\l"br30"19.1HYPERLINK\l"br30"億元，HYPERLINK\l"br30"3HYPERLINK\l"br30"年HYPERLINK\l"br30"CAGRHYPERLINK\l"br30"為HYPERLINK\l"br30"27%HYPERLINK\l"br30"...........................................30HYPERLINK\l"br30"圖表HYPERLINK\l"br30"75HYPERLINK\l"br30"：總銷量從HYPERLINK\l"br30"2015HYPERLINK\l"br30"年HYPERLINK\l"br30"9.8HYPERLINK\l"br30"萬噸增至HYPERLINK\l"br30"2018HYPERLINK\l"br30"年HYPERLINK\l"br30"14.4HYPERLINK\l"br30"萬噸，HYPERLINK\l"br30"3HYPERLINK\l"br30"年HYPERLINK\l"br30"CAGRHYPERLINK\l"br30"為HYPERLINK\l"br30"14%HYPERLINK\l"br30".......................................30HYPERLINK\l"br31"圖表HYPERLINK\l"br31"76HYPERLINK\l"br31"：營收從HYPERLINK\l"br31"2018HYPERLINK\l"br31"年HYPERLINK\l"br31"19.1HYPERLINK\l"br31"HYPERLINK\l"br31"2020HYPERLINK\l"br31"年HYPERLINK\l"br31"22.7HYPERLINK\l"br31"億元，HYPERLINK\l"br31"2HYPERLINK\l"br31"年HYPERLINK\l"br31"CAGRHYPERLINK\l"br31"為HYPERLINK\l"br31"9%HYPERLINK\l"br31"...........................................31HYPERLINK\l"br31"圖表HYPERLINK\l"br31"77HYPERLINK\l"br31"：總銷量從HYPERLINK\l"br31"2018HYPERLINK\l"br31"年HYPERLINK\l"br31"14.4HYPERLINK\l"br31"萬噸增至HYPERLINK\l"br31"2020HYPERLINK\l"br31"年HYPERLINK\l"br31"15.6HYPERLINK\l"br31"萬噸，HYPERLINK\l"br31"2HYPERLINK\l"br31"年HYPERLINK\l"br31"CAGRHYPERLINK\l"br31"為HYPERLINK\l"br31"4%HYPERLINK\l"br31".......................................31HYPERLINK\l"br31"圖表HYPERLINK\l"br31"78HYPERLINK\l"br31"：涪陵榨菜HYPERLINK\l"br31"19HYPERLINK\l"br31"年銷售費用率高增HYPERLINK\l"br31"......................................................................................................31HYPERLINK\l"br31"圖表HYPERLINK\l"br31"79HYPERLINK\l"br31"：涪陵榨菜應收款項呈上升趨勢HYPERLINK\l"br31"........................................................................................................31HYPERLINK\l"br32"圖表HYPERLINK\l"br32"80HYPERLINK\l"br32"：HYPERLINK\l"br32"2021HYPERLINK\l"br32"年營收HYPERLINK\l"br32"25.2HYPERLINK\l"br32"億，同增HYPERLINK\l"br32"11%HYPERLINK\l"br32"......................................................................................................32HYPERLINK\l"br32"圖表HYPERLINK\l"br32"81HYPERLINK\l"br32"：HYPERLINK\l"br32"2021HYPERLINK\l"br32"年總銷量HYPERLINK\l"br32"HYPERLINK\l"br32"萬噸，同降HYPERLINK\l"br32"HYPERLINK\l"br32"................................................................................................32HYPERLINK\l"br32"圖表HYPERLINK\l"br32"82HYPERLINK\l"br32"：涪陵榨菜預收款項一覽HYPERLINK\l"br32"....................................................................................................................32HYPERLINK\l"br32"圖表HYPERLINK\l"br32"83HYPERLINK\l"br32"：涪陵榨菜存貨下降HYPERLINK\l"br32"............................................................................................................................32HYPERLINK\l"br33"圖表HYPERLINK\l"br33"84HYPERLINK\l"br33"：盈利預測HYPERLINK\l"br33"............................................................................................................................................3351、榨菜行業(yè)龍頭，業(yè)績穩(wěn)健增長1.1、成立30余載，業(yè)績穩(wěn)增長公司是國內榨菜行業(yè)龍頭。涪陵榨菜是一家以榨菜為根本，立足于佐餐開味菜領