行業(yè)分析報(bào)告C

C15白酒是中國(guó)傳統(tǒng)蒸餾酒，又稱“燒酒”及“白干”，工藝獨(dú)特，歷史悠久，〔郎姆酒、伏特加和金酒〕。“十一五”期間，白酒行業(yè)加強(qiáng)了產(chǎn)品構(gòu)造、組織構(gòu)造、運(yùn)行機(jī)制等多方面化效應(yīng)、質(zhì)量效應(yīng)、市場(chǎng)精耕細(xì)作等方式轉(zhuǎn)變。20235,2596991,257.13近幾年，我國(guó)白酒行業(yè)盈利模式由總量增長(zhǎng)模式向構(gòu)造優(yōu)化模式轉(zhuǎn)變，行業(yè)資本戰(zhàn)略化，資本并購(gòu)實(shí)行戰(zhàn)略性布局。隨著經(jīng)濟(jì)進(jìn)展及居民收入增加，高端產(chǎn)品市場(chǎng)呈現(xiàn)快速上升的趨勢(shì)，加之渠減緩，但行業(yè)的景氣度將連續(xù)保持。中國(guó)飲料行業(yè)是改革開(kāi)放以來(lái)進(jìn)展起來(lái)的興行業(yè)，是中國(guó)消費(fèi)品中的進(jìn)展構(gòu)造日趨合理。中國(guó)飲料在品牌方面的進(jìn)展成果顯著，全國(guó)性品牌已有十幾家，2216%的增幅快速進(jìn)展。截至2023年12月，我國(guó)飲料業(yè)累計(jì)工業(yè)銷(xiāo)售產(chǎn)值達(dá)11,575.56億元，累計(jì)119,321,559202334.2%97%1,582.00產(chǎn)合計(jì)321,774,399.0016.53%471,592,172.0010.17%；37,514,701.00448,962.008.58%。20231-1214,926.914.6%。20231-1216,676.8111.72%。在利好政策的推動(dòng)下，將來(lái)幾年將是軟飲料行業(yè)框架構(gòu)造的重構(gòu)時(shí)期，功能更為寬闊的市場(chǎng)前景和更好的進(jìn)展環(huán)境。茶葉從中國(guó)走向世界，早已成為世界飲料市場(chǎng)三分天下有其一的重要品種。斷消滅的經(jīng)營(yíng)方式?！睬嗖琛车攘蟛桀?，二十個(gè)產(chǎn)茶省，八千萬(wàn)茶農(nóng)，是名副其實(shí)的產(chǎn)茶大國(guó)。產(chǎn)量均居世界首位。2023178.98953.6億元。202324691937.9%，茶葉農(nóng)業(yè)總產(chǎn)值接近。20231-1232.612.53.92%19.64%20231-1230.112.7-7.5%、2.1%2023-2023將來(lái)我國(guó)茶產(chǎn)業(yè)的增長(zhǎng)潛力巨大，由于國(guó)內(nèi)外市場(chǎng)需求穩(wěn)定增長(zhǎng)。從國(guó)內(nèi)來(lái)2023-2023將來(lái)我國(guó)茶產(chǎn)業(yè)的增長(zhǎng)潛力巨大，由于國(guó)內(nèi)外市場(chǎng)需求穩(wěn)定增長(zhǎng)。從國(guó)內(nèi)來(lái)承受、寵愛(ài)和追求。從國(guó)際需求來(lái)看，我國(guó)茶出口始終保持穩(wěn)定增長(zhǎng)態(tài)勢(shì)?！度珖?guó)茶葉重點(diǎn)區(qū)域進(jìn)展規(guī)劃〔2023-2023年〕》提出，將連續(xù)推動(dòng)四大茶葉重點(diǎn)區(qū)域建設(shè)，力爭(zhēng)到2023年，四大重點(diǎn)區(qū)域茶園面積提高到全國(guó)的60%，總產(chǎn)量73%，總產(chǎn)值80%2023年，四大重點(diǎn)區(qū)域茶園總面積達(dá)1500萬(wàn)畝，870產(chǎn)量〔千升〕同比增長(zhǎng)2023367,607.43——2023434,443.0718.18%2023494,996.4013.94%2023665,064.4334.36%2023698,348.125.00%2023960,015.9037.47%20231,088,799.7413.41%20231,156,864.956.25%20231,381,614.5619.43%20231,178,341.04-14.71%20231,161,025.08-1.47%數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理202320232023產(chǎn)量〔千升〕29,100,536.3730,615,497.15同比增長(zhǎng)——5.21%202335,151,666.8914.82%202339,313,651.5111.84%202341,030,882.194.37%202342,363,769.423.25%202344,830,448.935.82%202348,988,168.469.27%202349,020,044.770.07%202350,615,368.493.25%202349,218,540.11-2.75%數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理2023-202365產(chǎn)量〔千升〕同比增長(zhǎng)20233,116,814.62——20233,493,709.4812.09%20233,970,814.2113.66%20234,939,522.4724.40%20235,693,439.2215.26%20237,069,307.3124.17%20238,908,343.3326.01%202310,255,507.6615.12%202311,531,581.5812.44%202312,262,037.426.33%202312,571,340.352.52%數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理2023-2023產(chǎn)量〔萬(wàn)噸〕產(chǎn)量〔萬(wàn)噸〕同比增長(zhǎng)20232,620.17——20233,380.4229.02%20234,219.7524.83%20235,110.1121.10%20236,415.1025.54%20238,086.2126.05%20239,983.6623.47%202311,762.3217.82%202313,024.0110.73%202314,926.8214.61%202316,676.8111.72%數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理2023-2023產(chǎn)量〔千升〕同比增長(zhǎng)202333,783,878.30——202335,658,146.335.55%202340,725,268.6614.21%202346,116,363.6913.24%202348,822,943.305.87%202351,885,558.466.27%202356,739,006.119.35%202362,697,283.2310.50%202363,816,312.771.78%202366,003,290.243.43%202365,439,931.05-0.85%數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理2023-2023產(chǎn)量〔噸〕同比增長(zhǎng)2023425,809.02——2023524,070.7623.08%2023642,536.7422.60%2023873,185.9435.90%2023984,653.9512.77%20231,193,236.0421.18%20231,429,273.6719.78%20231,766,987.2723.63%20231,929,133.389.18%20232,219,417.0515.05%20232,437,648.189.83%數(shù)據(jù)來(lái)源：中國(guó)產(chǎn)業(yè)信息網(wǎng)，恒泰證券整理數(shù)據(jù)來(lái)源：中國(guó)產(chǎn)業(yè)信息網(wǎng)，恒泰證券整理202314,010.901,603.10-3.10%。2023-2023行業(yè)三費(fèi)增速變化行業(yè)三費(fèi)占銷(xiāo)售收入比重變化行業(yè)三費(fèi)增速變化行業(yè)三費(fèi)占銷(xiāo)售收入比重變化三費(fèi)比率202312.69%8.09%3.98%0.62%202312.91%8.08%4.17%0.65%數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理依據(jù)國(guó)家統(tǒng)計(jì)局?jǐn)?shù)據(jù)：截至2023年底，我國(guó)酒、飲料和精制茶制造業(yè)規(guī)模以上企業(yè)數(shù)量達(dá)5911家，當(dāng)中570家企業(yè)消滅虧損，行業(yè)虧損率為9.64%。2023-2023年中國(guó)酒、飲料和精制茶制造業(yè)規(guī)模以上企業(yè)數(shù)量分析數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理2023-2023年酒、飲料和精制茶制造業(yè)三費(fèi)占銷(xiāo)售收入比重變化分析銷(xiāo)售收入銷(xiāo)售費(fèi)用治理費(fèi)用財(cái)務(wù)費(fèi)用同比 同比 同比同比202333.19%20.93%26.03%30.19%202313.89%13.81%19.25%20.57%202313.28%11.39%13.34%15.52%20237.00%4.05%10.00%22.03%銷(xiāo)售費(fèi)用治理費(fèi)用財(cái)務(wù)費(fèi)用比率比率比率202312.79%7.95%4.17%0.67%202312.80%7.75%4.30%0.75%數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理數(shù)據(jù)來(lái)源：國(guó)家統(tǒng)計(jì)局，恒泰證券整理2023～20232023202320232023盈利力量銷(xiāo)售毛利率36.71%27.31%26.91%25.58%銷(xiāo)售利潤(rùn)率10.21%11.41%10.89%9.88%資產(chǎn)收益率13.08%15.20%12.94%11.44%償債力量資產(chǎn)負(fù)債率50.44%47.75%46.71%45.50%虧損面9.14%8.88%8.84%9.64%利息保障倍數(shù)17.2116.2417.49%14.10%營(yíng)運(yùn)力量應(yīng)收帳款周轉(zhuǎn)率21.8721.3319.6320.1