食品饮料行业2019年中报总结：白酒啤酒亮眼食品龙头穿越周期-20190908-中信证券-18页 - 副本 (2).pdf

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2019H12018/2019H110.6%/4.7%2019Q1/Q24.8%/4.5%/2019H113.6%/15.6%2019H1/2.4Pcts/0.2Pct 1720182019.01-07%18/Wind Q22019H113.6%Q29.4%5%-6%Q21%-2%2019H1Q21.4Pcts2019H11Pct 20192019H115.6%2019Q220%24%43.2%-2.0-1.00.01.02.03.04.05.06.07.08.036.4%38.8%28.3%28.5%0%10%20%30%40%50%60%70%80%90%100%2018H12019H1 AB 20192019.9.8 8 2019RTM0.5PctOPM 4 13.6%15.6%8-9%9.5%4-5%3-4%1%6.1%6%5%-6%H11%Q21-2%38.6%39.1%-0.1%-0.1%24.70%28.4%-1%-0.5%13.5%12.2%-1.5%-0.6%4.7%4.0%1.2%0.1%8.4%5.2%0.3%0.7%&VAT 2019H1&0.8%2019H17.2%/9.2%/3.9%24.1%/25.2%/13.8%19%Wind 20%Wind-10%-5%0%5%10%15%2017H12017H22018H12018H22019H1 0246810121416 2016H12017H12018H12019H1 20192019.9.8 9 2019H1&0.8%2019H12.6%7.0%1+12019H13.6%6.3%+10.0%2019H1/2.3%/6.4%7.9%2019H10.2%&VAT2019H1/VAT/VAT2019H14.5%1.5%2%VAT1%2019H15.4%VAT1.5%1%2019H14.0%4.9%VAT1.5%1%2019H17.6%VAT&21 22&2019H1/2019H1/EBIT9.6%/63.2%&2019H1/EBIT2.4%/23.9%2019H1/&/2019H1/+8.3%/+5.2%/-1.6%2019H1&2019H1/1.9/0.7/1.3 PCTs12019H1+-10%-5%0%5%10%15%2018H12018H22019H1 0%2%4%6%8%10%12%14%2018H12018H22019H1 20192019.9.8 10/0.5/0.0/0.4/0.1PCT2&2019H1/1.3/0.2/0.4PCTs 23%Wind 24+%2019H1/11.16%/25.23%2019Q2/13.45%/33.75%25 26 /2019H1/16.51%/22.34%Q216.00%/21.79%/197.6/52.382019/16%/20%05101520253035404550 2013201420152016201720182019H15.0%5.5%6.0%6.5%7.0%7.5%8.0%-5%0%5%10%15%20%25%30%35%2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 -80%-60%-40%-20%0%20%40%60%80%100%2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 20192019.9.8 11 Q22019H1/15.29%/19.9%2019Q215.26%/8%Q2 2019H1/9.43%/15.28%Q23.79%/9.37%Q2Q120191114%6.45%-15.04%Q1Q212%/15%2019H1/24.07%/34.35%Q229.96%/61.64%2019Q1/Q232%/42%2019H1/40%2019H1/2019H1/64.9%/46.5%/32.10%/40.85%2019H1103.6%9.471500+2019H12000+8092019H1882 2019H160.3%69.2%7000100%217%17.84%500050%50.68%5000 27 28 20192019.9.8 12 2019H1Q2 2019H137%2019Q1/Q247%/27%Q2 H&H2019H1Swisse5%11.7%21.9%1-7H&H5.3%2019H112%618SwisseSwisse20%5-10%292018Q1-2019Q2%Wind 302018Q1-2019Q2%Wind 2019H1/19.9%/16.0%2019Q225.1%/13.8%Q14.3%Q215.6%9 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8+91-22-66505050+91-22-22840271U67120MH1994PLC083118INZ000001735INM000010619INH000001113PT CLSA Sekuritas IndonesiaCLSA Securities Japan Co.,Ltd.CLSA Securities Korea Ltd.CLSA Securities Malaysia Sdn BhdCLSA Philippines Inc.CLSA Securities(Thailand)Limited CLSA group of companiesCLSA Americas193415a-6CLSA AmericasCLSA group of companiesCLSA Americas CLSA Singapore Pte Ltd.s.4A1200533343536252736CLSA Singapore Pte Ltd.CLSA Singapore Pte Ltd.+65 6416 7888MCI(P)071/10/2018 CLSA UK2000200519 2019 扫码关注：金融干货精选获取更多干货资料