Citigroup 花旗：中国白酒行业深度研究报告－高端用户引领行业发展 (60页)

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

Citigroup 花旗：中国白酒行业深度研究报告

－高端用户引领行业发展 (60页)

China Spirits Industry High-end Players Lead Industry Growth

10 April 2007 | 60 pages

107428.pdf (687.57 KB, 需要: 10 个论坛币)

2007-4-12 19:51:00 上传

Citigroup 花旗：中国白酒行业深度研究报告－高端用户引领行业发展 (60页)
需要: 10 个论坛币  [购买]

Contents
Investment Thesis 3
Kweichow Moutai (Buy/Low Risk): Best growth visibility 3
Luzhou Laojiao (Buy/Medium Risk): Growth potential not priced in 4
Wuliangye (Hold/Medium Risk): A giant in the re-making 4
Shanxi Fenjiu (Sell/High Risk): Growth engine faces slowdown 4
Industry Competition 5
Chinese producers dominate the local spirits market 5
Market concentration is low 5
Industry growth: post-2004 recovery with rising ASPs 6
Top players benefit from entry barriers 6
Brands translate into stronger growth 7
Entry Barriers Result in Significant Pricing Power 8
Channel Management Makes a Long-term Difference 9
Tax Rate Unification in 2008 to Enhance Earnings 11
Companies 12
Kweichow Moutai (600519.SS) 13
Initiate at Buy: Profiting from Franchise Value 13
Luzhou Laojiao (000568.SZ) 23
Initiating at Buy: Growth from a Low Base 23
Wuliangye Yibin (000858.SZ) 35
Initiate at Hold: A Giant in the Re-making 35
Shanxi Fenjiu (600809.SS) 45
Initiate at Sell: Growth Engine Faces Slowdown 45
Appendix A-1 57
Analyst Certification 57

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：Citigroup iGroup 行业深度研究 Group 行业发展 研究报告 深度 花旗 Citigroup