元大京华：中国啤酒行业研究报告2009年7月

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Table of contents
Beer, a sector worth waiting for................................................................ 3
Growing, but at a slowing rate ................................................................. 7
4 factors driving China beer consumption .............................................. 11
Consolidation, the key theme in 2009-10 .............................................. 17
Distribution, really complex in China...................................................... 25
Margin expansion for leading breweries ................................................. 27
The outlook: not so pessimistic.............................................................. 30
Risks in the Chinese beer industry.......................................................... 31
China Resources Snow Brewery .............................................................. 32
Beijing Yanjing, a Story of Evolution ....................................................... 40
Henan Kingstar Brewery Co. Ltd. ............................................................ 44
Chongqing Brewery Co. Ltd.................................................................... 46
Rethinking the formation of A-B InBev ................................................... 48
Initiation: Tsingtao Brewery (168 HK)...................... 59
Investment thesis .................................................................................. 60
Valuation............................................................................................... 64
Well-positioned for future growth.......................................................... 78
Earnings outlook ................................................................................... 83
Significant margin expansion in 2009-10............................................... 87
Marketing and distribution..................................................................... 93
Financial strength.................................................................................. 95
Upside risks to our SELL call................................................................. 100
Company overview .............................................................................. 102

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关键词：行业研究报告 研究报告 行业研究 distribution significant 中国 研究报告 行业 啤酒 京华

买不起   还都是英文的

这人老没劲了

见一次踩一次

买不起啊买不起~只能观望了~

玩什么啊！！！这么高的价钱！！！！！！！！1

价格太高点了吧？交流为主嘛。有中文版没有？英文看不了

怎么都这么贵呀~~

这个人忒jian   很多报告都标价1W   nmd