《品味中国》系列之九：蒙牛品质_绿色生活-2013-01-30.ppt

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1、:0,:w,0755-S1010510120026010-S1010511090002,2013,1,30,123,2,1.1800,95%,98%,700600500400300,75,25,85,15,60,40,200,18.9%,100,19%27%1.5 3,100,0,1995,2000,2005,2006,2007,2008,2009,2512.53,0,1.2.1UHT30,25,/,20151052001 2002 2003 2004 2005 2006 2007 2008 2009 20104,10,1.2.2,150B6,B12,1,75,-85,0-20,C,135B1

2、,-,80%5,9,20,1.3.1,10,1%,10,9,1949-19961996,4000030000,1997,-2007,1949,2008,UHT,1997,71997-200710681,2000010000,9,2007,3633,2008,0,1949,-1996,1949 1973 1977 1981 1985 1989 1993 1997 001 2005 20096,1.3.2,2011,57450.2,1/5,2010,100,00080,00060,00040,00020,0000,10.3%,2.5%10,2009-2011,22.8,10.9,2007,2008

3、,2009,2010,2011,2012,7,5,8.4,1.3.3,300,000250,000,3025,YOY,EUROMONITOR272,974.0,20082013,200,000150,000100,000,201510,14.9%,50,000,2011,0,0,%,12.7,26.7,40,00035,000,YOY%,30,00025,00020,000,84,15,00010,000,5.1,10.7,26.6,5,0000,200924,323.5525,710.46015,242.57,943.176,051.9,201029,664.9930,265.41517,3

4、99.39,572.117,990.1,201137,451.3737,387.84421,734.311,788.7810,435.1,8,123,9,2.1.12319,1999,8,19992011,6,11,2004,12,2012,4,2011,6,1993,10,1975,1980,1985,1990,1995,1996,1997,1998,1999,2000,2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2.1.2,13,10,400035003000,1999,119,0.37,8,2500200015001000,1999

5、,5000,200020012002,2,21,9,2003,2600,2004,229%,329%,11,2.1.3,13,2004,40,000,2004,6,10-,-,35,00030,00025,000,20,000,2005,2005,15,00010,0005,000,2006,10,“,”,0,2004,2005,2006,2007,2008,2009,2010,2011,IDF,6,20082008 9,2007,372,130,2007,2007,20092010,300,12,2011,5,50012,3,2.1.42012,2003100,20042,2005,40.7

6、1,72.14,2011,M1,30%,100.00%80.00%,400350300,60.00%40.00%,250200150,2012,6 30183.606,2011,20.00%0.00%,2003 2004 2005 2006 2007 2008 2009 2010 2011,100500,373.878,23.5%,13,2.1.52011,60.00%50.00%40.00%,12010080,201247.105,6,30,2.4%,30.00%20.00%10.00%,6040,0.00%,20,25.7%,10.00%,2003,2004,2005,2006,2007,

7、2008,2009,2010,2011,0,14,2.1.6,9,9,9,9,99,15,2.1.7,2012,9,1.28%,23.20,13,16,2.2.1,C,+,17,2.2.22012,11.8%,159.40821.583,86.8%Gelato,2012,6,30,2.6151.4%201218,2.2.3,2012,6,30,UHT,96.2139.876,C,36,23.32219,123,20,3.1.180%14,12,4,21,3.1.22012 6739,2001834,20112462,700,3090.92012,20683,22,3.2.1OEC,OEC,OE

8、C,3E,35,00030,00025,00020,00015,000,26,800,2012,6,30,10,0005,000,15.569,8.776,2011,0,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,23,3.2.21,3,3,20123.50.9%0.4%,24,Fo,3.3,2009,7,2012 6,15,Arla Foods,8,oods,Arla,2012,4,12,Arla Foods,2010,11,22,Arla Foods,4.69251%25,3.4,2012 620122012NBA,30,7%,26,

9、3.5GMP,2011,12,31,1,161,901,2012,6 30,50,72,C27,3.6.1,”,“,20112011”,“,28,3.6.2,10,“,2008,1000,”,2012,-,29,3.7,201126.47,2013-2014,119.83,2015-20172012-2017,2014,12%,2013-,2015-201730,31,-,Analyst Certification,i,ii,The analysts primarily responsible for the preparation of all or part of theresearch

10、report contained herein hereby certify that:(i)the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securitiesand issuers;and(ii)no part of the analysts compensation was,is,or will be directly or indirecctly,related to the specific

11、recommendations or views expressed in this research report.,“,”,/,(,),(1),(2),/2013Foreign Broker-Dealer Disclosures for Distributing to the U.S.This report has been produced in its entirety by CITIC Securities Limited Company(“CITIC Securities”,regulated by the China Securities Regulatory Commissio

12、n.Securities BusinessLicense Number:Z20374000).This report is being distributed in the United States by CITIC Securities pursuant to Rule 15a-6(a)(2)under the U.S.Securities Exchange Act of 1934,exclusively to“major U.S.institutional investors”as defined in Rule 15a-6 and the SEC no-acction letters thereunder.,“,”,“,Z20374000”,1934,15a-6(a)(2),15a-6,32,