食品饮料行业《品味中国》系列之五：百年青啤-130205.ppt

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1、0755-S1010510120026:010-60838078:S1010511090002,2013,2,5,2,1.1.1,3,1.1.2,4,1.1.3,5,1.2,6,(,1.325.42%45.98%11.70%6.85%4.96%5.09%2011,6000,102%,13.22%,9.84%,500040003000,101%100%99%,57.09%,8.75%,2000,98%,5.74%5.35%,10000,2006,2007,2008,2009,2010,2011,97%96%,2011,2006-2011,7,5.30%,1.419.90%8.90%56.00%7

2、.20%5.30%2.70%22.00%42.800%14.30%,4.10%,11.50%,8,9,2.1,10,2.2,11,2.3,12,2.36.005.505.004.504.003.503.00,2.50,1995,1999,2003,2007,2011,13,2.4,14,2.5.1700600500400300200100,0,2004,2005,2006,2007,2008,2009,2010,2011,2012,15,2.5.2,800600400200,60%50%40%30%20%10%,0,2004 2005 2006 2007 2008 2009 2010 2011

3、,0%,16,1.81%,2.6,140120,2001,2011,6.87%7.29%,100,8060402002001,2011,16.12%,18.86%2011,49.04%,17,2.74.50,4.003.503.00,2.50,2001,2003,2005,2007,2009,2011,18,2.8.1/,50%45%40%35%30%,50045040035030025020015010050,45%43%41%39%37%35%33%31%29%27%,25%2006/10/10,2008/2/22,2009/7/6,2010/11/18,2012/4/1,02005/9/

4、5,2008/9/9,2011/9/14,25%,2006-2011,2006-2011,19,2.8.2,20,2.9,21,2.10,22,2.10,20085.93,20095.44,20105.20,20114.94,/,69.25,59.70,56.17,53.29,/,75.99,70.62,69.46,67.56,/,4.15,3.90,3.66,3.56,/,COD,0.45,0.37,0.34,0.32,/,2008,2009,2010,2011,%,0.81,0.41,0.21,0.17,23,2.11,24,25,3,7.006.005.004.003.002.00,20

5、09 10 2010 05 2010 11 2011 06 2011 12 2012 07,/,26,3.1,1+3,330mL500mL296mL296mL500mL,3.513.85.38.55.4,1.062.761.802.871.08,27,3.2,1+3,3-1,28,3.3,1+3,3-2,29,3.4,1+3,3-3,30,31,-,Analyst Certification,i,ii,The analysts primarily responsible for the preparation of all or part of theresearch report conta

6、ined 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 recommendati

7、ons 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 Commission.Securities

8、 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,