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2017年我国调味品行业利润、收入增速分析
来源:中国产业信息网 发布时间:2018-03-21
<p><img src="https://backend.youjiangliao.com/uploads/threetype/20180321/4f6f8b452ca0a003345b5f155e1be829.jpg" data-filename="image name" style="width: 550px;"></p><p class="MsoNormal" align="left" style="margin: 15.6pt 0cm; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="mso-bidi-font-size:
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mso-font-kerning:0pt">调味品行业品类丰富,行业空间够广,行业收入规模<span lang="EN-US">2000</span>多亿元,但是行业集中度低,以酱油为例,<span lang="EN-US">2016</span>年酱油产量<span lang="EN-US">991</span>万吨,其中<span lang="EN-US">2016</span>年海天作为最大的行业龙头酱油销售量<span lang="EN-US">148</span>万吨,占酱油行业市场份额<span lang="EN-US">15%</span>,海天、厨邦、加加合计市场份额仅<span lang="EN-US">20%</span>左右,相比于乳制品、啤酒、速冻食品等同类食品行业,集中度提升空间依然较大。<span lang="EN-US"><o:p></o:p></span></span></p><p class="MsoNormal" align="left" style="margin: 15.6pt 0cm; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span lang="EN-US" style="mso-bidi-font-size:10.5pt;font-family:&quot;微软雅黑&quot;,&quot;sans-serif&quot;;mso-bidi-font-family:
宋体;color:#252525;mso-font-kerning:0pt">&nbsp; &nbsp; </span><span style="mso-bidi-font-size:10.5pt;font-family:&quot;微软雅黑&quot;,&quot;sans-serif&quot;;mso-bidi-font-family:
宋体;color:#252525;mso-font-kerning:0pt">调味品品类具有渠道协同效应,除了酱油和醋以外其他品类没有全国性强势品牌,龙头易于整合。由于调味品品类较多,整体市场容量超<span lang="EN-US">2500</span>亿元,当前海天市场份额仅约<span lang="EN-US">5%</span>,品类延伸带来的集中度提升空间更大。<span lang="EN-US"><o:p></o:p></span></span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="mso-bidi-font-size:
10.5pt;font-family:&quot;微软雅黑&quot;,&quot;sans-serif&quot;;mso-bidi-font-family:宋体;color:#252525;
mso-font-kerning:0pt">调味品行业收入及增速</span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><img src="https://backend.youjiangliao.com/uploads/threetype/20180321/5df8dad1a68091da350c67ac0113a251.png" data-filename="image name" style="width: 510px;"><span style="mso-bidi-font-size:
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mso-font-kerning:0pt"><br></span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="mso-bidi-font-size:
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10.5pt;font-family:&quot;微软雅黑&quot;,&quot;sans-serif&quot;;mso-bidi-font-family:宋体;color:#252525;
mso-font-kerning:0pt">数据来源:公开资料整理<span lang="EN-US"><o:p></o:p></span></span></p><p class="MsoNormal" align="left" style="margin: 15.6pt 0cm; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span lang="EN-US" style="mso-bidi-font-size:10.5pt;font-family:&quot;微软雅黑&quot;,&quot;sans-serif&quot;;mso-bidi-font-family:
宋体;color:#252525;mso-font-kerning:0pt">&nbsp;</span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="mso-bidi-font-size:
10.5pt;font-family:&quot;微软雅黑&quot;,&quot;sans-serif&quot;;mso-bidi-font-family:宋体;color:#252525;
mso-font-kerning:0pt">调味品行业品类分布</span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><img src="https://backend.youjiangliao.com/uploads/threetype/20180321/889777d701e83a66a1c4388a44d97507.png" data-filename="image name" style="width: 502px;"><span style="mso-bidi-font-size:
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mso-font-kerning:0pt"><br></span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="mso-bidi-font-size:
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mso-font-kerning:0pt"><span lang="EN-US"><o:p></o:p></span></span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span lang="EN-US" style="mso-bidi-font-size:10.5pt;font-family:&quot;微软雅黑&quot;,&quot;sans-serif&quot;;mso-bidi-font-family:
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mso-font-kerning:0pt">数据来源:公开资料整理<span lang="EN-US"><o:p></o:p></span></span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="mso-bidi-font-size:
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mso-font-kerning:0pt">日本调味品支出占家庭消费支出比例</span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><img src="https://backend.youjiangliao.com/uploads/threetype/20180321/4eca594598fb71e6e4281c6eb127016e.png" data-filename="image name" style="width: 503px;"><span style="mso-bidi-font-size:
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mso-font-kerning:0pt"><br></span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="mso-bidi-font-size:
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10.5pt;font-family:&quot;微软雅黑&quot;,&quot;sans-serif&quot;;mso-bidi-font-family:宋体;color:#252525;
mso-font-kerning:0pt">数据来源:公开资料整理<span lang="EN-US"><o:p></o:p></span></span></p><p class="MsoNormal" align="left" style="margin: 15.6pt 0cm; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span lang="EN-US" style="mso-bidi-font-size:10.5pt;font-family:&quot;微软雅黑&quot;,&quot;sans-serif&quot;;mso-bidi-font-family:
宋体;color:#252525;mso-font-kerning:0pt">&nbsp; &nbsp; </span><span style="mso-bidi-font-size:10.5pt;font-family:&quot;微软雅黑&quot;,&quot;sans-serif&quot;;mso-bidi-font-family:
宋体;color:#252525;mso-font-kerning:0pt">调味品行业毛利率水平稳步提升,<span lang="EN-US">2017</span>年前三季度接近<span lang="EN-US">43%</span>,高于啤酒以及乳制品子行业,前三季度净利率接近<span lang="EN-US">20%</span>,远远高于啤酒和乳制品行业。从毛利率角度看,和其他子行业相差不多,约<span lang="EN-US">5pct</span>左右,但是净利率水平较其他子行业高出<span lang="EN-US">10pct</span>左右,行业的护城河以及良好的竞争格局,决定了行业的超强盈利性。龙头企业海天毛利率接近<span lang="EN-US">45%</span>,净利率超过<span lang="EN-US">20%</span>,远高于其他消费品龙头企业。<span lang="EN-US"><o:p></o:p></span></span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="mso-bidi-font-size:
10.5pt;font-family:&quot;微软雅黑&quot;,&quot;sans-serif&quot;;mso-bidi-font-family:宋体;color:#252525;
mso-font-kerning:0pt">食品子行业毛利率对比</span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><img src="https://backend.youjiangliao.com/uploads/threetype/20180321/16b4859a3855778ff15a4cefff2bb5d3.png" data-filename="image name" style="width: 477px;"><span style="mso-bidi-font-size:
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mso-font-kerning:0pt"><br></span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="mso-bidi-font-size:
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mso-font-kerning:0pt">数据来源:公开资料整理<span lang="EN-US"><o:p></o:p></span></span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="mso-bidi-font-size:
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mso-font-kerning:0pt">食品子行业净利率对比</span></p><p class="MsoNormal" align="center" style="margin: 15.6pt 0cm; text-align: center; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><img src="https://backend.youjiangliao.com/uploads/threetype/20180321/868c5bf14516dc0989ca5c1f7e3a124c.png" data-filename="image name" style="width: 478px;"><span style="mso-bidi-font-size:
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mso-bidi-font-family:宋体;color:#252525;mso-font-kerning:0pt"><o:p></o:p></span></p><p>
</p><p class="MsoNormal" align="right" style="margin: 15.6pt 0cm; text-align: right; line-height: 16.8pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="mso-bidi-font-size:
10.5pt;font-family:&quot;微软雅黑&quot;,&quot;sans-serif&quot;;mso-bidi-font-family:宋体;color:#252525;
mso-font-kerning:0pt">数据来源:公开资料整理<span lang="EN-US"><o:p></o:p></span></span></p><p>
</p>
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