啤酒行业深度报告：产优暖风徐杯酒长精神-220629（38页）.pdf

1、Equity ResearchIndustry ResearchFood and BeverageBeer Industry Research1 / 38东吴证券东吴证券（香港香港）请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分Beer industry sees an Upgrade of industrial structureOutperform (Maintain)Investment Thesis The past forty years of the beer industry saw its development from multiplecompetitor

2、s to oligopoly and the continuously upgrading product mix. Throughoutforty years development, Chinas beer industry has moved towards an era of stablemarket scale and increasing product price, as well as reducing costs and increasingoperating efficiency. Chinas beerindustry has experienced multiple s

3、tages ofdevelopment including introduction, growth, and maturity, and competitive factors alsohave shifted from early production capacity to product mix. In 2013, Chinas beerproduction peaked at 50.62 million kiloliters and a five-oligopoly competition patternof China Resources Beer, Tsingtao Beer,

4、Budweiser, Chongqing Brewery and BeijingYanjing Brewery, has gradually formed. Under the competition in existing markets, webelieve that 1) the trend of consumption upgrade is driving the acceleration of productupgrade of domestic beer brands from low-end to mid-to-high end, opening up theproduct pr

5、ice space; 2) the product mix upgrade contributes to cost-reduction andefficiency-enhancement on the production side, and process upgrade will continue toimprove the profitability of companies as well. Opportunities in distress: Increasing cost drives price to rise, and profitability ofbeer companie

6、s may continue to improve. Since the outbreak of covid-19 pandemic in2020, raw material prices such as barley, glass bottles and aluminium cans havecontinued to rise, leaving the beer industry under great cost pressure. Since April 2021,the leading beer companies have announced price rises for vario