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|2023 05 27-2021 89.5%20 80 2021 15.5%20 90 17%20 90 Yamasa 400-450 2021 1320 93.4 11.9L 151.8 2100-2200 1500-1600 400-450 260-300 15-20 2022 0 2020 0 0 10.9/500ml 5-8 放量。S0680519070001 S0680123020016 1 2022 2023Q1 2023-05-07 2 2022 2023Q1 2023-05-05 3 2022 23Q1 2023-05-05-32%-16%0%16%32%2022-05 2022-09 2023-01 2023-05 300 2023 05 27 P.2.4 1.1.6 1.1.1.6 1.1.2.7 1.2.10 1.3.11 1.3.1.11 1.3.2.12 1.4.13 1.5.13.15 2.1 400-450.15 2.1.1.15 2.1.2 2100-2200.17 2.1.3 400-450 15-20.18 2.2.21 2.3 0.23.25 1.4 2.4 3 GDP GDP.4 4.5 5 2021.5 6.5 7.6 8.6 9.7 10 1940.7 11 1946.7 12.8 13.8 14.9 15.9 16.9 17 1961-2000 CR5.9 18.10 19.10 20.11 21.11 22.11 23 2020.11 YWCXzQnQsRnMtNnOmRrOqRaQaO8OpNpPoMsRlOrRnQlOsQyR7NnNvNMYtOoQwMrQrQ 2023 05 27 P.3 24.12 25 2021 17%.12 26 2016.12 27 2016.12 28 Yamasa.13 29.13 30.15 31 2018 75.7%.16 32.16 33.16 34.17 35 2021.18 36.19 37.19 38.20 39.20 40.21 41 2019-2022.22 42.22 43 2022.22 44.23 45.23 46 2020.23 47 0.23 48 2019-2022.24 49 2022 0.24 50 0.25 2023 05 27 P.4 1973 1973 129.4 13.2L/1973 11.9L/CPI 20 80 1 2 Wind Wind GDP 1945-1974 1975-2004 2005 3 GDP GDP Wind 13.2311.2311.909.5102468101214020406080100120140193019381946195419621970197819861994200220102018 KL L/)2023 05 27 P.5-90%10%2021 17%2019 3.2%C 15.5%4 Wind 2021 2020 5 2021 6 2021 2019 2023 05 27 P.6 1.1 1.1.1 19 20 20 16 1603 18 19 19-20 20 20 7 8 1908 20 20 30 1943 60%1948(GHQ)2 8:2 2 GHQ 粨 3:7 020004000600080001000012000140001600018000 kl kl 1726 1821 2023 05 27 P.7 1.1.2 9 1 20 60 2 1940 1946 1949 10 1940 11 1946 15 100ml g 100ml g 15 2023 05 27 P.8 3 Yamasa 1952 6-7.5 1955 NK 1956 8 1-3 4-6 4 20 60 20 50 20 60 2021 90%1971 53.3%1971 53.5%2000 81.2%2021 89.5%12 13 1971/1995 5401kl 86.8%/87.1%1971/1995 53.3%/76.6%83.2%/90.9%53.366.675.381.289.50204060801001971197519791983198719911995199920032007201120152019%0%1%2%3%4%5%6%7%8%01000020000300004000050000600007000080000900001984 1988 1992 1996 2000 2004 2008 2012 2016 2020 kl 2023 05 27 P.9 14 15 20 1955 6000 2021 1066 1960 CR5 30%20 70 CR5 50%16 17 1961-2000 CR5 86.8%87.1%0%20%40%60%80%100%197119955401kl 1801-5400kl 901-1800kl541-900kl 181-540kl 1-180kl83.2%90.9%53.3%76.6%0%20%40%60%80%100%1971 19955401kl 01000200030004000500060007000195519681977198619952001200420072010201320162019 2023 05 27 P.10 1.2 20 70 13g 20 50 1965 1967 1973 20 80 20 70 20 80 1987 11.7g 1975 1.8g 1975 3.4g 1985 3.1g 18 19 1998 2019 15.5%20 90 21 2019 10.1g 9g/100ml 16-17g/100ml 40%-50%2019 3.2%2021 15.5%3.43.12.93.03.13.23.33.43.51975 1980 1985 1990 1995 1996 1997 1998(g)2023 05 27 P.11 20 21 Book 1.3 1975 1973 20 90 1.3.1 20 20%22 23 2020 USSEC 20 90 2021 17%20 80 Yamasa 1990 1996 1.9%3.2%8.2%15.5%0%2%4%6%8%10%12%14%16%18%2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 0%10%20%30%40%50%3%50%20%12%2%7%6%2023 05 27 P.12 30%20 90 100%20 80 1990 10%17%24 25 2021 17%YouTube 1.3.2 20 90 20 60 Yamasa 1992 1998 2016 8 0.2%26 2016 27 2016 15%17%0%20%40%60%80%100%1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 27422719718817712111610180 50 100 150 200 250 30014.5%8.7%7.5%5.5%2.9%0.6%0.4%0.2%0%5%10%15%2023 05 27 P.13 1.4 Yamasa 120 1 2009 Yamasa 120 Yamasa 1966 Yamasa 2010 500ml 2012 28 Yamasa 29 1.5 20 80 20 90 21 10 1 2 70 2021 89.5%40 15.5%2023 05 27 P.14 1 2 3 1 2 JAS 20 60 3 20 60 20 80 2023 05 27 P.15 2.1 400-450 2.1.1 GDP 1985 1978 2018 1985-1995 20 80 30 Wind JAS 2018/75.7%/21.6%/2.7%90%/&/42%/15%/43%2023 05 27 P.16 31 2018 75.7%32 20 50 20 90-21 21 10 2020 33 1 2 2020 2022 3 2008 2014 2023 05 27 P.17 2022 21 10 21 10 2.1.2 2100-2200 11.9L 2000 13.2L 11.9 2000 1992 75%284/L 979 20 90 40%C B 50%2000 88%1992 1973 88%284 34 Wind 2021 1 2021 1565 2022 13%-17%2021 266 17%13.2311.9003006009001200150018002100024681012141930193519401945195019551960196519701975198019851990199520002005201020152020 L/)2023 05 27 P.18 1565 2 2021 8.4/L 2021 5332/13%40%8.4/L 2021 1320 11.1L 93.4 40%943 1 11-12L 11-12L 2 151.8 88%80%15.2/L 10L 151.8 93.4 62.5%2100-2200 40%1500-1600 35 2021 2021 1564.9 1412.6-9.7%/L 8.4 15.2 80.0%L/11.1 10.0-9.7%93.4 151.8 62.5%14.1 14.1 0.0%1320.0 2144.8 62.5%40%40%942.9 1532.0 62.5%Wind 2.1.3 400-450 15-20 C 2021 89.5%C/50%/25%/25%2000 2023 05 27 P.19 2020/50%/30%/20%/50%/25%/25%36 37/155.9/17.7 173.6 1412.6 10L 1 C 2021/1%/11%/33%/55%70%/65%/60%/30%44%25%155.9 2 B B 5%25%17.7 C 20/L 25/L B 15/L 1 C C 500ml/10/15/20 500ml 30/L 1L-3L 30%-50%1L-2L 1/3 20/L/13.3/20.0/33.3/L 1990 35%20%16.0/24.0/40.0/L 25.0/L 25%2 B 30%-50%B B C 60%B 15/L 2023 05 27 P.20 38/L 1%70%2.5 80%20%0%36.8 11%65%25.3 50%50%0%32.0 33%60%69.9 10%80%10%24.8 55%30%58.3 0%70%30%21.6 44%155.9 10%70%20%25.0 400-450 260-300 15-20/155.9/17.7 25.0/15.0/L 400-450 50%260-300 2022 11 2021 15-20 15-20 39 25%25%44%5%155.9 17.7 173.6/L 25.0 15.0 24.0 389.8 26.5 416.3 50%259.9 17.7 277.5 2023 05 27 P.21 2.2 2008 2018 40 2017 2018 1.8 KA KA KA 2021 180 9.9/500ml 2023 05 27 P.22 41 2019-2022 42 Wind 10 2022 2021 2023/2024/2025 60%/89%/118%155%/201%/247%2022 43 2022 2023 2024 2025 2021 60%89%118%2021 155%201%247%-10%0%10%20%30%40%50%60%70%80%2019 2020 2021 2022 yoy yoy yoy yoy yoy0100200300400500600700800900 2019 2020 2021 2022 23Q1 2023 05 27 P.23 2.3 0 3%2021 0 mini 44 45 Wind Wind 21 10 2020 1 2014 2020 2021 0 0 0 2022 0 46 2020 47 0 02468102018 2019 2020 2021 2022 0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%2018 2019 2020 2021 2022 2023 05 27 P.24 2 2022 10 0 3 2021 2022 8 0 0 48 2019-2022 49 2022 0 零 添加酱 油每 500ml定价15-30 元，而 非零添 加酱油每500ml 定价多 在 10 元以 内，多数 零 添 加产品较 主流产品价 格高 50%以上；而 0 35%0 10.9/500ml 5-8 0 0 产 品逐步 培育成 熟后 有望迎来 放量。2023 05 27 P.25 50 0 2020 2023 05 27 P.26“”,“”“”6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%26 3 100032 010-57671718 868 One56 1 10 200120 021-38124100 1115 330038 0791-86281485 100 24 518033
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