20231101_招商证券_食品饮料行业证券研究报告：白酒平稳过渡食品触底反弹_21页.pdf

|2023 11 01/23Q3 Q2 Q3 B C,&1 2 3 2023 Q3/+15.2%/+17.9%Q3 21.3%Q2 Q3/B Q3+16.4%/+28.1%/+34.3%C Q3 PET%138 2.6 5746.2 7.1 5370.2 7.7%1m 6m 12m-0.5-8.5 10.7 2.3 2.5 9.5 1 10.29 2023-10-30 2 2023-10-28 3 2023-10-22 S1090518090005 S1090522080001 S1090523010003 S1090522090003 S1090523070012-10010203040Nov/22 Feb/23 Jun/23 Sep/23(%)食品饮料 沪深300 23 2 Q3 B Q3 23Q3-5.5%Q3-11.3%+10.6%1664 Q2 Q3+37.3%+3.8%50%B C B C B Q3 25%B 60%C C Q3 25 Q2&1 2 3 XVBYzQsPtQpOtNmPqNsNoP6McM9PmOmMnPtQfQmNrQiNpPtQbRpPzRxNsOxPvPoOpO 3.5 1 Q3.5 2.10.13 1.13 2.16.18.19 1.5 2.6 3.16 4 PEBand.20 5 PBBand.20 1 23Q3.6 2 22Q3-23Q3.8 3.8 4/.9 5.9 6.10 7/%/pct.10 8 23Q3.11 9 23Q3%.11 10 23Q3%.12 11 23Q3.15 12.15 13.16 14.17 4 15.17 16 重 点公 司估 值表（市值均 为亿 元人 民币；股 价中A 股单 位为 元、港股 单位为 港元）：19 5 1 Q3 23Q3 2023 Q3 957.3+15.2%352.8+17.9%2023 Q3 1140.9 21.3%1 Wind-20%0%20%40%60%80%100%02004006008001000120014002014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q3 6 2 Wind 1 23Q3 23Q3 vs21Q3 CAGR 23Q3 vs21Q3 CAGR 34329 13.1%14.2%16896 15.7%15.7%17030 17.0%14.6%5796 18.5%18.5%7350 25.4%23.8%3476 29.4%30.2%58708 15.7%15.4%26168 18.0%18.0%7733 13.6%22.7%2664 27.1%41.3%2062 21.5%14.0%820 19.6%14.7%1717 7.9%18.8%375 3.0%26.6%601-36.7%-19.4%57-77.7%-48.0%12113 9.6%16.9%3916 15.2%27.7%8410 11.0%14.6%2341 7.5%22.9%4643 23.4%22.5%1033 46.8%32.3%2395 28.0%27.1%586 26.4%26.8%1533 4.7%5.2%501 8.4%4.0%1661 21.9%24.1%591 39.5%25.9%305 43.3%8.0%3-103.7%-1614 12.9%20.2%201 17.9%26.9%496 47.8%15.9%18 884.8%-42.8%423 143.9%-1.3%53 363.8%-1.7%21479 18.1%17.3%5327 22.9%22.8%Wind-30%-20%-10%0%10%20%30%40%50%60%70%02004006008001000120014002014Q32014Q42015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q3 7 23Q3vs21Q3 CAGR 17.3%16.9%15.4%27.7%22.8%18.0%23Q3vs22Q3 18.1%15.7%9.6%22.9%18.0%15.2%23Q3/+14.0%/+15.7%Q3+21.0%Q3 45.8 22Q3 44.1%6.9pcts Q2 Q3+35.1%+33.3%51.5 Q3+55.8%10.3 23Q3/+13.6%/+27.1%148 Q3/+18.1%/22.9%/CAGR+17.3%/+22.8%16 8 Q3 9 16 23Q3 M6+V Q2+70%8 2 22Q3-23Q3 22Q3 22Q4 23Q1 23Q2 23Q3 22Q3 22Q4 23Q1 23Q2 23Q3 15.2%16.5%18.7%20.4%13.1%15.8%20.6%20.6%21.0%15.7%12.2%10.3%13.0%5.1%17.0%18.5%10.8%15.9%5.1%18.5%22.3%16.3%20.6%30.5%25.4%31.0%27.9%29.1%27.2%29.4%32.5%50.0%20.4%31.8%13.6%57.0%127.1%29.9%49.6%27.1%7.0%-25.4%-39.7%2.2%21.5%10.0%-19.1%-56.0%508.9%19.6%30.9%5.6%7.3%32.1%7.9%55.7%75.9%7.3%14.8%3.0%2.5%-27.1%-42.9%-32.0%-36.7%21.1%-55.7%-42.4%-38.2%-77.7%18.4%6.3%15.5%16.1%11.0%40.4%3.7%15.7%9.9%7.5%21.6%24.7%24.8%26.8%23.4%19.3%58.2%42.9%47.5%46.8%26.1%27.6%27.3%30.6%28.0%27.3%27.5%25.2%29.1%26.4%5.7%-1.9%21.3%34.0%4.7%-0.2%-39.6%10.4%22.8%8.4%26.3%15.5%21.6%28.6%21.9%13.6%19.5%27.2%59.0%39.5%-18.6%-8.3%25.5%30.5%43.3%27.9%-4.8%10.4%10.0%12.9%36.6%24.6%-61.5%18.5%17.9%-9.1%0.7%26.6%21.0%47.8%-96.7%-18.6%10.4%53.7%884.8%-60.0%-33.1%18.5%-5.6%143.9%-79.2%-44.4%37.0%39.8%363.8%Wind Q2 23 Q3 388 2.1%Q2 14.5%H1 3+33.3%Q3+55.8%H1 10.3 Q3+2.1%1.6/22 40%20%3 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3/22 9669 11837 15472 8330 7334 11395-3.7%55.4%8.9%1877 2963 12379 5536 3649 3949 33.3%8.2%5.3%2330 1900 2566 1726 1934 2962 55.8%53.2%11.8%4844 4725 6908 4172 5753 5172 9.5%-10.1%19.7%857 976 1027 998 1086 1121 14.9%3.2%24.0%432 362 298 797 509 326-9.9%-35.9%5.4%556 345 433 367 448 251-27.2%-43.9%6.2%7908 8173 13742 6975 5323 5516-32.5%3.6%18.3%9 3428 3763 827 4745 3025 3315-11.9%9.6%19.8%1017 1372 2040 1143 1129 1311-4.5%16.1%16.6%396 385 563 445 727 383-0.4%-47.2%7.5%378 419 661 501 505 506 20.8%0.3%9.2%83 94 110 170 91 98 4.2%7.2%8.2%1705 1984 1491 2209 1872 2026 2.1%8.2%43.5%289 276 510 427 442 432 56.3%-2.3%21.5%86 70 80 76 56 37-46.5%-33.0%2.3%35855 39644 59107 38617 33880 38800-2.1%14.5%11.3%Wind 4/21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 28.2%38.3%31.7%31.9%31.3%39.3%26.4%21.4%28.5%47.4%26.4%12.9%16.3%39.8%38.5%21.4%29.2%55.6%32.9%39.8%25.0%33.7%24.7%26.3%140.8%70.0%80.8%71.1%116.1%54.5%65.9%74.4%72.1%67.8%127.4%50.5%108.2%120.4%148.2%52.7%62.5%34.9%34.3%27.2%25.1%14.7%52.9%29.6%67.3%81.8%79.6%58.6%61.1%44.9%63.6%74.5%191.0%121.3%166.0%104.4%225.6%91.3%102.2%63.3%88.2%34.6%125.9%91.1%95.3%12.6%100.4%65.2%80.2%69.2%68.5%54.4%100.2%53.6%52.7%47.1%29.2%51.6%38.3%27.0%28.0%35.4%33.7%47.4%27.7%37.9%49.0%27.8%26.0%34.5%40.8%30.4%28.8%28.4%27.5%39.1%25.2%25.5%50.8%29.8%139.0%149.6%186.1%119.3%165.7%148.7%179.7%116.0%38.4%50.8%76.9%86.2%61.3%57.1%67.9%89.0%11.7%13.4%24.5%49.7%22.0%10.8%15.8%13.2%Wind 5 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 144 146 105/26221 25442 29024 26671 25592 20378-19.9%-20.4%1672 2581 4583 4297 2765 4974 92.8%79.9%2346 1359 1013 927 888 1275-6.1%43.5%8/203 134 104 773 192 429 219.5%123.6%297 201 224 362 397 153-24.0%-61.6%160 225 1149 216 523 840 272.9%60.6%694 1412 217 3562 835 1642 16.3%96.6%8 28/25 15 23-16.4%54.6%344 608 340 586 777 506-16.7%-34.8%3 4 46 7 7 4 1.1%-36.5%83 97 145 224 108 29-69.9%-72.8%10 199 353 139 309 170 334-5.5%95.9%/1 9 5 6 1 89.9%-79.6%21 32 78 78 37 2-93.4%-94.3%Wind 6 22Q3 22Q4 23Q1 23Q2 23Q3 34871 44664 35763 33309 42181 21.0%26.6%17590 32746 28637 14415 23767 35.1%64.9%5283 5543 8042 9542 10060 90.4%5.4%57744 82954 72443 57266 76009 31.6%32.7%7782 6237 9817 7889 6546-15.9%-17.0%2021 1090 877 813 2327 15.1%186.2%1751 1138 2236 1777 1459-16.6%-17.9%870 589 760 595 580-33.3%-2.5%12424 9054 13691 11075 10913-12.2%-1.5%8650 9336 10317 5573 9652 11.6%73.2%3456 3356 7755 5212 4382 26.8%-15.9%2990 2353 3427 2329 3120 4.3%33.9%1165 1938 1214 1458 1401 20.3%-3.9%1562 2334 1946 1381 1850 18.5%33.9%395 418 454 419 412 4.3%-1.7%1635 842 1689 1137 1844 12.8%62.2%416 801 931 733 541 30.1%-26.2%176 397 714 409 453 156.9%10.7%20446 21773 28448 18651 23656 15.7%26.8%Wind 7/%/pct 22Q3 22Q4 23Q1 23Q2 23Q3 pct pct 114.9 118.3 90.8 105.4 122.9 8.0 17.5 120.8 180.0 92.0 100.3 139.6 18.7 39.2 90.2 73.0 105.7 136.6 136.9 46.7 0.2 114.3 153.2 77.4 124.7 84.6-29.6-40.0 119.1 120.8 102.8 120.8 112.9-6.2-7.9 110.0 79.1 110.7 117.9 85.0-25.0-32.8 91.7 104.4 78.8 103.2 96.6 4.8-6.7 114.2 257.7 68.6 81.6 114.8 0.6 33.1 91.9 85.0 117.8 110.3 94.4 2.5-15.9 159.9 171.7 90.1 107.5 130.3-29.6 22.8 79.6 141.1 76.3 110.4 91.4 11.9-19.0 114.6 144.7 101.6 112.6 111.4-3.2-1.2 185.5 112.7 105.0 125.1 135.0-50.4 9.9 114.4 70.3 168.5 92.5 114.3-0.1 21.8 123.9 177.7 104.2 116.4 109.0-14.8-7.3 101.6 125.3 96.6 85.0 107.1 5.4 22.0 Wind 2 23Q3 11 6.9pcts i 36.8%Q3/16 8 9 16/79.0%/20.8%H3/H6 8 23Q3 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 pct 92.1%91.6%92.0%92.7%91.0%91.7%0.0 73.9%73.3%73.7%78.4%73.3%73.4%0.1 85.3%88.5%86.1%88.1%88.6%88.6%0.2 78.4%77.9%69.1%75.6%77.8%75.0%-2.9 84.6%84.4%83.8%83.2%81.6%83.7%-0.7 73.8%78.7%75.7%78.4%71.9%74.6%-4.0 77.8%81.7%78.5%81.5%77.8%75.7%-6.0 66.5%76.0%75.1%76.6%75.1%74.9%-1.2 77.0%73.7%79.6%79.7%77.8%79.4%5.7 69.2%79.6%86.5%75.4%72.9%80.7%1.1 72.1%72.8%73.4%76.6%70.5%77.8%5.0 63.2%69.1%66.7%71.2%70.6%73.0%3.9 31.4%19.9%19.2%27.2%33.8%50.0%30.2 66.6%67.2%70.0%65.4%68.6%66.2%-1.0 58.8%60.6%63.5%65.0%62.0%62.6%2.1 40.4%41.0%58.3%51.5%42.1%50.6%9.6 Wind-5.8pcts+3.3pcts Q2 Q3 9 23Q3%23Q3%pct 23Q3(%pct 12 3.7%0.8 5.6%-0.9 11.2%-0.3 4.2%-0.3 12.8%-0.8 5.0%-1.0 10.6%-5.8 4.0%-0.6 12.4%-0.8 3.8%0.0 21.5%2.8 12.8%-2.3 36.1%9.6 6.1%0.7 15.5%1.5 6.6%-1.0 28.3%1.0 6.5%1.5 24.5%4.5 4.3%0.0 15.4%3.3 6.5%1.9 8.3%-0.5 4.2%0.0 28.5%-8.1 10.2%-5.9 25.4%-1.6 6.0%-2.9 27.3%3.9 17.3%-5.4 9.4%0.8 6.5%-5.4 Wind Q3 1.08pcts/0.44pct/1.47pcts 10 23Q3%22Q3 22Q4 23Q1 23Q2 23Q3 pct 48.1%48.5%52.8%48.0%49.2%1.1 33.6%36.8%40.3%31.3%34.0%0.4 45.8%28.3%48.8%48.4%47.3%1.5 30.8%24.3%38.0%30.8%34.4%3.7 40.4%17.8%18.7%6.4%39.8%-0.6 22.9%33.7%28.2%23.2%21.9%-1.0 26.8%13.6%31.1%21.1%9.4%-17.3 28.8%8.4%38.3%30.7%27.8%-0.9 18.7%13.2%23.8%25.6%22.3%3.5 24.8%30.8%33.0%36.7%24.5%-0.3 31.5%25.4%33.7%23.6%32.7%1.1 31.1%31.1%36.5%29.7%35.6%4.5-37.8%-13.9%-9.5%1.0%1.0%38.8 11.9%14.5%10.2%9.3%12.5%0.5 0.6%14.8%20.4%11.5%3.7%3.1 13 6.5%8.1%20.1%5.8%12.4%5.9 Wind 1 7-8 Q3 7/8/9+2.5%/+4.6%/+5.5%+2.6%/+5.0%/+4.0%,7/8/9+15.8%/+12.4%/13.8%+6.8%/+10.4%/5.8%/B Q3+16.4%/+28.1%/+34.3%60%C Q3+10.6%Q3+37.3%20%PET 20%Q3 B Q3 14-0.75pct+3.8pct SKU,/B Q3+16.4%/+28.1%/+34.3%23Q3-5.5%1063.4 Q3-11.3%+0.2%Q3+5.3%+10.6%+7.5%U8 1664 Q2 2.0pcts 4000 Q3+37.3%Q3+3.8%30%50%B C B C B Q3 25%B 10-20%60%C C Q3 25 Q2 15 11 23Q3 23Q3 23Q3vs21Q3 CAGR 23Q3 23Q3vs21Q3 CAGR 23Q1-3 收 入同比 23Q1-3 利 润同比 56.8 2.2%0.2%12.3-3.2%-4.6%-2.3%-7.3%312.1 2.7%4.6%30.7 59.4%8.3%3.8%16.4%31.8 35.2%30.1%5.5 33.2%30.8%30.0%42.1%29.4 1.6%11.6%2.4 6.0%13.0%7.5%1.6%6.1-1.5%0.5%1.9 4.8%21.7%-4.6%-5.3%13.0-0.4%8.9%1.7 61.3%40.0%-0.1%-403.9%8.1 16.4%45.7%1.1 44.1%399.1%17.0%31.2%6.3 11.8%21.6%0.8 23.7%23.2%19.2%57.0%1.0 16.9%4.3%0.2 11.6%-11.3%14.0%0.3%5.0 0.0%24.0%0.1-44.6%42.8%-2.6%-10.5%93.9-4.6%5.2%14.8 4.7%11.4%6.4%15.0%45.2 6.5%5.7%4.8 5.3%6.6%6.9%13.7%8.1 32.5%7.1%2.3 169.0%7.8%49.3%118.2%19.3 8.3%6.5%1.5 22.1%-43.5%10.0%77.6%17.9 5.1%9.3%2.4-13.5%-5.5%2.2%-19.3%4.9 37.3%25.0%0.9 95.3%53.3%35.6%139.2%18.6 2.1%3.9%1.7 26.8%-8.2%0.8%-6.2%4.5 8.1%8.9%0.7 354.6%122.5%7.8%15.5%千味央厨 4.8 25.0%22.1%0.4 60.4%38.1%28.9%35.3%味知香 2.0-11.9%-0.7%0.3-18.8%-11.1%1.9%-2.9%立高食品 9.5 30.1%15.5%0.5 66.9%-9.1%25.9%57.7%9.6 41.5%28.2%0.8 26.7%24.0%40.0%5.1%Wind 12 营 业收入 归 母净利润 22Q3 22Q4 23Q1 23Q2 22Q3 23Q3vs 21Q3 CAGR 22Q3 22Q4 23Q1 23Q2 22Q3 23Q3vs 21Q3 CAGR-1.8%-7.1%-3.2%-5.3%2.2%0.2%-6.0%-22.0%-6.2%-11.7%-3.2%-4.6%6.7%14.5%7.7%1.1%2.7%4.6%-26.5%80.1%2.7%2.9%59.4%8.3%25.3%31.3%24.1%30.0%35.2%30.1%28.3%39.7%44.3%49.0%33.2%30.8%22.5%25.3%12.0%8.4%1.6%11.6%20.6%46.0%12.8%-11.0%6.0%13.0%2.5%-10.8%10.4%-21.3%-1.5%0.5%41.4%-15.1%22.0%-30.8%4.8%21.7%19.0%-18.7%1.5%-1.4%-0.4%8.9%21.5%-369.4%-5.5%-1129.4%61.3%40.0%82.3%24.5%21.8%12.7%16.4%45.7%1629.3%-6.7%27.7%21.0%44.1%399.1%32.4%30.9%27.2%20.9%11.8%21.6%22.7%56.9%82.4%76.0%23.7%23.2%-6.9%-23.3%7.2%17.7%16.9%4.3%-29.5%-61.2%-21.5%10.0%11.6%-11.3%53.9%-14.3%7.1%-13.9%0.0%24.0%236.1%亏损-5.7%0.0%-44.6%42.8%16.0%-9.8%16.3%8.2%-4.6%5.2%18.4%亏损 28.9%14.4%4.7%11.4%4.9%-4.0%4.5%9.6%6.5%5.7%7.9%-33.6%13.6%23.5%5.3%6.6%-13.5%39.5%41.1%78.7%32.5%7.1%-56.8%110.1%104.7%94.7%169.0%7.8%4.8%-11.7%8.0%13.9%8.3%6.5%-73.9%-22.3%54.4%998.1%22.1%-43.5%13.6%18.9%-6.7%8.3%5.1%9.3%3.2%4.5%-14.4%-37.5%-13.5%-5.5%13.9%9.9%22.2%48.1%37.3%25.0%20.3%-9.9%145.0%246.5%95.3%53.3%5.7%-0.8%1.7%-1.3%2.1%3.9%-33.9%-23.0%-12.2%-23.4%26.8%-8.2%9.8%5.6%3.2%11.1%8.1%8.9%9.0%0.4%2724.4%-64.9%354.6%122.5%千味央厨 19.2%18.8%23.2%40.4%25.0%22.1%18.9%1.1%5.5%50.3%60.4%38.1%味知香 11.8%-1.7%8.6%11.9%-11.9%-0.7%-2.7%9.0%-0.2%12.6%-18.8%-11.1%立高食品 2.5%0.4%26.2%21.3%30.1%15.5%-50.5%-49.4%24.6%92.0%66.9%-9.1%16.1%15.8%66.7%22.1%41.5%28.2%21.3%14.8%100.8%-24.7%26.7%24.0%Wind 16 2 Q2 Q3 50%Q3 23 2-3 PET 23Q2 2-3 3 Wind 13 22Q3 22Q4 23Q1 23Q2 23Q3 35.3%34.0%36.9%34.7%34.5%-0.7%31.0%31.4%34.0%32.7%32.6%1.6%40.1%44.4%43.5%42.7%41.5%1.5%21.9%23.9%25.4%23.6%25.0%3.0%53.4%47.3%56.3%48.8%45.7%-7.7%31.2%31.7%31.4%32.5%33.9%2.7%32.7%34.0%40.6%31.1%38.1%5.4%34.6%35.4%35.1%34.5%32.3%-2.2%40.7%38.1%38.7%40.5%38.4%-2.3%33.9%32.0%35.1%36.5%26.1%-7.8%38.0%25.2%38.3%40.1%40.9%2.9%51.6%55.6%45.2%51.4%50.5%-1.1%62.1%67.0%65.5%66.3%68.8%6.8%23.6%22.5%24.3%22.3%25.8%2.2%32.3%34.6%28.5%20.6%26.8%-5.5%37.1%34.9%36.3%34.9%37.5%0.4%21.7%24.2%23.9%23.1%23.0%1.3%26.2%27.8%24.2%26.7%26.9%0.7%千味央厨 23.1%25.0%24.0%22.5%22.4%-0.7%17 味知香 23.9%23.7%26.2%26.0%26.2%2.4%立高食品 32.1%32.5%32.0%33.7%31.9%-0.2%29.6%31.4%27.7%30.9%31.3%1.7%Wind Q3+3.0pcts Q3/-1.03pcts/-1.45pcts 14 22Q3 22Q4 23Q1 23Q2 23Q3 22Q3 22Q4 23Q1 23Q2 23Q3 5.9%5.6%5.2%5.6%5.6%-0.3%2.3%1.8%1.6%2.0%2.4%0.1%18.8%19.0%17.1%18.0%17.9%-0.9%4.6%5.1%4.2%3.8%3.9%-0.7%16.3%19.5%15.7%15.9%17.5%1.3%2.9%3.0%3.2%2.8%3.0%0.1%5.9%4.9%5.2%4.9%5.7%-0.3%3.9%2.1%3.3%3.5%3.9%0.1%22.8%4.2%17.8%9.4%11.7%-11.1%2.9%4.9%3.2%3.4%3.3%0.4%9.1%9.9%8.6%8.4%8.1%-1.0%8.2%5.3%6.4%6.3%5.9%-2.3%12.6%14.4%14.8%11.4%15.6%2.9%6.3%6.6%5.9%8.2%5.9%-0.3%14.2%15.8%16.1%14.8%12.2%-2.0%2.7%3.7%2.5%3.9%2.4%-0.3%6.8%9.8%7.6%8.2%6.0%-0.8%9.9%10.1%11.6%9.4%8.2%-1.7%17.3%21.1%12.4%16.2%12.8%-4.5%5.5%6.8%4.5%4.3%5.0%-0.5%11.2%31.9%13.8%8.3%11.7%0.5%3.9%12.5%3.0%3.1%3.9%0.0%15.2%28.2%12.9%15.9%15.6%0.4%3.5%6.6%3.1%3.2%2.2%-1.3%29.8%22.9%20.6%19.6%20.3%-9.5%7.2%5.7%4.5%4.9%5.9%-1.4%6.5%8.9%6.8%7.4%7.4%0.9%6.5%8.0%6.3%6.8%6.7%0.3%9.7%11.8%10.7%8.5%8.4%-1.3%5.1%4.4%5.2%5.6%4.3%-0.8%10.9%13.0%13.7%11.8%9.9%-1.0%4.9%2.8%4.3%4.4%3.4%-1.5%8.1%8.3%8.4%8.1%7.7%-0.4%1.8%2.4%2.3%2.0%2.0%0.2%5.8%6.8%7.3%5.1%5.1%-0.7%7.0%7.3%9.6%7.8%6.6%-0.4%千味央厨 4.3%4.7%5.1%4.7%4.1%-0.2%8.8%9.3%7.8%8.8%8.1%-0.7%味知香 3.6%4.4%4.3%4.3%5.9%2.3%3.6%4.9%4.6%3.5%6.2%2.6%立高食品 12.0%11.3%11.9%12.0%12.7%0.8%8.4%8.5%7.3%7.8%7.9%-0.5%5.4%6.0%7.4%7.4%7.4%2.0%10.7%12.5%11.8%9.8%8.4%-2.3%Wind 15 22Q3 22Q4 23Q1 23Q2 23Q3 22.9%23.5%24.6%23.1%21.7%-1.2%6.3%4.7%10.8%8.2%9.9%3.5%18 17.5%14.8%20.0%20.6%17.2%-0.2%7.9%11.0%10.4%9.5%8.3%0.3%28.9%40.3%34.4%36.3%30.7%1.8%8.1%-73.0%11.0%-123.7%13.1%5.0%11.3%12.5%16.7%12.1%13.9%2.7%10.8%11.0%14.2%15.2%11.9%1.1%18.1%12.7%13.3%15.9%17.2%-0.8%5.3%-3.6%11.9%9.6%2.9%-2.4%14.4%-18.2%13.6%18.1%15.8%1.4%10.7%4.4%9.7%10.6%10.6%-0.1%13.8%22.8%24.7%28.2%28.1%14.2%6.8%0.9%7.5%5.6%7.6%0.9%16.2%14.0%13.3%6.6%13.3%-2.9%13.6%14.3%14.1%14.8%19.4%5.8%7.3%9.1%9.4%8.8%9.0%1.8%3.9%20.8%12.8%9.8%16.2%12.3%千味央厨 6.3%7.0%7.1%6.1%8.0%1.8%味知香 17.5%17.2%17.6%18.2%16.1%-1.4%立高食品 4.1%5.0%6.3%6.9%5.3%1.2%9.8%5.0%4.2%8.5%8.8%-1.0%Wind&1 2 3 19 26 重点公司估值 表（市值均为亿元人民币；股 价中 A 股单位为元、港股 单位为港元）：代码 公 司名称 投 资评级 市值 股价 EPS PE 22 23E 24E 25E 22 23E 24E 25E 高端阳型 600519 22373 1781.0 49.9 59.5 71.9 83.4 36 30 25 21 000858 6211 160.0 6.9 7.8 8.9 10.1 23 21 18 16 600809 3062 251.0 6.6 8.7 10.9 13.3 38 29 23 19 000568 3267 221.9 7.0 9.0 11.1 13.6 32 25 20 16 002304 1836 121.9 6.2 7.0 8.0 9.1 20 17 15 13 000596 1280 280.4 6.0 8.7 11.5 14.4 47 32 24 19 600702 387 116.2 5.1 5.3 6.2 7.0 23 22 19 19 6186.HK 408 4.9 0.5 0.4 0.4 0.4 8 13 12 11 603198 605 75.7 2.1 2.9 3.6 4.4 36 27 21 17 603589 296 49.3 2.6 2.9 3.3 3.8 19 17 15 13 603369 747 59.5 2.0 2.5 3.1 3.8 30 24 19 16 000799 249 76.7 3.2 1.7 1.7 2.0 24 45 45 38 600779 301 61.7 2.5 2.5 3.0 3.3 25 24 21 18 600559 217 23.8 0.8 0.7 0.9 1.3 31 34 25 19 603919 140 27.6 0.6 0.7 1.0 1.4 52 37 27 20 6979.HK 364 12.1 0.3 0.5 0.7 0.8 36 22 17 13 大众阳型 603288 2066 37.2 1.3 1.1 1.3 1.4 28 34 29 26 9633.HK 4591 44.5 0.8 0.9 1.1 1.3 54 44 38 33 600887 1739 27.3 1.5 1.6 1.9 2.1 19 17 15 13 2319.HK 932 25.9 1.3 1.4 1.5 1.7 18 17 15 14 605499 739 184.7 3.6 5.1 6.7 8.4 51 36 28 22 600298 303 34.9 1.5 1.6 1.8 2.1 23 22 19 16 002568 274 26.1 0.5 0.9 1.1 1.2 52 30 25 21 1579.HK 134 14.1 0.7 0.9 1.0 1.2 18 14 13 11 002507 180 15.6 1.0 0.7 0.8 0.9 15 21 19 17 002557 183 36.0 1.9 1.7 2.1 2.4 19 22 17 15 002991 72 77.7 1.7 3.2 4.0 4.9 46 24 20 16 600872 268 34.1(0.8)0.9 1.1 1.4(45)40 31 25 603317 157 14.8 0.5 0.4 0.6 0.7 33 35 27 22 603170 80 20.1 0.5 0.8 0.8 0.9 37 25 26 22 603755 30 30.4 0.5 0.7 0.9 1.1 59 45 35 27 600305 110 9.9 0.1 0.2 0.2 0.3 71 66 41 33 1112.HK HH 63 10.6 1.0 1.3 1.7 2.0 10 8 6 5 300791 59 32.9 1.2 1.5 2.2 2.6 28 22 15 13 605