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2009 1210 2023 08 26 19 VS VS VS 1901 1906 70%80-90 21 10%50%v.s.10%Superdry 10 Home Tap PE 20X 2017 1994 CAGR-ROE-PE 20X ROE 15%S0360520070001 S0360520090001 021-20572598 S0360518040001%()127 0.02()57,282.09 6.41()54,799.69 7.99%1M 6M 12M-2.2%-12.4%-6.4%1.1%-2.5%4.8%20230814-20230820 2023-08-20 VS 2023-08-20 2023-08-19-23%-12%-1%9%22/08 22/11 23/01 23/03 23/06 23/082022-08-252023-08-25 300 2009 1210 VS 80-90 21 1 2 3 PE 20X 20X XVCXzQqNoNrQtNtQnQrOrQ6M9RbRnPpPmOtQlOpPyQeRtRxPbRnMoOxNqMmNNZqQuM 2009 1210 3.6.6 v.s.6 v.s.“”.8.12.12.17 PE.20.20.21 PE 20X.22.24 2009 1210 4 1.7 2 KL.7 3.7 4%.7 5 KL.8 6.8 7 KL.9 8.9 9.9 10 1964-1993.9 11 RTD.10 12 2021 RTD.10 13/L.10 14/350ml.10 15.10 16 2017.11 17.11 18.12 19 RTD.12 20 2022.13 21.13 22.14 23.14 24.15 25.16 26.16 27.17 28 2022.17 29/350ml.17 30 1L.18 31%.18 32.18 33.19 2009 1210 5 34 2022.19 35 10 RTD.20 36 RTD%.20 37 Home Tap.21 38“Asahi Super Dry”.21 39.22 40 ROE.23 41.23 42 PE.23 43.23 44.24 45.24 2009 1210 6 19 1 2 3 v.s.CR4 90%92%CR4 90%1 1994 1901 1906 70%1939-1945 100%2000 1960s Junsei 1994 60 2009 1210 7 1 2 KL 3 塩 4%(2018 67%50%)2009 1210 8 2 19791988 90 37.3 813 656.4 90 2013 5 KL 6 Wind v.s.1 90 80 5.5%90 3%2021 488.3/38.2%/12.1%/49.7%1994 1970-1994 CAGR 3.8%1964-1984 5.1%CAGR 80 1987-Super dry 2009 1210 9 7 KL 8 2018 67%50%9 10 1964-1993 Tim Craig The Japanese Beer War 1995-2002 90 94 208/222/705.7 67%1996 25%1994-2002 1.7 246.5 34.5%2003-2003 50%2021 RTD 173.5 RTD 23%RTD 13.7 35%2009 1210 10 11 RTD 12 2021 RTD Euromonitor Euromonitor 2020 2023 2026 Super Dry 1987 250ml 2026 28/350ml 35/350ml 13/L 1994 1996 2003 2006 2020 67%-100%222 222 222 220 200 50%-67%152.7 222 222 220 167.125 25%-50%152.7 152.7 178.125 178.125 134.250 25%83.3 105 134.25 134.25 108 0%N/A N/A 70 80 108 2018 67%50%14/350ml 15 2009 1210 11 2-2013 4-6 300 2010 70 2013-2016 2013 5%11-16 72 180 20142015/70.3%/9.7%/7.8%26.8%/45.6%/14.4%2017 SuperX U8 17-22 CAGR 4.4%09-17 1.9pcts 16 2017 17 2020 Euromonitor 15 20 22H2 2009 1210 12 18 19 RTD Euromonitor 1994 80-90 70 60%21 1+80 21-25 CAGR10%+25 25%+19 2027 2 15%2009 1210 13 20 2022 公司 多 元化领域 营 收占比 利 润率 与 总利润率 相比 标 志性事件 朝日 软饮 14.6%8.2%-1.5%1982 年，朝日饮料公司成立 食品 5.1%9.3%-0.4%1992 年，朝日食品公司成立 麒麟 日本非酒精饮料 12.2%7.7%-1.9%1928 年，推出柠檬味碳酸饮料 医药 20.0%20.7%11.1%1982 年，公司开始做药物研究 札幌 软饮和食品 25.7%1.5%-0.5%1998 年，推出茉莉花绿茶饮料 房地产 4.3%31.4%29.5%1993 年，札幌商业综合体建成 三得利集团 软饮和食品 54.3%11.2%0.8%1972 年，开始食品和饮料业务 其他 10.5%9.7%-0.7%1996 年，推出芝麻素 E 保健品 21 1899 21 Troys 40%16%20%2022 26588 54%35%11%2009 1210 14-196C Strong Zero”2010 4000 Yatte Minahare Yatte Minahare VC 22 Euromonitor 2021 23 1899 1907 1937 1946-Tory s 2008 Highball 1960-1990 100%Malts 1994 HOP s”1981 2005“-196 C Strong Zero”2009“”2009 1210 15 24 2+1 Urquell Peroni Grolsch 15 Lion Little World Beverages 16 22 2 1964 40 3 2016 SAB Miller 2020 CUB Lion 2009 1210 16 25 22 22.9%super dry 23.2%2.1%12.9%Lion 15 Lion Little World Beverages 16+15.3%40 4.5%1.6%17.7%18.8%14.6%1/2022 10.1%13.2%18.4%2 5pcts 17 Anchor Sapporo Anchor 26 1 3 2022 2 2021 factbook 2009 1210 17 27 28 2022 350ml 11 350ml 8-9 10%1/2 3600 7000 1215/500ml 29/350ml 2020.10-2023.10 2009 1210 18 30 1L/(1975 305.7 24.1 210 30 12.7 1.5 10.2 1980 415.7 20.8 239 60 20.0 1.7 6.9 1985 554.3 21.4 230 75 25.9 2.4 7.4 1990 565.7 34.5 226 77 16.4 2.5 7.3 1995 588.6 17.5 226 110 33.6 2.6 5.4 2000 588.6 18.9 221 112 31.1 2.7 5.3 2005 567.6 22.2 212 112 25.6 2.7 5.1 2010 550.5 21.7 212 110 25.4 2.6 5.0 2015 532.8 22.8 205 112 23.4 2.6 4.8 2020 555.4 17.1 213 119 32.5 2.6 4.7 1975 522.5 22.1 219.4 91.7 23.6 2.4 5.7 12 1.0 9.2 5.16 12.0 1.3 2.3 1L 24 22 29 Wind 1L PPP=12*23.6/12.0=24 90%1:1 31%32 Euromonitor 2009 1210 19 30%40%53%72%30%43%21-30 3/4 7/0 18/7 2%/13%8%/18%33 Quantum Logik Quantum Logik 12%5%34 2022 Wind Bloomberg 2009 1210 20 PE Super Dry 5000+4000+35 10 RTD 36 RTD%Euromonitor Home Tap Super Dry 1994 2009 1210 21 059 37 Home Tap 38 Asahi Super Dry 10%楢 2009 1210 22 39 21“”19-20“”20 2020 23 4 100 mike s Fireball Whisky Buffalo Trace Southern Comfort Sazerac 2016 90 00“”2021 PE 20X 20X 1994/1994-2022 CAGR-1.2%/3.1%/0.6%CAGR 1.8%/8.9%/2.7%2006 ROE 10%ROE 6%14%9.4%ROE 2006 23 1 16.5X 19.6X PE PE PE 22X 2003-2006 1.7%3.1%ROE 5.9%9.6%PE 20-30X 22X 2013-2017 3.6%6.8%ROE 8%14%PE 20-25X 22X 1994 CAGR-ROE 15%2009 1210 23 40 ROE Wind Bloomberg 41 42 PE Bloomberg:Bloomberg 43 Bloomberg 2002 PE 02 PE PE 2009 1210 24 2005 20%2012 30%1000 2022 2025 40%90 0.5%2022 2.5-3%44 45 Bloomberg 16 17 20 Bloomberg 2009 1210 25 6 2020 2021-2022 4 2019 2020 2021 4 2020 2020 2022 2022 3 2020 14 2013 2022 2009 1210 26 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-83024576 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 27 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522
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