资源描述
2009 1210 2023 08 10 2019 B 1990-2019/CAGR 1.5/-1 BC 1990-2005 CAGR 5.5 10&1990s B C C 1990 2012 1990-2010 2010 1975-1984 30X 1975 30X 1985 30X 1975-1984 20X+20X 20X 25 20X DOE&S0360520070001 S0360521080003 021-20572598 S0360518040001%()127 0.02()61,118.49 6.47()58,430.48 8.04%1M 6M 12M 7.3%-5.3%-0.9%3.8%-2.1%2.3%2023-08-09 2023 2023-08-07 2023-08-04-23%-13%-2%8%22/08 22/10 23/01 23/03 23/05 23/082022-08-102023-08-10 300 2009 1210 1 BC 10 2 C 3+4 1975-1984 30X 20X&XVBYxOtOtQoPtNoNsPqPrQ9P8QbRnPqQpNoNeRqQuMiNmNnM8OpOsMuOqQsPwMtRtP 2009 1210 3.6.6 B.6.7.8 1.8 2&.9.10 C.10.12.13.13+.15.17.17 1 1990s-2010s.17 2 2010s-2020s.18.19.20.21 30X.21 20X+.22.23.24 2009 1210 4 1.6 2.6 3.7 4.7 5.7 6.7 7.8 8.8 9 1980s.9 10.9 11.9 12.10 13.10 14.11 15.11 16 1990s.11 17.11 18 1990s.12 19 1990s.12 20 PRO.12 21.12 22.13 23.13 24 1990s.14 25.14 26.14 27.14 28 1990s.15 29.15 30.15 31 TOPIX.15 32.16 33.16 2009 1210 5 34.17 35 2009 40.17 36.18 37 2000s.18 38.18 39.18 40 Rising 2015.19 41.19 42.19 43&.20 44.20 45.20 46.20 47 1990s.21 48.21 49 1975-1984 30X.22 50.22 51 TOPIX 20X.22 52 30X.22 53.23 54 DOE.23 55 2015.23 56.24 2009 1210 6 19 B B 1990-2019/CAGR 1.5/-1 1997 B C 160 1985-1990 2008 1990s 1 1 2 1990s 1990-2007 90 2 1 90-05 42 60 CAGR=-2.1 2 1958 35 1960s 30 1975 50 1983 80 1990 90 2007 2009 1210 7 1992 250 1998 200 1990s 2010s 3 4 JCFIA 2020 B+C+C BC 5 6 wind 1990 100 50%60%70%80%90%100%110%120%130%140%150%160%198019821984198619881990199219941996199820002002200420062008201020122014201620182020 0200004000060000800001000000%20%40%60%80%100%19631966196919721975197819811984198719901993199619992002200520082011201420172020 2009 1210 8 B B+2 1998 B+1 1990-2005 CAGR 5.6 1990s 10 BC 1980s 10 1980s 2022 1.3/2021 2.5/:=19:1 7 8 1990+2%1998 B+1%wind CPI 1 1970s B 40 1980-2020s 10-20-6%-4%-2%0%2%4%6%8%10%12%05000100001500020000250001958196119641967197019731976197919821985198819911994199720002003200620092012201520182021 yoy yoy 2009 1210 9 1973 356 1977 659 1991 2192 500 25 50/40+/CR3 15 CR3 50+9 1980s 10 2023-2025 2&C 11 75/2009 1210 10 2019 10+1980s C 1980s C 1 22 100+2022 2026 CAGR 15 10/5/5 2 200 C 3 40+B B 12 13 2023-2025 C 1960s 1990s C 1990s B C 700 3 200&3 1990s 7.8 2000s 3-4 1300-1500 70 700+/500+200-300 109.996.5112.8100.6128.7145.4158.5173.1-15%-10%-5%0%5%10%15%20%25%30%801001201401601802019 2020 2021 2022 2023E 2024E 2025E 2026E yoy 2009 1210 11 C 4 14 15 30 onedannote 1980s+16 1990s 17 10 1990s 4 050001000015000200002500030000350004000045000100012001400160018002000220024002600280019791981198319851987198919911993199519971999200120032005200720092011201320152017201920212023-30%-20%-10%0%10%20%30%1990-2000 2000-2010 2010-2019&2009 1210 12 1994 2000s 18 1990s 19 1990s 75 2000s 20 PRO 21 C 22 C 14+64-30%-25%-20%-15%-10%-5%0%5%10%15%20%25%051015202519992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021 yoy()yoy 2009 1210 13 6 35 10 1990s 2016 B+22 23 75 2001 B C 1990s 50 2002 2008 2000-2010 1970s 1990s CR 5 1980s 84 2000s 90 9%15%19%20%24%27%32%40%42%45%50%56%56%68%2009 1210 14 24 1990s 25/大冢茂方便面国际化，金冈节男方便面 PB 品牌销售 关系研究，贾志圣方便 面消费结构分析与康师傅经营状况分析，大富秋子食品加工企业发展对食品系统的影响研究，山田晃裕日清食品的经营战略，+1991-2011 CAGR=2.6 2010s 2011-2022 CAGR 5.3 26 27 Bloomberg Bloomberg C B C 1998 1998 1999-2000 200+2005 2010s C 2014 0%10%20%30%40%50%60%70%80%90%100%196319651967196919711973197519771979198119831985198719891991199319942004200520102011 Acecook-10%-5%0%5%10%15%20%0100200300400500600700800 yoy1%2%3%4%5%6%7%8%9%10%11%2009 1210 15 28 1990s 29 Bloomberg Bloomberg+1990 1990-2010 2012 30 31 TOPIX Bloomberg Bloomberg 1990s 40 X 20 X 3000-4000 2006 15 X 2012 2013 2014 30X 25-30X 2014-2022 CAGR 12 050010001500200025000500010000150002000025000300003500040000450001974/12/11976/12/11978/12/11980/12/11982/12/11984/12/11986/12/11988/12/11990/12/11992/12/11994/12/11996/12/11998/12/12000/12/12002/12/12004/12/12006/12/12008/12/12010/12/12012/12/12014/12/12016/12/12018/12/12020/12/12022/12/1 225 TOPIX 2009 1210 16 32 Bloomberg 1990/3/30/225 100%+B 1997 45X 2000 20X 25X 2006 1990 2008 C 2012 12X 2013 14 2014 1.8 2016 3.5 20X 33 Bloomberg 1990/3/30/225 100%2009 1210 17 1 1990s-2010s 1996 1996 NCR 1990s 2000s 1990s SKU 1997 3700 2000 2300 2000 2009/SKU 8/21 34 35 2009 40 1995-2010 2000 48%2006 67%OEM 2004 594 250 1/2 1/10 2009 1210 18 36 37 2000s 2007 1997 38 39 75 wind 2 2010s-2020s 2010 2014 2014 2.6 2016 6.8 48%52%61%67%65%68%69%74%40%45%50%55%60%65%70%75%80%0501001502002502000 2004 2005 2006 2007 2008E 2009E 2010E 5833559153195145507044214166378935492842 27852671251123472038 2039 1992169110002000300040005000600070001995 1996 1997 1998 1999 2000 2001 2002 2003 2009 1210 19 40 Rising 2015 41 Bloomberg Bloomberg 42 相关科目 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 32 41 45 9 8 10 15 13 25 28 11 19(17)6 4 6 5 4 24 5 5 6 0(4)0 17 5(2)13(15)(12)9 14 2 10(75)(27)(42)(8)(1)(20)(11)(3)12(13)2 1 0(15)8 4(8)10 5 4(6)(5)(7)(2)(6)(2)(3)0(2)2 0(6)(3)(4)4 52 60 34 56 80 139 146 146 167 172 3.0%3.3%1.7%2.6%4.0%6.8%6.6%6.5%7.1%7.6%Bloomberg LL 1980s SKU 5 5 80+2009 1210 20 1990 BM 7 BM 1991 17 2000 300+Goota 43&44 畑中艳子日清食品的树型战略 C 1990s C SKU 2001 2500 2007-2019 2015 45 46 2007 2012 25%2015 30 2018 10%2019 1990s 1990 1991 Cisco MECT 1987 1990 80+2009 1210 21 1990s 1991 1992 EPA 1990s 1990s 1990-2010 10+1989-1995 2008 2012 InnovAsian Cuisine Enter 2014 Windsor Quality 47 1990s 48 IR wind 30X 1975-1985 30X 1975 30X 1985 50X 20 23 30X 1975-1984 2009 1210 22 49 1975-1984 30X 50 Bloomberg Bloomberg wind 20X+20X 18-20X 20X 10X A 20X 25 20X 51 TOPIX 20X 52 30X Bloomberg wind TOPIX 225 DOE 2.5%2015 2019 DOE 3 4 45-8%-6%-4%-2%0%2%4%6%8%10%12%14%101520253035404550197519771979198119831985198719891991199319951997199920012003200520072009201120132015201720192021:GDP:ROE 05101520253035402005/8/12006/6/12007/4/12008/2/12008/12/12009/10/12010/8/12011/6/12012/4/12013/2/12013/12/12014/10/12015/8/12016/6/12017/4/12018/2/12018/12/12019/10/12020/8/12021/6/12022/4/12023/2/1 TOPIX 225 010203040506070 A 300 SW 2009 1210 23 53 54 DOE Bloomberg wind TOPIX 17+2914.T 7-8 1.1 Zaimani 55 2015 Bloomberg&0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%SW 300 225 TOPIX 2009 1210 24 56()()PE 22A 23E 24E 25E 22A 23E 24E 25E 23E 24E 25E 121.8 153.0 187.4 225.1 11.0 14.7 18.3 22.5 30 24 19 29.1 40.1 50.6 62.3 1.4 3.1 4.4 6.2 37 26 19 14.9 19.5 24.5 29.9 1.0 1.5 2.1 2.7 39 28 22 74.3 82.6 91.2 99.9 8.0 8.9 10.0 11.2 16 14 13 wind 2023 8 10 wind 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
展开阅读全文