资源描述
|2024 05 06/1 2 3 4 1 2023 2022 2024 2023 2 3 15/20 4 24 30%2023 11 23 22 24 116%92%83%80%2024 80%A(152%124%112%103%102%99%98%88%87%82%81%2024 80%-/24 15 A 20 A/-23 20%139 2.7 5544.4 7.1 5223.1 7.5%1m 6m 12m 2.9-11.3-18.9 1.0-12.2-8.3 1 4.28 2024-04-28 2 4.21 2024-04-22 3 24 3 2024-04-14 S1090518090005 S1090522080001 S1090523010003 S1090522090003 S1090523070012-40-30-20-10010May/23 Aug/23 Dec/23 Apr/24(%)食品饮料 沪深300 2.3.4 1 23.4 2 24.5.9.10.12 1 2023.4 2 2023.5 3 2024.6 4 2024.7 5 24/.9 6.10 7.12 WUEVxOnQsRqRpRtQqNsNmN7NcM6MpNrRsQtPjMpPrMeRqQyRbRpPwOwMsOqMNZoNnO 3 2024 4 14 24 capex 1 2023 2022 2024 2023 2 3 15/20 4 4 23-24E capex 1 23 23 30%2023/2022 23 11 3 30%22-23 18 15 A 30%1 2023 2022 2023 23 1.3 4.6 265.7%3.4 10.5 207.5%148.6 384.4 158.7%55.7 90.5 62.4%29.5 45.6 54.3%2.7 3.6 34.2%4.6 5.9 28.7%542.5 694.9 28.1%71.5 83.7 17.1%14.9 17.0 14.2%26.1 28.6 9.5%资料来源：Wind，招商证券 1 22 22;2 3)4 23 22 239h/jEufLFIYCjKd4o6CEl5KvZxvDHl7CnYBIQwX/6MMGlrXjqAGSvFAPlaG90fIu 5 24 2 2023 2022 2023 23-0.2 1.9 1053.7%-0.4 2.3 709.4%15.1 93.8 522.5%-1.4 4.6 428.8%-1.4 3.1 316.4%-1.7 3.7 309.9%18.5 55.4 199.1%A 4.0 10.9 173.5%-0.9 0.1 108.9%28.5 59.0 106.5%15.6 25.8 65.7%91.9 127.9 39.1%-3.6-2.7 25.7%22.8 26.8 17.3%2.6 3.0 16.7%-13.8-12.4 10.0%5.9 6.1 4.7%0.7 0.7 3.7%资料来源：Wind，招商证券 2 24 24 30%2024/2023 23 9 30%23 30%2024 6 24 1.8 1.9 3.7 24 11.3 78%1 24 15.3 3-4 24/64%2024 30 47 15 48 4 2024 1.5 1.1 0.3 1.4 1.6 70 50 6.8 4.4 3 1 2 3 2024 2023 2024E 24/1.8 4.0 127.3%21.2%5.9 11.3 91.0%77.6%7.2 12.0 66.8%31.8%5.5 8.7 57.8%46.7%83.7 130.5 55.9%79.9%28.6 39.3 37.6%64.3%17.0 21.5 26.2%74.6%90.5 110.7 22.3%83.5%7 45.6 54.6 19.9%51.5%资料来源：Wind，招商证券预 测 0.2 2 capex 23 24 5 capex 0.7 13 36 5 23 4 24 24 7.7 35 23 7 24 3 1.5 23 4 2.6 1.8 24 23 24 24 2.1 capex 4 10 1.6 4 2024 2023 2024E/-0.1 1.9 3188.4%64.1%-0.3 1.6 711.9%42.4%-0.4 1.0 350.3%19.6%-0.6 1.5 348.2%75.6%0.7 3.1 324.9%73.0%2.7 11.2 313.4%99.1%-5.6 5.3 194.1%63.3%-1.2 0.5 141.0%25.3%25.2 60.2 138.4%101.7%4.6 10.2 119.4%60.1%-12.4 2.2 117.4%16.7%-2.7 0.3 112.9%13.8%-6.7 0.0 100.2%0.1%-1.0-0.1 93.3%-4.1%16.3 25.4 55.5%67.9%1.9 2.8 49.3%124.3%8 6.1 8.9 46.0%91.9%3.0 4.1 38.0%54.5%93.8 117.2 25.0%87.9%0.7 0.8 16.7%80.9%127.9 140.8 10.1%97.8%25.8 27.4 5.9%103.0%41.0 41.8 2.1%82.0%资料来源：Wind，招商证券预 测 9 24/70%116%92%83%80%80%A(152%124%112%103%102%99%98%88%87%82%81%80%5 24/2024/A 8.1 152%2.8 124%10.1 116%2.3 112%27.4 103%60.2 102%11.2 99%140.8 98%8.9 92%831.0 92%117.2 88%25.4 87%52.9 84%110.7 83%41.8 82%0.8 81%130.5 80%11.3 78%1.5 76%40.8 75%3.1 75%21.5 75%资料来源：Wind，招商证券预 测 10 2024 15/20 15 A 20+366 177 24 25 7.4-16 1 2 11.5 599 37 24 41 13.8 341 24 25 24 32 12.2x 1821 138 24 117 14.4 190 31 24 11 14.1 6 2024E 2023 25 177 366 7.4 2 16 43 11.5 25 32 341 12.2 41 37 599 13.8 11 31 190 14.1 3 16 56 14.3 117 138 1821 14.4 9 23 165 15.8 60 55 1094 17.3 11 10 23 198 17.3 11 24 220 17.4 A 8 23 167 17.9 131 276 2739 18.9 资料来源：Wind，招商证券预 测 12 2024/2023 A 20%7/2023 A 152.0%65.0%87.0%0.0%116.1%61.8%54.3%0.3%103.0%49.0%54.0%66.8%77.6%30.0%47.6%0.0%99.1%63.0%36.1%0.0%83.5%51.0%32.5%17 0.0%97.8%70.0%27.8%84.2%79.9%60.0%19.9%0.1%资料来源：Wind，招商证券 1 4.28 2024-04-28 2 4.21 2024-04-22 3 24 3 2024-04-14 13 6-12 A 300 500 20%5-20%5%5%
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