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2009 1210 2024 08 08 1980s 2013 115.3 10.1 10 7 2011&1869 1)1870s 2)1960s 1964 1980s 3)1990s 1990 10 3-5 ROE 1870s 1990 1990+24 ROE S0360520070001 S0360521080003 021-20572598 S0360518040001%()20 0.00()31,154.74 3.83()31,141.23 4.89%1M 6M 12M-1.1%-11.4%-26.5%1.5%-11.3%-10.3%2024 Q2 2024-07-22 2024-07-16 2024-07-01-29%-19%-9%0%23/08 23/10 23/12 24/03 24/05 24/082023-08-072024-08-07 300 2009 1210 1 2 3 4 1990 24+ROE 2009 1210 3.7.7.7.8.9 1950s.10 1960-1990s.12 1 1960s.12 2 1970s.14 3 1980s.16 4 70s 80s.17 1990-2010s 18 1 1990s.18 2 2000s.19 3 ROE.21.22.22.23 1.23 2.25 3.27.28.28 90.29.31.33.34.34 2009 1210 4 1.7 2 10 7.7 3.8 4 15 75.8 5.9 6.9 7.10 8.11 9 19.11 10 H.J.Heinz.11 11.12 12.12 13.12 14 1938-1947.12 15.13 16.13 17 1960s Henry J.Heinz II.14 18 Burt Gookin.15 19 1966-1979 11.15 20 1970.15 21 1970.16 22 1970s.16 23 Tony O Reilly.16 24 Tony O Reilly 5.16 25.17 26 1990.17 27.17 28 1980.17 29 1980s ROE.18 30 1980s.18 31 1990.19 32 1980.19 33 1991.19 2009 1210 5 34 1997.20 35 Nelson Peltz.21 36 Nelson Peltz.21 37.21 38 2012.21 39 2007.22 40 2007.22 41 ROE.22 42.22 43.23 44.23 45.24 46 4.24 47.24 48.25 49.25 50.26 51 1960 21.26 52.27 53.28 54.29 55.29 56.29 57 1990.30 58 1970s.30 59 90.30 60.31 61.31 62.31 63.32 64.32 65.33 66.33 67.34 68.34 2009 1210 6 69.34 2009 1210 7 1980 1 2013 115.3 10.1&50.3/34.3/10.2 10 7 2011 1 2 10 7 Bloomberg IR 2011 2012/44/30/22/4 30 主打焗 豆 1 2013 2013 0%20%40%60%80%100%FY2005FY2006FY2007FY2008FY2009FY2010FY2011FY2012FY2013FY2014 Ketchup Condiments&Sauces Meals&Snacks Infant/Nutrition Other 2009 1210 8 3 4 15 75 2012 IR 2012 150 1869-1919 H.J.Heinz 1919-1964 H.J.Heinz Howard Heinz Henry J.Heinz II 1964-1996 Burt Gookin 1979 Tony OReilly 1980s 1997-2013 1990 1997 1998 Bill Johnson 8 2007 Nelson Peltz 2013 美国零售业务28%欧洲30%亚太22%美国餐饮服务12%其他地区8%2009 1210 9 5 Robert C.Alberts The Good Provider:H.J.Heinz and his 57 varieties Eleanor Foa Dienstag In Good Company:125 Years at the Heinz Table 6 Bloomberg yoy 2009 1210 10 7 1870s 1930s 1960 1990 1875 1930 1960s 1990s 1995 1963 1991 1993 1870s 1930s 1980 40 60+Robert C.Alberts The Good Provider:H.J.Heinz and his 57 varieties Eleanor Foa Dienstag In Good Company:125 Years at the Heinz Table Bloomberg 1950s 19 1869 19 2 1869 H.J.Heinz L.C.Noble Anchor Pickle and Vinegar Works 1871 1870s 1870s 1873 Pickles King 1875 1875 800 Noble 1876+1876 H.J.Heinz F.&J.Heinz 1896 57 Varieties 2 GDP-2009 1210 11 1901 1905 1919 H.J.Heinz 6500 25 8 9 19 Robert C.Alberts The Good Provider:H.J.Heinz and his 57 varieties Heinz History Center 10 H.J.Heinz Robert C.Alberts The Good Provider:H.J.Heinz and his 57 varieties Quentin R.Skrabec Jr H.J.Heinz:A Biography 1930s H.J.Heinz Howard Heinz 1875 1890s 1900s 3 Howard 1920s 1930s 3 1893 1907 2009 1210 12 Howard 1933 1936 15000+1941 Howard Henry J.Heinz II 焗豆 baked beans beans to bombers pickles to pursuit planes 1946 1941 11 12 Heinz History Center The Journal 13 14 1938-1947 Eleanor Foa Dienstag In Good Company:125 Years at the Heinz Table 1946 1960-1990s 1 1960s 2009 1210 13 1950 35 1960 70 1964 57 Varieties 57 Varieties of Trouble 80 Henry J.Heinz II 1960 19 1950 1963 15 16 1947 0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%1964 1965 1966 1967 1968 1969 1970 1971 1972 1973国内净利 率 国外 净利 率 2009 1210 14 17 1960s Henry J.Heinz II Eleanor Foa Dienstag In Good Company:125 Years at the Heinz Table 2 1970s 1966-1979 Gookin Henry J.Heinz II 1963 1964 Burt Gookin 1966 CEO Gookin 100 Gookin Gookin 5 3()2/CEO Gookin 30+Hubinger StarKist Ore-Ida 2009 1210 15 18 Burt Gookin Eleanor Foa Dienstag In Good Company:125 Years at the Heinz Table Gookin 1970 10 1964 1979 Burt Gookin 10.8 1972 1976 Hubinger 19 1966-1979 11 20 1970 Bloomberg 0%10%20%30%40%50%60%70%80%90%国内 营收 占比 国内利润 占比 2009 1210 16 21 1970 22 1970s Bloomberg Wind moneynotmoney average price 14 CPI Bloomberg 3 1980s 1980 OReilly 1979 Tony OReilly Gookin 1981 23 Tony OReilly 24 Tony OReilly 5 FINANCIAL TIMES Matt Cooper The Maximalist:The Rise and Fall of Tony OReilly Eleanor Foa Dienstag In Good Company:125 Years at the Heinz Table 85%OReilly Weight Watchers Foodways National 80%2C 3040506070800.150.20.250.30.350.4196019611962196319641965196619671968196919701971197219731974197519761977average price 亨氏毛利 率 CPI：番茄0%2%4%6%8%10%12%营业利润 率 净利率 2009 1210 17 1970 OReilly 1982 LCO1 Low Cost Operator 1986 LCO2 9%25 26 1990 Eleanor Foa Dienstag In Good Company:125 Years at the Heinz Table Eleanor Foa Dienstag In Good Company:125 Years at the Heinz Table 27 28 1980 Matt Cooper The Maximalist:The Rise and Fall of Tony OReilly Bloomberg Bloomberg 4 70s 80s 1970s 1970 1970-1980 0%2%4%6%8%10%12%010020030040050060070019711972197319741975197619771978197919801981198219831984198519861987198819891990Advertising ExpenseAdvertising Expense/Sales(Net)2009 1210 18 1972 1976 1970 1979 280 15X 6X 40 1980s CPI-PPI ROE 25+OReilly 1970 6-7 1980s 15-20 240 1980-1990 7 29 1980s ROE 30 1980s Bloomberg Bloomberg 1990-2010s 1 1990s 1990 1990 1980 salsa salsa 1988 13 1994 salsa Pace Foods salsa salsa 0%5%10%15%20%25%30%010020030040050060019711972197319741975197619771978197919801981198219831984198519861987198819891990净利润 净利率（右轴）ROE（右轴）05101520250102030405060708012/31/198012/31/198212/31/198412/31/198612/31/198812/31/199012/31/199212/31/199412/31/199612/31/199812/31/200012/31/200212/31/200412/31/200612/31/200812/31/201012/31/2012股价（美 元）Best 市 盈率（右轴）2009 1210 19 31 1990 32 1980 marketingweek Center for Immigration Studies OReilly 1987 Henry J.Heinz II OReilly 1990s OReilly 33 1991 Eleanor Foa Dienstag In Good Company:125 Years at the Heinz Table Bloomberg 2 2000s 1997 2002 1997 2009 1210 20 1998 Bill Johnson 1998-2006 30&15 34 1997 Reference for business 1990 7 2006 Peltz 5.5%15 Peltz+1999 ABC 2006 ABAL 2010 2000 2009 1210 21 35 Nelson Peltz 36 Nelson Peltz TRIAN P ARTNERS 37 38 2012 Bloomberg IR IR FY 12 3 ROE 1991-1997 90 80 40 60+3-4 20X 1991-1997 1997-2006 2007 2000 Peltz Peltz ROE-10%0%10%20%30%40%50%050010001500200025003000FY2005FY2006FY2007FY2008FY2009FY2010FY2011FY2012新兴市场 销售额 新 兴 市场yoy 亨 氏 整体yoy 2009 1210 22 2013 3G 280 242.7 41.9 25 39 2007 40 2007 Bloomberg Bloomberg 41 ROE 42 Bloomberg Bloomberg 2-3 0%2%4%6%8%10%12%012345678195019531956195919621965196819711974197719801983198619891992199519982001200420072010权益乘数 资产周转 率 净利率0%20%40%60%80%100%120%140%160%0%1%2%3%4%5%6%7%回购比例 股息率 分 红 比例(右)2009 1210 23 43 44 1 2009 1210 24 No other ketchup tastes like Heinz 45 46 4 对相关说法的认同情况 74%66%59%59%57%51%15%15%11%59%62%58%/47%46%46%57%49%45%22%22%19%John L.Teopaco H.J.Heinz Co.:Plastic Bottle Ketchup(A)1980 Bloomberg Advertising Expense 47 Eleanor Foa Dienstag In Good Company:125 Years at the Heinz Table 10-20 1980 1970 1990-2000 0%2%4%6%8%10%12%0200400600800197119731975197719791981198319851987198919911993199519971999200120032005200720092011Advertising ExpenseAdvertising Expense/Sales(Net)2009 1210 25 48 Rebecca Goldberg HEINZ KETCHUP:PRICING THE PRODUCT LINE 1 24 6 2.2 24 2/3 2006 2 1876 1906 1940-1950 1960 Hunts Del Monte 20 1960 20+1990 50+49 Rebecca Goldberg HEINZ KETCHUP:PRICING THE PRODUCT LINE 2009 1210 26 1970 V ol-Pak 2010 14 1971 32 1970 44 1983 21 50 Brian Hadi Attarbashi Henry John Heinz:Pioneering Founder of the Condiment Empire 1990 57 51 1960 21 moneynotmoney Rebecca Goldberg HEINZ KETCHUP:PRICING THE PRODUCT LINEwind 1964-2004 2009 1210 27 3 52 1950 1960 5 20 1970 1990 2009 1210 28 53 1870s 2009 1210 29 54 55 Wind Wind&56 Eleanor Foa Dienstag In Good Company:125 Years at the Heinz Table 1974 H.J.Heinz 1869-1919 Howard Heinz 1919-1941 Tony OReilly 1979-1997 Burt Gookin 1964-1979 Henry J.Heinz II 1941-1963 Bill Johnson 1998-2013 90 1990 24-30-20-10010203040506070恒顺醋业 中炬高新 千禾味业 海天味业 天味食品 涪陵榨菜2016 2017 2018 2020 2021 2019 2022 20230510152025恒顺醋业 中炬高新 千禾味业 海天味业 天味食品 涪陵榨菜2016 2017 2018 2019 2020 2021 2022 2023 2009 1210 30 57 1990 58 1970s 59 90 moneynotmoney/14 B B C 05010015020025030035040045005001,0001,5002,0002,5003,0003,5004,000197119741977198019831986198919921995199820012004200720102013201620192022企业数量 均 价（日元/升）00.511.522.531960196319661969197219751978198119841987199019931996199920022005200820112014average price price in todays money 2009 1210 31 60:61 62 VS 1970+1970 2009 1210 32 B BC 30 63 64 panstory wind 大矢祐治 50+30+2009 1210 33 65 66 2024 John L.Teopaco H.J.Heinz Co.:Plastic Bottle Ketchup(A)19 20 1990 C+B 2009 1210 34 67 68 Mark Mancini The Rise and Fall of Heinz s Green Ketchup 2024 24+ROE 69 收入(亿元)归 母净利润(亿元)PE 23A 24E 25E 26E 23A 24E 25E 26E 24E 25E 26E 245.6 267.7 289.8 313.4 56.3 61.0 68.3 76.0 32 29 26 51.4 57.9 71.2 76.0 17.0 10.6 15.9 11.6 15 10 13 24.5 26.7 28.8 31.1 8.3 9.1 10.1 11.1 16 14 13 21.1 21.9 23.8 25.7 0.9 2.2 2.6 3.1 38 31 27 32.1 36.4 41.1 46.1 5.3 6.2 7.1 8.1 23 20 18 31.5 35.8 40.2 45.0 4.6 5.5 6.4 7.4 21 18 15 23.7 27.0 30.5 34.3 3.0 2.9 3.3 3.8 16 14 12 3.6 4.4 5.3 6.2 0.6 0.7 0.9 1.1 30 24 20 wind wind 2024 8 7 2009 1210 35 7 2020 2021-2023 5 2019 2020 2021 2024 5 2020 2020 2022 2022 4 2020 2023 15 2013 2023 2009 1210 36 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 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 37 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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