日本酒企行业报告：宝酒造：持续变革，走向世界

Investment Rating - The report maintains an Overweight rating for Takara Shuzo, reflecting its strong market position and growth potential in both domestic and international markets [6] Core Views - Takara Shuzo has successfully navigated Japan's evolving alcohol consumption trends by focusing on product innovation, market segmentation, and international expansion [7] - The company has built a diversified product portfolio across sake, shochu, and RTD (ready-to-drink) beverages, securing leading market shares in key categories [7] - International expansion, particularly in the US and China, has become a significant growth driver, contributing 45% of FY2024 revenue [7][14] Industry Overview Japanese Alcohol Consumption Trends - Japanese alcohol consumption peaked in the mid-1990s at 96 6 billion liters and has since entered a period of decline due to economic stagnation and demographic challenges [18] - The industry has undergone three distinct phases: volume-price growth (1970-1993), category differentiation (1993-1999), and the current era of market contraction (1999-present) [22] - Beer consumption peaked in 1994 at 70 6 billion liters, while shochu and RTD beverages have shown resilience, with RTD beverages surpassing beer as the largest category by 2022 [24][33] Key Drivers of Category Shifts - Tax policies and consumer preferences have significantly influenced category dynamics, with lower-tax products like RTD beverages gaining market share [36] - Health consciousness and changing consumer demographics have driven demand for lower-alcohol and flavored beverages [38] - The industry has seen increasing concentration, with the top 3 players controlling 80% of the beer market and 50% of the RTD market [33] Company Analysis Business Segments - Takara Shuzo operates through three main segments: domestic alcohol and food (35% of FY2024 revenue), international operations (45%), and biotechnology (12%) [41] - The domestic alcohol business generated ¥123 8 billion in FY2024, with RTD beverages becoming the largest category at 45% of alcohol sales [47] Shochu Business - Takara Shuzo dominates the shochu market with a 14% share, leveraging a diverse product portfolio of over 100 SKUs [53] - The company has successfully navigated three major shochu consumption waves: the white revolution (1970s), RTD innovation (1980s), and premiumization (2000s) [58][62] - Key products include the flagship "Takara Shochu" and premium offerings like "Gokujo" [55] Sake Business - Despite declining domestic sake consumption, Takara Shuzo has maintained market leadership through product innovation and international expansion [78] - The "Matsuzaka" brand has been particularly successful, becoming the top gift sake product in Japan [87] - International sales have grown significantly, with the US and China as key markets [82] International Expansion - Takara Shuzo's international business has grown rapidly, with revenue increasing from 37% in FY2023 to 45% in FY2024 [96] - The company has pursued a dual strategy of alcohol exports and local food distribution, acquiring several overseas distributors since 2010 [93] - Key markets include the US, China, and Europe, with the US operations contributing significantly to international revenue [93] Management Strategy - The company has maintained strong brand equity through cultural marketing and targeted advertising campaigns [102] - Takara Shuzo has invested consistently in marketing, with advertising expenses remaining stable at around 1 5% of revenue [108] - Sustainability initiatives and health-conscious product development have enhanced the company's ESG profile [109]