日本食品饮料发展启示录之出海专题（三）：三得利：打造全球品牌矩阵驱动增长

Investment Rating - The report maintains a "Recommend" rating for the food and beverage industry [2] Core Views - Suntory has achieved sustained growth in overseas business through a brand and product matrix tailored to overseas consumers, overseas production line layout, and outstanding marketing capabilities [4] - Suntory's overseas revenue increased from 4045.1 billion yen in 2013 to 8835.8 billion yen in 2023, with a CAGR of 8.1% [4] - The proportion of overseas revenue rose from 36.1% in 2013 to 55.5% in 2023, with Asia-Pacific and Europe being the main overseas markets [4] - Suntory's overseas operating profit margin was 13.1% in 2023, higher than the domestic operating profit margin of 5.7% [4] - Suntory's valuation is currently at a low level, with a PE (TTM) of 19.4x as of May 8, 2024, at the 28.9% percentile of PE valuation since June 4, 2014 [4] Overseas Business Expansion - Suntory has expanded its sales network by establishing joint ventures, such as with Tsingtao Brewery and Huiyuan in China, focusing on localization in marketing [4] - Suntory's marketing strategy includes using local cultural elements, such as the "Journey to the West" IP for its Oolong tea, and adopting a relaxed style on social media to appeal to young consumers [4] - The number of countries and regions where Suntory's products are sold increased from 51 in 2013 to 88 in 2023 [4] Diversified Business Portfolio - Suntory's beverage products include beer, wine, whiskey, tequila, gin, and vodka, with its whiskey brands targeting the ultra-high-end market [5] - Representative whiskey products aged 18 years or older are priced above $1,000 per bottle in the US market due to their unique flavor and scarcity [5] - Suntory's health supplement business generated revenue of 35.06 billion yen in 2023, mainly from Southeast Asian countries like Thailand and Vietnam [5] Global Soft Drink Brand Matrix - Suntory has built a global soft drink brand matrix by targeting consumer trends, such as health-consciousness in Asia-Pacific and preference for juice and sports drinks in Europe [5] - Suntory's TEA+ Oolong tea, launched in 2013, helps inhibit fat absorption, catering to health-conscious consumers [5] - In 2023, Orangina sales in France reached 185 million liters, and Lucozade sales in the UK and Ireland hit a record high of 431 million liters [5] - The number of Suntory's brands with annual revenue exceeding 10 billion yen increased from 15 in 2013 to 25 in 2023 [5]