丨证券研究报告丨 行业研究丨专题报告丨啤酒 [Table_Title] "每食每刻"系列之（十五）：逆境求变，啤酒 企业探寻多元化发展之路 research.95579.com 董思远 冯萱 SAC：S0490517070016 SAC：S0490524060001 SFC：BQK487 报告要点 请阅读最后评级说明和重要声明 [Table_Summary] 2013 年啤酒行业以量为核心驱动力的增长阶段落下帷幕，啤酒公司积极谋求高端化转型。随着 2018 年行业在成本压力之下重启了提价，优化产品结构更加成为啤酒厂商的共识，价升利增的 逻辑链条成为行业在多年激励竞争博弈后的均衡解，自此开启了连续多年的业绩高速兑现。但 2023 年后，现饮场景需求偏弱，行业价增放缓，啤酒企业纷纷踏上探寻多元化发展之路。 %% %% 分析师及联系人 %% %% [Table_Author] 1 [Table_Title "每食每刻"系列之（十五）：逆境求变，啤酒 2] 企业探寻多元化发展之路 [Table_Summary2] 逆境求变，啤酒企业探寻多元化发展之路 中国啤酒产量于 2013 年见顶下滑，啤酒行业以量为核心驱动力的增 ...

Summary of Beer Industry Conference Call Industry Overview - The beer industry is characterized as a mature fast-moving consumer goods sector with high industrialization and seasonal sales patterns, where Q2 and Q3 account for approximately 60% of annual sales [1][2] - The cost structure is primarily driven by upstream packaging materials (45%-50%) and brewing raw materials (approximately 20%, mainly imported barley) [1][4] - The industry has a gross margin of about 40% and a net margin exceeding 10%, which is lower than other alcoholic beverages like liquor [1][5] Key Insights - The Chinese beer market has undergone rapid development from 1979 to 1995, followed by two waves of mergers and acquisitions from 1996 to 2013, leading to increased industry concentration [1][6][7] - As of 2017, the top five companies (CR5) held over 70% market share, indicating a regional oligopoly [1][9] - Since 2018, the industry has shifted towards structural upgrades, with stable total production and a clear trend towards premiumization [1][10] Growth Potential - China's retail beer prices are lower than the global average, and the proportion of mid-to-high-end beer sales is below that of developed countries, indicating significant potential for premiumization [3][12] - The high-end market is expected to grow, supported by economic growth and changing consumer habits, with a notable trend towards diversified and premium products [3][11][13] Competitive Landscape - The competition in the beer market is stable, with leading companies recognizing the importance of premiumization and enhancing operational capabilities [3][9] - Companies are exploring diversification strategies, such as acquisitions in other beverage sectors and launching new product lines [3][14][15] Cost Structure and Pricing - The cost structure is heavily influenced by packaging and raw materials, with a 90% reliance on imported barley [4] - Historical data shows that beer prices typically lag behind cost increases, which can affect profitability [4] Future Outlook - The beer industry is expected to maintain stable sales volumes, with ongoing premiumization trends and the introduction of new product categories [11] - The average price per ton for leading companies has seen a compound annual growth rate of approximately 3% to 5% from 2018 to 2023 [11] - The high-end segment, particularly in the 8-10 RMB price range, is leading the structural upgrade, while the ultra-premium segment requires time for brand development [16] Strategic Initiatives - Leading companies are leveraging their market share and brand recognition to expand into new regions and enhance their product offerings [17][18] - The focus on high-end products not only improves profitability but also broadens the sales reach of these companies [17][18]