【研报】婴幼儿配方奶粉行业深度报告：国货崛起之路从渠道品牌到大众品牌-20200107[41页].pdf

1、请请务必阅读正文之后的信息披露和重要声务必阅读正文之后的信息披露和重要声明明 海海 外外 研研 究究 行行 业业 深深 度度 研研 究究 报报 告告 证券研究报告证券研究报告 乳乳品品 推荐推荐 ( ( 首次首次 ） 重点公司重点公司 重点公司 评级 中国飞鹤 6186.HK 未评级 澳优 1717.HK 未评级 H 第二梯队为雅培6.7%/美赞臣6.1%/君乐宝5.5%/伊利5.3%/美素佳儿5.1%/ 澳优 5.0%/ H brand power is the strategy.ics; brand power is the strategy. Because the business m

2、odel of infant formula business is B2B2C. Therefore, the inherent logical process of a baby formula product is from product to channel, and then to brand. The test is the ability of banning selling beyond agreed areas and price control. Only manufacturers who can truly guarantee the profit of the ch

3、annel can win sales channel and channel brand. In the long run, it is important to form a mass brand. Only with a solid brand power can it have bargaining power in the channel, have a higher profit margin level than its peers, and keep it evergreen. Therefore, manufacturers need to invest in adverti

4、sement and do consumer education as appropriate. In terms of busiIn terms of business and financiness and financial comparison, the new four mial comparison, the new four milk lk powder brands have powder brands have performed well.performed well. In recent years, the market share of Feihe, Junlebao

5、, Ausnutria, and Biostime has increased greatly. All of them have performed well in the sinking market and the mother-infant channel. They have adopted the strategies of intensive cultivation of the channel and the model of ground selling and give higher profits to dealers and the mother and baby sh

6、op. From the financial point of view, the four companies have excellent performance in terms of growth, profitability, operating efficiency and solvency. Investment suggestioInvestment suggestion: Feihen: Feihe, , AuAusnutria, snutria, JunleJunlebaobao, , H in the multi-brand mode, Ausnutria (1717.H