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白酒行业上市公司消费税/营业收入对比

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所属报告：

食品饮料行业白酒消费税研究：变革及方向-220627（31页）.pdf

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证券简称 2013 2014 2015 2016 2017 2018 2019 2020 2021 贵州茅台 6.2% 6.1% 7.6% 13.1% 11.0% 11.7% 11.7% 11.5% 11.4% 五粮液 5.2% 5.0% 5.8% 5.5% 8.8% 11.6% 11.1% 11.4% 11.7% 泸州老窖 2.4% 4.7% 5.9% 7.9% 10.1% 9.6% 10.2% 10.7% 10.9% 洋河股份 0.1% 0.1% 0.1% 0.1% 3.6% 12.6% 11.3% 13.5% 13.6% 舍得酒业 9.2% 9.7% 9.6% 8.5% 11.1% 11.5% 10.7% 11.5% 12.1% 水井坊 12.5% 10.9% 10.1% 10.1% 11.5% 12.3% 13.0% 12.6% 13.0% 酒鬼酒 11.9% 11.9% 12.3% 11.2% 12.1% 12.3% 12.5% 12.3% 12.3% 今世缘 8.1% 8.4% 7.3% 11.1% 14.2% 15.4% 14.9% 14.7% 山西汾酒 13.6% 12.6% 13.9% 16.2% 16.8% 15.8% 15.8% 14.9% 15.6% 古井贡酒 11.4% 11.9% 12.4% 12.7% 13.0% 11.7% 12.6% 13.1% 12.6% 口子窖 13.0% 12.9% 13.5% 12.9% 12.4% 12.6% 12.6% 伊力特 11.3% 12.6% 13.8% 13.7% 12.9% 12.2% 12.4% 13.3% 14.4% 金徽酒 12.5% 12.2% 12.7% 12.3% 12.0% 12.1% 迎驾贡酒 13.4% 12.8% 12.8% 12.9% 12.9% 12.4% 老白干酒 11.1% 10.8% 11.2% 12.4% 12.4% 12.2% 12.4% 12.8% 12.7% 顺鑫农业 8.1% 9.0% 9.4% 9.3% 11.1% 9.6% 8.2% *ST 皇台 12.9% 11.0% 8.9% 3.4% 17.5% 16.2% 13.7% 13.7% 15.8% 金种子酒 12.5% 12.2% 11.9% 11.4% 11.2% 9.4% 7.8% 9.0% 8.8% 对于高端酒企而言，消费税占营业收入及净利润比重普遍低于次高端和中低端酒企。2013-2021 年，次高端和中高端酒企分别比高端酒企的消费税/营业收入平均值高2.51%和 3.73%。中低端酒企中，顺鑫农业和金种子酒营业收入中含非白酒类业务收入，降低了低端酒企消费税占营业收入比重的平均值。白酒行业上市公司整体消费税/营业收入平均值从 2016 年的 10.07%增加至 2021 年的 12.50%。随着年份推移，各价格带酒企消费税占净利润比重变化趋势并不相同。高端酒企在 2017 年之前上升明显，后基本保持稳定。各次高端酒企由明显分化差异逐渐向中间值趋近，呈现集中趋势，近年来基本保持稳定。中低端酒变化差异较大，主要是净利润变化幅度大所致。高端酒企消费税占净利润比重在行业内明显偏低，2013-2021 年平均值仅 25.65%，次高端、中高端、低端酒企平均值分别为 110.53%、99.71%、273.93%。

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