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图22、根据估测,2021年剑南春、习酒、洋河位居次高端前三,舍得次高端规模位居8-10位
图22、根据估测,2021年剑南春、习酒、洋河位居次高端前三,舍得次高端规模位居8-10位
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舍得酒业-更新报告:舍得之辨模式清晰空间可期-211124(13页).pdf
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次高端格局仍未稳固,舍得在次高端价位市占率尚有想象空间。根据估测,2021 年剑南春、习酒及洋河在次高端价位绝对体量位居前三,上述品牌 2021 年在次高端价位收入增速维持在 20%-30%,接近次高端赛道平均值,舍得系列 2021 年呈现三位数增幅,但由于基数较低,目前在次高端价位规模仅排在 8-10 位,在次高端价位市占率仅 3-4%,拉长来看, 舍 得 酒 业 ( 6 0 0 7 0 2 ) 2017-2021 年舍得系列收入复合增速仍能位居前五,我们认为当下次高 端赛道格局尚不稳固,舍得有望凭借其清晰的成长模式维持领先于竞品的增速,在次高端价位市占率仍有提升空间。
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舍得酒业-更新报告:舍得之辨模式清晰空间可期-211124(13页).pdf
表5、公司收入拆分
表4、2022年受激励人员仍能解锁20%股份,销售队伍积极性仍有保障
表3、2018年股权激励,激励幅度较大
表1、复星入主后,舍得有平台赋能,机制更市场化、管理更严格,战略更清晰。
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