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2024年我国复合调味料行业竞争格局
2024年我国复合调味料行业竞争格局
竞争格局
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图片大小:58KB
图片尺寸:1191*767
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所属报告:
海天味业(603288)-A股公司研究报告:如何理解海天味业估值?-260226(28页).pdf
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分品类看海天市占率提升空间:根据海天H股招股书引用的弗若斯特沙利文数据,(1)酱油:海天市占率持续提升背景下,收入有望复合增长7%以上。2024年我国酱油行业呈现一超多强格局,海天市占率13.2%位居首位。对比美日,我国酱油行业CR5为25.1%,较日本的44.1%和美国的40.6%仍有较大提升空间。假设我国酱油行业CR5在十年时间里提升至40%,酱油行业增速取2.5%,测算前五公司合计收入复合增速在7.4%。海天竞争优势较其他几家对手更大,抢占更多市场份额,酱油收入复合增速有望维持7%以上。(2)蚝油:海天处于垄断地位,行业需求扩张背景下收入有望复合增长5%以上。2024年海天市占率已达40.2%基本垄断,李锦记凭借高端定位以及先发优势占据10.9%份额位居第二。蚝油符合餐饮端降本增效需求,且在家庭端突破地域限制以及拓展菜谱种类、逐步提高渗透率,增速在基调里较高。海天餐饮渠道壁垒深厚,家庭端品牌力强,垄断地位坚固,有望受益蚝油需求增长。(3)调味酱、食醋、料酒:竞争格局分散,海天有望凭借竞争优势持续抢占份额。2024年海天在调味酱市占率为4.6%,在醋和料酒市占率预计均小于10%,但已处于调味酱市占率第1、料酒市占率第1、食醋市占率第2,全国范围中小品牌众多,集中度有望持续提升。(4)复合调味料:高景气且竞争格局分散背景下,头部公司长期增长空间大。海天具备优秀产品复制能力,期待产品突破带来新的增长极。
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海天味业(603288)-A股公司研究报告:如何理解海天味业估值?-260226(28页).pdf
可比公司估值对比(截止2026年2月25日收盘价)
海天味业费用率预测
海天味业产品矩阵丰富
2025-2030E海天味业不同业绩增速对应ROE预测
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