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安琪酵母/乐斯福/英联马利国内工厂分布(截至2021年)
安琪酵母/乐斯福/英联马利国内工厂分布(截至2021年)
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所属报告:
安琪酵母:成长空间及利润弹性兼具的酵母龙头-20221114(26页).pdf
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安琪酵母、乐斯福、英联马利国内产能布局
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2026-02-28
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乐斯福、英联马利欧洲工厂
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安琪、乐斯福、英联马利国内产能对比
fCDlr7nmr5QgfCDmgLvpg6ggfCDlt6XljoLmg4XlhrUgfCDkuLvopoHluILlnLogfAp8Oi0tLXw6LS0tfDotLS18Oi0tLXwKfCDlronnkKrphbXmr40gfCDmuZbljJcgfCDlnKjmuZbljJflrpzmmIzjgIHlsbHkuJzmu6jlt57jgIHlhoXokpnlj6TjgIHmlrDnlobjgIHmsrPljZfjgIHkupHljZfjgIHlub/opb/nrYnlnLDorr7mnInlt6XljoLvvIzpgY3luIPkuK3lm73lkITlnLAgfCDlhajlm70gfAp8IOS5kOaWr+emjyB8IOS4iua1tyB8IOWcqOW5v+W3nuOAgeS4iua1t+OAgeWMl+S6rOOAgeayiOmYs+OAgSDkuK3lm73pppnmuK/liIbliKvorr7nq4sgNSDlpKfliIblhazlj7jvvIzmi6XmnInljJfkuqzjgIHkuIrmtbfjgIHlub/lt57jgIHkuK3lm73pppnmuK8gNCDkuKrng5jnhJnkuK3lv4PvvIzmi6XmnInlronlvr3mmI7lhYnjgIHlub/opb/mnaXlrr4gMiDkuKrnjrDku6PljJblt6XljoLjgIIgfCDljZfpg6jluILlnLogfAp8IOiLseiBlOmprOWIqSB8IOWMl+S6rCB8IOWcqOS4reWbveacieays+WMl+OAgeeDn+WPsOOAgeaWsOeWhuetieWcsOiuvuaciemFteavjeW3peWOgu+8jDIwMTkg5bm0IDIg5pyI5Zyo5Lic6I6e5byA6K6+5paw5Y6CIHwg5YyX6YOo5biC5Zy6IHwKCuaVsOaNruadpea6kO+8muWFrOWPuOWFrOWRiu+8jOilv+WNl+ivgeWIuOaVtOeQhg==
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高资本投入增强行业壁垒,产能规模效应强化成本优势,进入壁垒较高。安琪作为国内酵母行业的先行者,具备一定先发优势,同时行业本身具备高资本投入、重资产特点,使得后来者进入难度较大。具体看:1)重资产、建设周期长、资金投入大,行业资金壁垒较高。酵母生产线建设需要投入大量资金,属于重资产行业,以云南普洱项目为例(据安琪酵母2021 年非公开发行 A 股预案),年产 2.5 万吨的酵母生产线需要投资 5.4 亿元,建设期预计为两年。2)环保要求日趋严格,污水处理成本同样较高。随着环保政策趋严,高环保费用促使生产规模小、技术水平落后的企业被逐渐淘汰。3)公司受益于规模效应,不断降低单位生产成本。公司的产能除了先发优势,还受益于规模优势,随着规模的扩大,在原材料采购及生产过程中有更低的单位生产成本,规模效应进一步构筑成本护城河。
行业数据
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当前图表所属:
安琪酵母:成长空间及利润弹性兼具的酵母龙头-20221114(26页).pdf
固定资产占总资产比重对比:安琪酵母高于其他食品龙头
2021年安琪酵母研发费用率与可比公司对比
安琪酵母研发费用率基本在4%以上
鲜酵母与干酵母特点比较
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