China Spirits' Premiumization Favors Strong Brands -- Market Talk
China Spirits' Premiumization Favors Strong Brands -- Market Talk
0652 GMT - China spirits' premiumization trend favors strong brands, Goldman Sachs says as it starts coverage of the sector. The super-premium spirits segment is expected to remain a growth engine, with estimated sales CAGR of 15% over 2021-2025, driven by a roughly 10% volume increase and an around 4% CAGR in average selling prices. GS rates Kweichow Moutai, Wuliangye Yibin, Anhui Gujing Distillery and Jiangsu Yanghe Brewery JSC at buy. It notes good visibility on long-term earnings growth driven by strong brands, improving execution in product upgrades, and channel management. GS has a neutral rating on Luzhou Laojiao and Shanxi Xinghuacun Fen Wine Factory. (ronnie.harui@wsj.com)
格林威治標準時間0652-高盛在開始報道該行業時表示，中國烈酒的高端化趨勢有利於強勢品牌。預計超優質烈酒細分市場仍將是增長引擎，預計2021-2025年銷售複合年增長率爲15％，這得益於約10％的銷量增長和平均銷售價格的複合年增長率約4％。GS將貴州茅台、五糧液宜賓、安徽古井酒廠和江蘇洋河啤酒股份公司評爲買入。它指出，在強勢品牌、產品升級執行和渠道管理的改善的推動下，長期收益增長的知名度良好。GS對瀘州老窖和山西杏花村汾酒廠的評級爲中性。(ronnie.harui@wsj.com)
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