保健品行业报告之一_—保健食品，黄金十年.PDF
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䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ
2011
ᑈ
8
᳜
18
᮹
䆕ࠌⷨおਞg㸠ϮⷨおgЁᇣᏖؐ㙵⼼
ֱعક㸠Ϯ⏅ᑺਞПϔ
ֱ
ֱع亳કˈ咘䞥कᑈ
ᡩ䌘㽕⚍
Ёֵ䆕ࠌⷨお䚼
ҔМᰃֱعક˛
ֱعકᰃҹ㓈⫳㋴ǃⷓ⠽䋼ǃЁ៤㥃ࡼỡ⠽ᦤপ⠽ЎЏ
㽕ॳ᭭ˈ᳝⡍ᅮֱعࡳ㛑ⱘ亳કDŽֱعકϔ㠀ҹ⠛ࠖǃ㛊ಞࠖǃষ᳡⎆
ㄝ⌧㓽ᔶᗕᄬ˗㥃કᔶᗕǃ亳કሲᗻ˗ϡҹ⊏⭫⮒⮙ЎⳂⱘDŽݙֱع
કৃߚЎ㧹ݏ㸹ܙࠖǃӴ㒳⒟㸹㉏ֱعકϸ㉏DŽ
ЎҔМᡩ䌘ֱعક㸠Ϯ˛
1˅Ёֱعક㸠Ϯ䖯ܹ⬅⍜䌍छ㑻Ҏষ㗕啘࣪
ࡼⱘ咘䞥कᑈDŽ៥Ⳃࠡ໘Ҏഛ GDP Ң 4000 㕢ܗ 8000 㕢ܗⱘ䎗䖕
䰊↉ˈֱعકⱘ⍜䌍ሲᗻℷҢ䗤ℹҢৃ䗝⍜䌍ક䕀Ў⫳⌏ᖙ䳔કˈ៥ӀԄ
ㅫ 2011-2015 ᑈ㸠Ϯⱘ CAGR ৃ䖒 21%˗2˅㸠Ϯѿ᳝䕗催Ϩ〇ᅮⱘ߽⍺⥛DŽ
⬅Ѣֱعકݐ⍜䌍छ㑻ǃعᒋֱعǃ⼐કㄝ䞡ሲᗻˈ㸠Ϯݙᑇഛ↯߽
⥛ǃޔ߽⥛∈ᑇߚ߿Ў 60% 20%DŽेՓ៤❳ⱘゲѝ㒧ᵘϟˈ㸠Ϯ
г㛑ֱᣕ 50%↯߽⥛ 15%ޔ߽⥛ⱘ∈ᑇ˗3˅㸠Ϯ㒧ᵘⳂࠡਜ⦄ᬷǃхǃ
ᏂǃᔅˈԚ䚼ߚ㒚ߚ㸠ϮབⳈ䫔䴲Ⳉ䫔乚ඳᏆᓔྟߎ⦄㸠Ϯ啭༈DŽⲥㅵ
⊩㾘䍟Ϲǃ䌘Ꮌ༈ݙ⇥㧹䌘ᴀⱘ䖯ܹㄝᇚ݅ৠࡼ㸠Ϯ㡃ᗻথሩDŽ
䞡⚍݇⊼ᢹ᳝ᡍ᭛ǃ䜡ᮍॳ᭭䌘⑤ǃܼᗻ䫔ଂ㔥㒰ક⠠ⱘӕϮDŽ
Џ
㽕⧚⬅ᰃ˖1˅Ң㸠Ϯ䚼⦃๗ⳟˈ⼒Ӯᇍ亳કᅝܼⱘ݇⊼Ϣֱع㸠Ϯݙ䚼
⏋хⱘⳒᇚࡼ㸠Ϯⲥㅵ䍟Ϲˈ᱂䗮亳કᇚৃ㛑㹿ᥦ䰸ֱعક㸠Ϯˈ
ᢹֱ᳝ع亳કᡍ᭛ⱘӕϮᇚ㦋ᕫܜথӬ˗2˅Ң㸠Ϯݙ䚼ᚙމⳟˈ⍜
䌍㗙ⱘᔶᗕব䖕އᅮњֱعક㸠Ϯゲѝ㾘߭ⓨ䖯䏃ᕘDŽᔧࠡ䰊↉ⱘ⍜䌍
㗙⡍ᕕއᅮњᢹ᳝Ӭ䋼ॳ᭭⣀⡍䜡ᮍǃ㛑Ϣ⍜䌍㗙䖯㸠⏅ᑺ≳䗮ⱘ䫔
ଂ㔥㒰㧹䫔䯳ӡǃֵ݀ⱘક⠠ⱘֱعકӕϮ᳝ᳯゲѝЁ㜅乪㗠ߎDŽ
ᡩ䌘ᓎ䆂DŽ
ḍϞ䗄ߚᵤ䘏䕥ˈ៥Ӏⳟདⱘ݀ৌࣙᣀ∸㞷סع㋿ܝস∝ˈ
݊݅ৠ⡍⚍ᰃᢹ᳝䕗ѻકᡍ᭛ǃ⣀⡍ѻક䜡ᮍ᳝ϔᅮֵ݀ⱘક⠠ˈ
ᑊϨℷ⿃ᵕഄ䖯㸠⏴䘧ᢧሩDŽ㗗㰥ࠄԄؐᴹ៤䭓ᗻㄝ㋴ˈ៥Ӏ佪
㒭ќ∸㞷סعĀфܹā䆘㑻ˈ佪㒭ќ㋿ܝস∝Āᣕā䆘㑻DŽ
亢䰽㋴˖
ॳᴤ᭭ӋḐϞ⍼ˈ㸠Ϯ᮴⊩䕀႕៤ᴀˈ᳝↯߽⥛㹿य़㓽ⱘ亢䰽˗
؛ݦӾࡷѻકᲱܝᏺᴹ㸠Ϯᗻॅᴎⱘ亢䰽DŽ
䞡⚍݀ৌⲜ߽乘⌟ǃԄؐঞᡩ䌘䆘㑻
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㋿ܝস∝
000590.SZ 13.3 27.0 0.23 0.40 0.59 0.71 57.8 33.3 22.6 18.6
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䌘᭭ᴹ⑤˖
Wind
ˈЁֵ䆕ࠌⷨお䚼乘⌟
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2011
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8
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⬉䆱˖021-68765291
䚂ӊ˖tc@citics.com
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ֱعક㸠Ϯ⏅ᑺਞПϔ
䇋ࡵᖙ䯙䇏ℷ᭛Пৢⱘܡ䋷ᴵℒ䚼ߚ
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Ⳃ ᔩ
ҔМᰃֱعક˛
.......................................................................................................................................................... 1
ֱعકⱘᅮН˖ϡҹ⊏⭫ЎⳂǃ᳝⡍ᅮֱعࡳ㛑ⱘ亳ક........................................................................... 1
ֱعકⱘߚ㉏˖㧹ݏ㸹ܙࠖ+Ё㤝㥃ǃӴ㒳⒟㸹㉏ֱعક ............................................................................ 1
Ёֱعક㸠ϮᏆ㒣䖯ܹĀ咘䞥कᑈā
.................................................................................................................. 2
Ӌؐ䫒˖ѿ᳝催߽⍺∈ᑇⱘ㧹䫔偅ࡼൟѻϮ .................................................................................................. 2
ѻϮ㾘˖Ёֱعક㸠Ϯ䖯ܹ⬅⍜䌍छ㑻Ҏষ㗕啘࣪ࡼⱘ咘䞥कᑈ............................................... 4
ѻϮ㒧ᵘ˖㸠ϮᬷхᏂᔅˈ㒚ߚ啭༈߱⦄ ...................................................................................................... 6
⍜䌍㗙ߚᵤ˖Ҏഛ⍜䌍䕗Ԣǃཇᗻ㗕ᑈҎᰃЏ㽕⍜䌍㕸ԧ....................................................................... 9
Ϟ␌ॳᴤ᭭˖䴲ᐌߚᬷǃӋḐ⊶ࡼ࠻⚜ˈֱعકӕϮϟ␌䕀Ӌ㛑᳝䰤............................................. 10
䞡⚍݇⊼ᢹ᳝ѻકᡍ᭛ǃ䜡ᮍॳ᭭䌘⑤ǃ䫔ଂ㔥㒰ક⠠ⱘӕϮ
................................................................ 11
㸠Ϯ䚼˖ⲥㅵৃ㛑䍟㋻ˈᢹֱ᳝ع亳કᡍ᭛ⱘӕϮ᳝ܜথӬ................................................. 11
㸠Ϯݙ䚼˖⍜䌍㗙ᔶᗕব䖕އᅮњ㸠Ϯゲѝⱘ㾘߭ⓨ䖯ⱘ䏃ᕘ............................................................. 13
䗝㙵䘏䕥˖ᢹ᳝ᡍ᭛Ӭ䋼ѻકǃ䫔ଂ㔥㒰ǃક⠠ϝ㽕㋴ⱘӕϮᇚ㚰ߎ............................................. 14
䞡⚍݀ৌ㤤
............................................................................................................................................................ 16
∸㞷סع˄300146˅˖䴌⇨߱⦄ˈ៤䭓ৃᳳ .................................................................................................. 17
∸㞷סع˄300146˅˖䴌⇨߱⦄ˈ៤䭓ৃᳳ .................................................................................................. 17
㋿ܝস∝˄000590˅˖䎼䍞㒣㧹ᢤ⚍ⱘϟϔϾ⒟㸹ᯢ᯳ .............................................................................. 18
䰘ᔩ
1
˖ֱعકⱘⲥㅵࠊᑺঞᅵᡍ
......................................................................................................................... 20
䰘ᔩ
2
˖ᆊ亳ક㥃કⲥㅵሔ㾘ᅮⱘ
27
㉏ֱعࡳ㛑
........................................................................................... 20
ᦦⳂᔩ
1˖㧹ݏ㸹ܙࠖ ....................................................................................................................................................... 1
2˖Ё㤝㥃ǃӴ㒳⒟㸹㉏ֱعક............................................................................................................................ 1
3˖ֱعકⱘߚ㉏˖㧹ݏ㸹ܙࠖ+Ё㤝㥃ǃӴ㒳⒟㸹㉏ֱعક.......................................................................... 2
4˖ֱعક㸠ϮӋؐ䫒ߚᵤ˖㸠Ϯ߽⍺∈ᑇ催ˈ㧹䫔偅ࡼᰃḌᖗ.................................................................... 3
5˖ֱعક㸠ϮᎼ༈ NBTY ֱᣕे催Ϩ〇ᅮⱘ↯߽⥛....................................................................................... 3
6˖ֱعક㸠ϮᎼ༈ NBTY ֱᣕⴔ䕗〇ᅮⱘޔ߽⥛........................................................................................... 3
7˖Ҏഛ GDP 䖯ܹϝगࠄѨग㕢ܗⱘ䰊↉ˈֱعક㸠Ϯᇚ䖢ᴹϔϾࡴ䗳छⱘĀ咘䞥ᯊᳳā .................. 4
8˖⍜䌍छ㑻ᇚࡼЁֱعક㸠Ϯ䖯ܹࡴ䗳䭓ⱘ咘䞥कᑈ........................................................................ 5
9˖㕢Ҏষ㒧ᵘЁˈᑈ啘䍞ֱعક⏫䗣⥛䍞催............................................................................................ 5
10˖ЁᴹकᑈˈҎষ㒧ᵘᇚࡴ䗳㗕啘࣪...................................................................................................... 5
11˖᮹ᴀ㒣偠˖㗕啘࣪ᇚ偅ࡼए㥃ֱع⍜䌍ᐙ䭓...................................................................................... 6
12˖䶽㒣偠˖㗕啘࣪ᇚ偅ࡼए㥃ֱع⍜䌍ᐙ䭓...................................................................................... 6
13˖Ёֱعક㸠ϮᵕЎߚᬷ.............................................................................................................................. 6
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