Consumer Goods Industry Report _

《Consumer Goods Industry Report _》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、GUOSENSECURITIESJune4,2012IndustryReportConsumerGoodsIndustry:TheNext5-10Years,ThereisNoBest,OnlyBetter.InvestmentHighlights：BUYEconomicdatareleasedbytheNationalBureauofStatisticsshowthattotalretailsalesofsocialconsumergoodsinthefirsthalfof2012is9.8222trillionyuan,ayear-on-yearin

2、creaseof14.4%inConsumerGoodsIndustrynominalterms.In1991-2010,thetotalretailsalesofHongKongstockssocialconsumergoods,anaverageannualincreaseofAmy.Wang15.8%.AccordingtotheplanningoftheMinistryof0755-82769495Commerce,thetotalretailsalesofconsumergoodsinil174@guosen.com.cnChinaduringt

3、he12thFive-Yearwilldouble.Thenext5-10years,thetotalretailsalesofsocialconsumergoodsinChinawillmaintainrapidgrowth.Datashowthatin2011,China'spercapitaGDPreached$5,414,inaccordancewiththestandardsoftheWorldBank,Chinaisintheforwardstagefromwhichlow-incomecountriestoMediumHighincomec

4、ountries.Developmentexperienceofsomecountriesshows,priortothepercapitaGDP4000dollars,investmentisinadominantpositionintheGDPgrowth;inthepercapitaGDP4000dollarsafter,duetotherapidexpansionofhouseholdconsumption,consumptiongraduallybecomethemainforceoftheGDPgrowth.Theconsumergoodsi

5、ndustrywillbethefirsttobenefitfromtherapidpromotionofconsumptionandresidents'incomegrowth.RecommendedbuyingtheglobalonlyMushulistedincompany:CarpenterTan(0837).Thereasontobuy:Cheapvaluations,therapidgrowthperiod.BuyUni-PresidentChina(0220),VITASOYINT'L(0345):intotheprofitabilityo

6、faturningpoint.MarketLastEPS(HK$)Cap12PETickersCompanyNamePriceRating(HK$100m)(X)（HK$）0910110151.HKWantWantChina9.4712470.1840.210.24634.8Neutral0837.HKCarpenterTan4.9912.50.290.320.457.57Buy0220.HKUni-President7.972870.240.1760.10623.4BuyChina0322.HKTingyiHoldings22.7512720.5280.

7、660.57828.8Neutral0538.HKAjisen(China)4.79510.2950.410.32653.9Neutral0973.HKL'OCCITANE19.982950.450.620.6625Neutral1913.HKPRADA60.31542----0.9771.6634.6345.HKVITASOYINT’L6.6868.30.210.2560.27923.96BuySource：Bloomberg,CompanyDataGUOSENSECURITIESJune4,2012IndustryReport日用消费品行业：未来5

8、-10年，没有最好，只有更好投资要点：买入国家统计局公布的经济数