核心观点公司是全国第二大包装水企业,包装水赛道差异化较低且寡头竞争激烈,在全国市占率仅次于农夫,且华南等区域领先农夫,证明公司核心竞争力,24 年面对行业价格战下,公司小瓶水收入承担,但包装水零售额同增4.5%,份额较为稳固。公司外协产能占比较高,未来自有产能逐步投产,将带动公司毛利率逐步提升。中大规格包装水渗透率持续提升,叠加公司饮料业务快速增长,在现有网点和团队基础上,规模效应不断释放,公司...
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