招商证券2011年各行业研究策略报告
表7：国际估值对照表
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名称 国别 PEPE10DIAGEO GB 17.314.4贵州茅台 CH 38.834.2PERNOD-RICARD FR 17.915.2五粮液 CH 32.529.8BROWN-FORMAN US 23.121.8泸州老窖 CH 29.028.8洋河股份 CH 79.152.9张裕 CH 35.328.5THAI BEVERAGE TH 16.715.4CONSTELLATION US 12.912.5CAMPARI GROUP IT 18.416.1REMY COINTREAU FR 40.722.1UNITED SPIRITS IN N/A35.4山西汾酒 CH 60.354.3TAKARA HOLDINGSJN 23.521.1水井坊 CH 40.630.5古井贡A CH 82.473.1金枫酒业 CH 46.633.5古越龙山 CH 76.063.1王朝酒业 HK 32.331.2AB INBEV BE 20.618.4SABMILLER GB 25.718.6HEINEKEN NE 14.814.2KIRIN HOLDINGS JN 26.722.2GRUPO MODELO MX 23.823.9CARLSBERG DE 15.915.4FOSTER US N/A15.1MOLSON COORS JN 12.613.7ASAHI BREWERIES AU 18.514.3青岛啤酒 CH 31.630.2燕京啤酒 CH 28.325.9COCA-COLA US 18.818.4PEPSICO US 16.615.8FOMENTO ECON MX 20.121.2汇源果汁 CH 75.349.5承德露露 CH 43.140.1HORMEL FOODS US 16.515.6TYSON FOODS US 7.79.2双汇发展 CH 46.540.1雨润食品 CH 21.021.0SMITHFIELD FOODSUS 30.29.8SANDERSON FARMUS 8.47.3NESTLE SZ 21.617.3UNILEVER NE 15.215.1KRAFT FOODS US 15.014.9DANONE FR 21.517.0SAPUTO CA 17.316.4PARMALAT IT 7.718.2YAKULT HONSHA JN 27.628.6DEAN FOODS US 7.59.2
酒类
（不含啤酒）
啤酒
非酒精饮料
肉类加工
乳业
PE1113.327.313.723.319.823.737.322.913.511.414.319.224.539.120.225.347.925.449.025.815.316.212.514.221.613.614.112.813.325.421.216.814.117.926.332.214.68.733.717.411.114.616.013.913.015.315.117.224.58.7PB7.210.41.98.35.511.921.313.13.11.92.22.54.816.11.18.622.55.84.52.92.92.62.01.13.21.44.11.21.35.32.85.45.22.21.512.72.71.215.64.11.11.54.64.81.52.03.51.01.80.9市值45135273982289321232102688681162827238568546083631334040414763128217442558937138072192654533392730713850193921550210841917895287045330014977110328419032108913706616.66375.27263.96378.83004.8933.41962169045752962401497593451250151332
利润率月市值
营收 ROE % 变动% 15471 45.4 16.7-1.31278 33.5 49.417.79853 11.5 13.42.91512 25.3 31.40.02469 24.2 18.211.9592 43.3 41.41.7580 38.8 31.75.6578 40.4 28.6-11.43148 19.2 9.85.43365 4.4 3.08.61406 13.7 13.60.81142 8.7 10.7-0.91343 -0.7 -0.4-4.6260 22.8 20.01.82055 4.9 2.53.6217 21.9 21.7-12.1169 16.1 12.28.2133 15.5 16.1-9.3103 5.9 10.8-8.7191 8.8 10.5-7.436758 17.5 12.5-0.818020 10.8 10.65.220500 20.7 6.9-3.224381 5.2 2.23.76075 12.7 10.55.011121 6.6 6.1-4.93777 -14.4 -10.8-3.13032 11.0 23.8-1.815756 8.7 3.22.02600 17.5 7.1-7.21225 8.8 7.5-11.630990 30.1 22.03.143232 41.2 13.80.114622 13.2 5.04.8415 5.0 8.25.7193 22.6 10.5-3.07221 17.5 5.58.128430 16.3 2.711.94141 34.2 3.257.91789 25.7 12.6-12.311203 -3.8 -0.97.71790 21.0 4.6-3.792901 20.9 10.4-1.155531 30.6 8.5-0.840386 12.5 7.5-2.420892 12.4 9.10.05341 19.1 6.6-0.65529 17.2 13.1-0.13135 6.2 4.6-2.111158 25.2 2.2-30.7