澜沧古茶——普洱茶业龙头,产研销为一体的综合茶企

（以下内容从天风证券《澜沧古茶——普洱茶业龙头,产研销为一体的综合茶企》研报附件原文摘录）
　　China Food and Beverages 普洱茶业龙头，产研销为一体的综合茶企 Pu‘er Lancang Ancient Tea (Not listed) 投资要点/Investment Thesis 投资要点/Investment Thesis 1、普洱茶业龙头，产研销为一体的综合茶企 普洱澜沧古茶股份有限公司位于云南省普洱市澜沧拉祜族自治县，品牌历史可追溯至1966年，其以景迈山古茶园为依托，掌握云南省多座名山一手优质原料供应资源，是集种植、生产加工、销售为一体的综合性茶叶企业。旗下主要有两条产品线，分别为1966（经典产品线，专注于主打普洱茶爱好者及资深茶友的普洱茶叶产品）和茶妈妈（健康生活时尚产品线，面向大众客户群），以及预期于2022年6月推出的新产品线岩冷。根据弗若斯特沙利文报告，按2021年普洱茶产品收益计算，公司是中国第二大普洱茶公司，产品连续四年入选云南省十大名茶，于2021年名列榜首。2021年公司实现收入5.59亿元，同比增长38%，2019-2021年CAGR为22%，实现净利润1.29亿元，同比提升5%，净利率为23.1%。 1. Integration of research, production and sales Pu‘er Lancang Ancient Tea hails from Puer city, Lancang Lahu Autonomous County in Yunnan Province. Its IPO prospectus details a brand history that dates back to 1966 in the ancient tea plantations of Jingmai Mountain. According to the company, its raw material supply hails from well-known mountains in Yunnan Province. Its tea business integrates planting, production, processing and sales. Its two main product lines are 1966, a classic series for puer enthusiasts and elderly tea connoisseurs, and Tea Mama, a health-conscious and trendy line for the mass market. It launched a new product line, Iland, in June 2022. According to Frost & Sullivan (F&S), it is the second largest puer tea company in China in puer tea revenue terms as of 2021, and its products have been placed within Yunnan‘s top 10 teas for four straight years, topping the list in 2021. According to the company, it generated revenue of RMB559m, up 38%, on a CAGR of 22% over 2019-21, while 2021 net profit came to RMB129m, up 5%, with a net profit margin of 23.1%. 2、中国为全球最大茶叶市场，普洱茶细分品类增速较快 中国茶叶市场规模2021年达3049亿元，预计2026年将达4080亿元，2021-2026年CAGR为6%，根据国际茶叶委员会统计，中国茶叶产销量均为世界第一。而人均消费方面，2018年全球茶叶人均消费量排名第一位的是土耳其，人均消费茶叶约3.04千克，中国内地茶叶年人均消费量为1.48千克，仍具备较大提升空间。普洱茶细分品类为云南省特产，原材料以及加工工艺壁垒较高，近年市场规模稳健增长，由2016年的94亿元增长至2021年的185亿元，2016-2021年CAGR为14.5%，预计2026年将达到311亿元，2021-2026年间CAGR为10.9%。中国普洱茶市场相对较为集中，其中中国前五大普洱茶公司共占有22.1%的市场份额，并且其售价及毛利率较其他品类较高。 2. China is the world’s largest tea market and puer is growing faster than other tea varieties China‘s tea market amounted to RMB304.9bn in 2021 and could expand to RMB408bn by 2026E, implying a CAGR of 6% over 2021-26E, based on the propectus, quoting F&S data. According to the International Tea Committee, China produces and sells most of the world‘s tea, while Turkey drinks the most tea in terms of per-capita consumption at about 3.04kg as of 2018. Relative to China‘s 1.48kg annual per-capita consumption, the Chinese market has substantial growth headroom. Puer tea is a Yunnan specialty and it has high competitive barriers in raw materials and processing techniques. The puer market grew steadily from RMB9.4bn in 2016 to RMB18.5bn in 2021 at a CAGR of 14.5% over 2016-21. F&S forecasts that the market could expand to RMB31.1bn by 2026E at a CAGR of 10.9% over 2021-26E. China has a concentrated puer market, where its top five companies collectively account for 22.1%. Puer commands higher selling prices and gross profit margins than other tea varieties. 3、原料产地及生产工艺优势突出，产品+服务持续提升品牌知名度 公司茶叶当前聚焦两条产品线，品类日益丰富，同时向消费者提供茶馆服务满足其社交需求，配套销售茶器及沏茶用具。原料端，公司绝大部分茶叶都采自云南普洱茶的三个主要产区普洱、临沧及西双版纳，根据弗若斯特沙利文报告，按采购量计，公司是往期优质景迈山古茶树毛茶的最大买家。同时公司与各主要产区合作社关系牢固，截至2021年50%以上购买毛茶的开支源于有五年以上业务关系的茶叶合作社，其中30%以上源于有十年以上业务关系的茶叶合作社。生产端，公司有数十年发酵及拼配工艺经验，实现产品标准化生产，普洱熟茶市占率行业领先，同时传统生茶和熟茶的生产基地位于云南省西南部澜沧江畔的澜沧拉祜族自治县，其气候、土壤和水质独特而稳定，为公司优质普洱茶的生产提供了优越而完整的生态系统。销售端，公司销售网络亦遍及全国，线上线下渠道同步发力积极打造品牌影响力。 3. Raw materials; production processes; products and services Pu‘er Lancang Ancient Tea has two key product series and is expanding the line-up. Its teahouse services fulfill a social demand and complements the sale of its tea-drinking and tea-making utensils. Supply: it sources most of its raw materials from Puer, Lincang and Xishuangbanna, Yunnan‘s three major puer tea producing areas. According to Frost & Sullivan, it has been the largest buyer of raw tea leaves from Jingmai Mountain‘s ancient trea plantations, based on purchase volume. More than 50% of its raw tea purchases are from tea cooperatives with which it has had a relationship of more than 5 years, while more than 30% are from tea cooperatives with a relationship of more than 10 years, according to the company. Production: the company‘s decades-long experience in fermentation and blending processes has resulted in standardized production and products. It is one of the market leaders in fermented puer tea, based on F&S data. Its Lancang production base for traditional raw and fermented teas is situated on the banks of the Lancang River in southwestern Yunnan Province. The area‘s soil quality and humidity give the tea its particular taste, according to the company. Sales: its nation-wide sales network integrates online and offline channels to build its brand. 风险提示：行业竞争风险，原材料供应及价格波动风险，品牌推广风险，存货余额较高的风险。 Risks include: competitive risks; raw material price fluctuations; brand promotion risks; and high inventory risks. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

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