2017年至今白酒板块归母净利率及毛利率 原图定位

CY23 YOY（pct） 24Q1 YOY（pct） CY23 YOY（pct） 24Q1 YOY（pct） 泸州老窖 43.8% +2.6 49.8% +1.0 75.2% +2.3 80.5% +1.5 均值 44.8% +0.7 47.2% -0.3 80.1% +0.4 81.7% -0.2 山西汾酒 32.7% +1.8 40.8% +2.8 65.2% +2.8 70.0% +2.4 舍得酒业 25.0% -2.8 26.1% -2.0 56.3% -4.6 57.8% -1.3 次高端 水井坊 25.6% -0.4 20.0% +1.3 56.8% -0.3 45.4% -5.9 酒鬼酒 19.4% -6.5 14.9% -16.3 46.1% -8.2 37.1% -18.4 均值 30.0% +0.6 37.5% +2.1 61.8% +1.0 66.6% +1.5 洋河股份 30.2% -0.9 37.3% -1.1 59.0% -1.8 67.5% -1.7 今世缘 31.0% -0.7 32.8% -0.2 57.6% -1.4 60.1% +0.6 古井贡酒 22.7% +3.9 24.9% +1.1 52.2% +3.0 53.2% +2.4 迎驾贡酒 34.0% +3.1 39.3% +2.7 62.7% +3.8 68.4% +3.6 口子窖 28.9% -1.3 33.3% -0.3 61.3% +0.8 64.4% +0.4 区域酒及其 金种子酒 -1.5% +14.3 4.2% +13.7 24.4% +18.5 27.4% +18.7 他 老白干酒 12.7% -2.5 12.1% +1.8 40.0% +2.0 39.8% +0.3 金徽酒 12.9% -1.0 20.6% +0.2 41.4% -0.4 47.4% +0.2 伊力特 15.2% +5.0 19.1% -0.9 38.8% +3.0 45.3% +0.4 天佑德酒 7.4% -0.3 20.6% +1.1 39.2% +2.0 48.6% -0.9 顺鑫农业 -2.8% +3.0 11.1% +3.1 20.4% -2.5 31.7% +2.4 均值 23.0% +1.7 29.6% +0.5 51.1% +1.0 57.8% +0.7 白酒板块合计 37.8% +1.1 41.1% +0.3 70.9% +0.8 73.2% +0.3