{"id":38251,"date":"2023-02-22T10:35:33","date_gmt":"2023-02-22T10:35:33","guid":{"rendered":"https:\/\/www.tyjzk.com\/?p=109605"},"modified":"2023-02-22T11:00:01","modified_gmt":"2023-02-22T11:00:01","slug":"%e5%af%8c%e9%82%91%e9%9b%86%e5%9b%a2%e5%8f%91%e5%b8%83%e4%b8%ad%e6%9c%9f%e4%b8%9a%e7%bb%a9%ef%bc%8c%e6%be%b3%e6%b4%b2%e9%85%92%e7%9a%84%e6%98%a5%e5%a4%a9%e4%bc%9a%e5%9b%9e%e6%9d%a5%e5%90%97%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.tyjzk.com\/?p=38251","title":{"rendered":"\u5bcc\u9091\u96c6\u56e2\u53d1\u5e03\u4e2d\u671f\u4e1a\u7ee9\uff0c\u6fb3\u6d32\u9152\u7684\u6625\u5929\u4f1a\u56de\u6765\u5417\uff1f"},"content":{"rendered":"

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<\/section>\n<\/p>\n

\u65e5\u524d\uff0c\u5bcc\u9091\u8461\u8404\u9152\u96c6\u56e2\uff08TWE\uff0cTreasury Wine Estates\uff0c\u4ee5\u4e0b\u7b80\u79f0\u201c\u5bcc\u9091\u96c6\u56e2\u201d\uff09\u62ab\u9732\u4e86\u65b0\u4e00\u5b63\u4e2d\u671f\u4e1a\u7ee9\u3002\u622a\u81f32022\u5e7412\u670831\u65e5\uff0c\u8be5\u516c\u53f8\u5728\u8fc7\u53bb6\u4e2a\u6708\u5185\u5b9e\u73b0\u4e86\u5927\u5e45\u76c8\u5229\uff0c\u5e76\u5728\u4e9a\u6d32\u5e02\u573a\u53d6\u5f97\u4e86\u51fa\u8272\u7684\u6210\u7ee9\u3002<\/p>\n

01<\/span><\/strong><\/p>\n

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\u8be5\u62a5\u544a\u663e\u793a\uff0c\u5bcc\u9091\u96c6\u56e2\u5728\u62a5\u544a\u671f\u5185\u5b9e\u73b0\u51c0\u9500\u552e\u6536\u5165\uff08NSR\uff0912.845\u4ebf\u6fb3\u5143\uff0c\u540c\u6bd4\u589e\u5e451.4%<\/span>\uff1b\u7a0e\u524d\u5229\u6da6\uff08EBITS\uff093.075\u4ebf\u6fb3\u5143\uff0c\u540c\u6bd4\u589e\u5e4517.2%<\/span>\uff1b\u606f\u7a0e\u524d\u5229\u6da6\u7387\u8fbe\u523023.9%\uff0c\u540c\u6bd4\u63d0\u9ad8\u4e863.2\u4e2a\u767e\u5206\u70b9\uff0c\u6709\u671b\u671d\u774025%\u4ee5\u4e0a\u7684\u957f\u671f\u76ee\u6807\u7ee7\u7eed\u8fc8\u8fdb\u3002<\/span><\/p>\n

<\/p>\n

\u5bcc\u9091\u96c6\u56e2\u5728\u62a5\u544a\u4e2d\u6307\u51fa\uff0c\u516c\u53f8\u53d7\u5b8f\u89c2\u8d38\u6613\u73af\u5883\u7684\u5f71\u54cd\uff0c\u5728\u62a5\u544a\u671f\u5185\u4f9d\u7136\u9762\u4e34\u7740\u6210\u672c\u4e0e\u901a\u80c0\u7387\u4e0a\u884c\u7684\u538b\u529b\uff0c\u4f46\u5f97\u76ca\u4e8e\u54c1\u724c\u6ea2\u4ef7\u80fd\u529b\u7684\u4e0d\u65ad\u63d0\u5347\uff0c\u4ee5\u53ca\u9ad8\u7aef\u4ea7\u54c1\u9500\u91cf\u7684\u5f3a\u52bf\u589e\u957f\uff0c\u6700\u7ec8\u5728\u5bcc\u9091\u5168\u7403\u4f9b\u5e94\u94fe\u4f18\u5316\u9879\u76ee\u7684\u52a9\u63a8\u4e0b\uff0c\u5b9e\u73b0\u4e86\u826f\u597d\u6536\u76ca\u3002<\/span><\/span>\u00a0<\/p>\n

\u62a5\u544a\u671f\u5185\uff0c\u5bcc\u9091\u96c6\u56e2\u4ee5\u9ad8\u7aef\u53ca\u8d85\u9ad8\u7aef\u4ea7\u54c1\u4e3a\u9a71\u52a8\uff0c\u5728\u5168\u7403\u5404\u4e3b\u8981\u5e02\u573a\u53d6\u5f97\u4e86\u826f\u597d\u7684\u6536\u76ca\u3002<\/span><\/span>\u65d7\u4e0b\u9ad8\u7aef\u53ca\u8d85\u9ad8\u7aef\u54c1\u724c\uff08Luxury & Premium\uff09\u7684\u51c0\u9500\u552e\u6536\u5165\u6bd4\u91cd\u7a33\u6b65\u63d0\u5347<\/span>\uff0c\u5360\u516c\u53f8\u603b\u51c0\u9500\u552e\u6536\u5165\u768485%\uff0c\u540c\u6bd4\u4e0a\u5347\u4e24\u4e2a\u767e\u5206\u70b9\u3002<\/span><\/span><\/p>\n

\u00a0<\/p>\n

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\u5954\u5bcc\uff08Penfolds\uff09\u4f5c\u4e3a\u5bcc\u9091\u96c6\u56e2\u7684\u4e1a\u52a1\u6838\u5fc3\uff0c\u62a5\u544a\u671f\u5185\u4ea7\u54c1\u9500\u91cf\u7a33\u6b65\u63d0\u5347\u81f3120\u4e07\u7bb1\uff0c\u540c\u6bd4\u589e\u5e45\u4e3a4.4%<\/span>\uff1b\u51c0\u9500\u552e\u6536\u5165\u4e3a4.102\u4ebf\u6fb3\u5143\uff0c\u540c\u6bd4\u6da8\u5e45\u4e3a7.2%\uff1b\u606f\u7a0e\u524d\u5229\u6da6\u4e3a1.816\u4ebf\u6fb3\u5143\uff0c\u540c\u6bd4\u589e\u5e45\u4e3a10.0%\uff0c\u53ef\u89c1\u5e02\u573a\u5bf9\u5954\u5bcc\u4ea7\u54c1\u7684\u9700\u6c42\u548c\u4fe1\u5fc3\u4e0e\u65e5\u4ff1\u589e\u3002<\/span><\/p>\n

\u00a0<\/p>\n

\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u4e9a\u6d32\u5730\u533a\u76ee\u524d\u4ecd\u662f\u5954\u5bcc\u7684\u6700\u5927\u5e02\u573a\u3002<\/span><\/span>\u6570\u636e\u663e\u793a\uff0c\u5954\u5bcc\u5728\u4e9a\u6d32\u5730\u533a\u7684\u51c0\u9500\u552e\u6536\u5165\u4e3a2.208\u4ebf\u6fb3\u5143\uff0c\u540c\u6bd4\u589e\u5e45\u8fbe\u52308.4%\uff0c\u5360\u5954\u5bcc\u5168\u7403\u51c0\u9500\u552e\u6536\u5165\u768453.8%\uff0c\u6536\u5165\u4e0e\u589e\u5e45\u5747\u4f4d\u5217\u6240\u6709\u5730\u533a\u4e4b\u9996<\/span>\uff1b\u5176\u4ed6\u5730\u533a\u4e1a\u7ee9\u4e5f\u5747\u6709\u826f\u597d\u8868\u73b0\uff0c\u4ec5\u7f8e\u6d32\u5730\u533a\u7684\u51c0\u9500\u552e\u6536\u5165\u51fa\u73b0\u4e86\u5c0f\u5e45\u4e0b\u6ed1\uff0c\u964d\u5e45\u4e3a5.0%\uff0c\u4e3b\u8981\u662f\u7531\u4e8e\u5357\u7f8e\u822a\u7ebf\u51cf\u5c11\u5bfc\u81f4\u51fa\u8d27\u91cf\u4e0b\u964d\u6240\u9020\u6210\u7684\u3002<\/span><\/p>\n

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02<\/strong><\/span><\/p>\n

\u4e2d\u6fb3\u8d38\u6613\u5173\u7cfb<\/span><\/strong><\/span>\u65b0\u4fe1\u53f7<\/span><\/strong><\/p>\n

\u5c31\u5728\u5bcc\u9091\u96c6\u56e2\u62ab\u9732\u65b0\u4e1a\u7ee9\u7684\u4e00\u5468\u524d\uff0c\u6211\u56fd\u5546\u52a1\u90e8\u65b0\u95fb\u53d1\u8a00\u4eba\u5728\u53ec\u5f00\u7684\u4f8b\u884c\u65b0\u95fb\u53d1\u5e03\u4f1a\u4e0a\uff0c\u5c31\u4e2d\u65b9\u662f\u5426\u4f1a\u53d6\u6d88\u6fb3\u5927\u5229\u4e9a\u8461\u8404\u9152\u7684\u53cd\u503e\u9500\u7a0e\u8fdb\u884c\u4e86\u8868\u6001\u3002<\/span><\/p>\n

\u53d1\u8a00\u4eba\u675f\u73cf\u5a77\u79f0\uff0c\u4e2d\u6fb3\u53cc\u65b9\u5b8c\u5168\u53ef\u4ee5\u901a\u8fc7\u5bf9\u8bdd\u6c9f\u901a\uff0c\u5bfb\u627e\u4e92\u5229\u5171\u8d62\u7684\u89e3\u51b3\u65b9\u6848\uff0c\u4e2d\u65b9\u4e5f\u4f1a\u5bf9\u76f8\u5173\u7684\u5546\u54c1\u91c7\u53d6\u8d38\u6613\u6551\u6d4e\u63aa\u65bd\u3002<\/span>\u00a0<\/p>\n

<\/p>\n

\u4e0e\u6b64\u540c\u65f6\uff0c\u6211\u56fd\u5546\u52a1\u90e8\u957f\u738b\u6587\u6d9b\u5e94\u9080\u4e0e\u6fb3\u5927\u5229\u4e9a\u8d38\u6613\u90e8\u957fDon Farrell\u8fdb\u884c\u89c6\u9891\u4f1a\u8bae\uff0c\u5c31\u4e2d\u6fb3\u5168\u9762\u6062\u590d\u7ecf\u8d38\u5173\u7cfb\u8fdb\u884c\u4e86\u78cb\u5546\u3002<\/span><\/span>\u00a0<\/p>\n

\u6fb3\u8d38\u6613\u90e8\u957fDon Farrell\u5728\u63a5\u53d7\u5f6d\u535a\u793e\u91c7\u8bbf\u65f6\u8bf4\uff1a\u201c\uff08\u7d27\u5f20\u5c40\u52bf\uff09\u4e0d\u662f\u4e00\u591c\u4e4b\u95f4\u53d1\u751f\u7684\uff0c\u4e5f\u4e0d\u4f1a\u5728\u4e00\u591c\u4e4b\u95f4\u5f97\u5230\u4fee\u590d\uff0c\u4f46\u53cc\u65b9\u76ee\u524d\u6b63\u6253\u7b97\u91cd\u56de\u6696\u6625\u3002\u201d<\/span><\/p>\n

Don Farrell\u8868\u793a\uff0c\u4e2d\u56fd\u548c\u6fb3\u5927\u5229\u4e9a\u653f\u5e9c\u7684\u4ee3\u8868\u5c06\u91cd\u70b9\u5173\u6ce8\u5982\u4f55\u91c7\u53d6\u4e0b\u4e00\u6b65\u63aa\u65bd\uff0c\u52a0\u5f3a\u7ecf\u6d4e\u5173\u7cfb\u3002<\/span><\/span>\u9884\u8ba1\u4ed6\u5c06\u5728\u672a\u6765\u51e0\u4e2a\u6708\u524d\u5f80\u5317\u4eac\u4e0e\u738b\u6bc5\u4f1a\u9762\u3002<\/span><\/span><\/p>\n

<\/p>\n

\u6fb3\u6d32\u9152\u5f53\u5e74\u201c\u79f0\u9738\u201d\u4e2d\u56fd\u8fdb\u53e3\u8461\u8404\u9152\u5e02\u573a<\/span><\/p>\n

\u4e8b\u5b9e\u4e0a\uff0c\u81ea2020\u5e7411\u6708\u4e2d\u56fd\u5bf9\u6fb3\u51fa\u53e3\u4ea7\u54c1\u52a0\u5f81\u53cd\u503e\u9500\u653f\u7a0e\u653f\u7b56\u843d\u5730\u4ee5\u6765\uff0c\u6fb3\u8461\u8404\u9152\u5728\u534e\u7684\u9500\u552e\u60c5\u51b5\u4e00\u8def\u8dcc\u81f3\u51b0\u70b9\u3002<\/span><\/p>\n

\u636e\u4e2d\u56fd\u98df\u54c1\u571f\u755c\u8fdb\u51fa\u53e3\u5546\u4f1a\u00b7\u9152\u7c7b\u8fdb\u51fa\u53e3\u5546\u5206\u4f1a\u6570\u636e\u663e\u793a\uff0c2022\u5e74\u6fb3\u5927\u5229\u4e9a\u539f\u74f6\u88c5\u8461\u8404\u9152\u5728\u534e\u7684\u5e02\u573a\u4efd\u989d\uff0c\u5df2\u7ecf\u4ece2019\u5e74\u768435.72%\u8dcc\u7834\u5230\u4e861.14%\u4ee5\u4e0b\uff0c\u8fdb\u53e3\u91cf\u548c\u8fdb\u53e3\u989d\u6392\u540d\u53cc\u53cc\u6389\u51fa\u201c\u524d\u5341\u201d\u3002<\/span><\/span>\u00a0<\/p>\n

\u5bf9\u4e8e\u5b98\u65b9\u91ca\u653e\u4e00\u7cfb\u5217\u201c\u7834\u51b0\u201d\u4fe1\u53f7<\/span>\uff0c\u5c3d\u7ba1\u6709\u76f8\u5f53\u90e8\u5206\u7684\u5916\u5a92\u5bf9\u6b64\u6301\u4fdd\u5b88\u89c2\u70b9\uff0c\u4f46\u4e1a\u5185\u4eba\u58eb\u4ecd\u666e\u904d\u8ba4\u4e3a\uff0c\u4e2d\u6fb3\u8461\u8404\u9152\u8d38\u6613\u6216\u5c06\u56de\u5f52\u6b63\u8f68<\/span>\u3002<\/span>\u00a0<\/p>\n

\u6b64\u524d\uff0c\u5317\u4eac\u5353\u9e4f\u6218\u7565\u54a8\u8be2\u8463\u4e8b\u957f\u7530\u5353\u9e4f\u5728\u63a5\u53d7\u5a92\u4f53\u91c7\u8bbf\u65f6\u5c31\u8868\u793a\uff0c\u4f34\u968f\u4e2d\u6fb3\u7ecf\u8d38\u5173\u7cfb\u7684\u6539\u5584\uff0c\u6fb3\u6d32\u9152\u5f88\u6709\u53ef\u80fd\u56de\u5f52\u4e2d\u56fd\u5e02\u573a\uff0c\u518d\u6b21\u53d1\u6325\u91cd\u8981\u4f5c\u7528\u3002<\/span><\/span><\/p>\n

\u00a0<\/span>\u9ad8\u76db\u96c6\u56e2\uff08Goldman Sachs Group Inc.\uff09\u5219\u5728\u8bc4\u4f30\u5bcc\u9091\u96c6\u56e2\u65b0\u4e00\u5b63\u5ea6\u8d22\u62a5\u65f6\u79f0\uff0c\u673a\u6784\u5bf9\u5bcc\u9091\u96c6\u56e2\u672a\u6765\u7684\u7ecf\u8425\u60c5\u51b5\u6301\u4e50\u89c2\u6001\u5ea6<\/span>\uff0c\u5df2\u5c06\u5bcc\u9091\u96c6\u56e2\u7684\u80a1\u7968\u8bc4\u7ea7\u4e3a\u201c\u4e70\u5165\u201d\uff0c\u5e76\u8868\u793a\u4e2d\u56fd\u5e02\u573a\u7684\u91cd\u65b0\u5f00\u653e\u662f\u4e00\u4e2a\u81f3\u5173\u91cd\u8981\u7684\u79ef\u6781\u9a71\u52a8\u56e0\u7d20\u3002<\/span>\u00a0<\/p>\n

\u00a0<\/span>03<\/strong><\/p>\n

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<\/p>\n

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\u4f46<\/span>\u4ed6\u4ecd\u7136\u5bf9\u4e2d\u56fd\u5e02\u573a\u5145\u6ee1\u4fe1\u5fc3\u5e76\u8868\u793a\uff0c\u5bcc\u9091\u96c6\u56e2\u5c06\u7ee7\u7eed\u6269\u5927\u5954\u5bcc\u7684\u4e2d\u56fd\u8461\u8404\u9152\u4ea7\u54c1\u7cfb\u5217\uff0c\u79ef\u6781\u62d3\u5c55\u5305\u62ec\u4e2d\u56fd\u5728\u5185\u7684\u4e9a\u6d32\u5730\u533a\u4e1a\u52a1\u3002<\/span><\/span><\/p>\n

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Ref : \u5bcc\u9091\u8461\u8404\u9152\u96c6\u56e2FY23H1\u62a5\u544a\u3001Bloomberg\u3001\u5546\u52a1\u90e8\u65b0\u95fb\u8d44\u6599<\/p>\n<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

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