2007中国白酒行业深度研究报告

CitigroupResearchisadivisionofCitigroupGlobalMarketsInc.(theFirm),whichdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Non-USresearchanalystswhohavepreparedthisreportarenotregistered/qualifiedasresearchanalystswiththeNYSEand/orNASD.~1CitigroupGlobalMarketsAsiaNotfordistributioninthePeoplesRepublicofChina,excludingtheHongKongSpecialAdministrativeRegion.CitigroupGlobalMarkets|EquityResearchFigure1.ChinaSpiritsIndustry:ValuationSnapshotPricePriceETRPEEPSCAGRROENameRatingCurrentTarget(%)06E07E08E09E06-09E09-12E07E08EKweichowMoutai1L94.8119.827.759.243.628.021.939%22%31%38%LuzhouLaojiao1M30.737.322.879.4