农夫山泉(9633.HK):包装水分额回补 东方树叶增势延续

华泰证券
21 Jul

伴随夏季高温到来,饮料板块进入销售旺季,我们建议把握竞争演化&新品趋势两条主线。从竞争主线来看,25 年以来,包装水行业的竞争同比缓和,舆论事件的影响散去后,农夫重拾份额;25 年无糖茶市场竞争仍然激烈,但东方树叶通过1 元乐享活动积极参与竞争,25 年以来市场份额在高位实现小幅提升;从新品主线来看,公司加大对于NFC 果汁的投入力度,已和山姆、胖东来等新兴渠道合作,同时公司推出新品冰茶(碳酸茶)...

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