食品饮料渠道变革系列报告(一)：白酒线上化风起挑战与机会并行

平安证券股份有...2025-03-05

从萌芽到初具规模，白酒电商稳健发展。我们认为2000年到现在，白酒线上化发展一共经历4大阶段：1）2000~2010：我国电商仍处萌芽期，酒仙网等垂直平台相继成立；2）2011~2014：资本加持下，酒类垂直平台快速发展，但低价倾销等事件时有发生，酒厂对于线上渠道较谨慎；3）2015~2019：垂直平台相继整合，酒厂密集在天猫/京东开设官旗，官方渠道影响力提升；4）2020至今：白酒电商已初具规模...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250305172310963a81c4&s=b><strong>平安证券股份有...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>从萌芽到初具规模，白酒电商稳健发展。我们认为2000年到现在，白酒线上化发展一共经历4大阶段：1）2000~2010：我国电商仍处萌芽期，酒仙网等垂直平台相继成立；2）2011~2014：资本加持下，酒类垂直平台快速发展，但低价倾销等事件时有发生，酒厂对于线上渠道较谨慎；3）2015~2019：垂直平台相继整合，酒厂密集在天猫/京东开设官旗，官方渠道影响力提升；4）2020至今：白酒电商已初具规模...</p>\n\n<a 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+17%；2）电商平台百亿补贴常态化，通过补贴白酒等消费者认知强、价格高的单品引流；3）经销商库存增加、价格倒挂、利润空间压缩，寻求线上新增长空间；4）白酒消费代际逐渐更替，而85后更加倾向于从线上获取信息。展望：长期有望规范化发展，代运营或成趋势。对于白酒线上化，我们认为：1）2023年白酒线上化率仅12%，较消费品大盘约3成的线上化率仍然有较大的提升空间，整体仍处导入期，抖音等高势能渠道发展潜力较大；2）百亿补贴虽然带动白酒销售，但对白酒线下的价盘造成冲击，并且线上假货率较高，伴随酒厂加大线上管控，行业有望规范化发展；3）对于官方旗舰店而言，由于各类平台流量逻辑差距较大，并且酒厂过往以线下销售为主，能力可复用程度不高，代运营机构的专业化能力能够帮助酒厂降低成本、提升运营效率，长期或成趋势。在需求整体承压的背景下，酒厂加大供给侧管控，通过减量、控货等方式挺价，维持价值链稳定与渠道健康，利好长期发展。此外，白酒线上化有望规范化发展，为白酒销售提供新渠道，加速供需拐点到来。标的上推荐三条主线，一是需求坚挺的高端白酒，推荐贵州茅台、五粮液、泸州老窖；二是全国化持续推进的次高端白酒，推荐山西汾酒；三是主力产品位于扩容价格带的地产酒，推荐迎驾贡酒、古井贡酒、今世缘、老白干酒。风险提示：1）宏观经济波动影响；2）消费复苏不及预期；3）食品安全问题；4）原材料波动影响；5）行业竞争加剧风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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食品饮料渠道变革系列报告(一)：白酒线上化风起 挑战与机会并行

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食品饮料渠道变革系列报告(一)：白酒线上化风起挑战与机会并行