图表内容
表13：贵州茅台盈利预测拆分
项目
2019A
2020A
2021A
2022E
2023E
2024E
营业总收入（百万元）
88854.34
97993.24
109464.28
127243.52
146072.87
167659.47
15.10%
10.29%
11.71%
16.24%
14.80%
14.78%
毛利率(%)
91.64%
91.68%
91.79%
92.07%
92.27%
92.49%
茅台酒
营业收入（百万元）
75802.30
84830.94
93464.51
107735.75
122560.57
138851.96
15.75%
11.91%
10.18%
15.27%
13.76%
13.29%
销量（万吨）
3.46
3.43
3.63
4.05
4.44
4.85
增速(%)
6.46%
-0.72%
5.68%
11.64%
9.75%
9.22%
吨价（万元/吨)
219.32
247.23
257.75
266.13
275.84
286.13
墙速(%)
8.72%
12.73%
4.26%
3.25%
3.65%
3.73%
系列酒
营业收入（百万元）
9542.26
9991.06
12594.78
15704.58
19960.24
25127.09
18.14%
4.70%
26.06%
24.69%
27.10%
25.89%
3.0083
2.9743
3.0177
3.2525
3.5739
3.8905
1.04%
-1.13%
1.46%
7.78%
9.88%
8.86%
吨价（万元/吨）
31.72
33.59
41.74
48.28
55.85
64.59
