中国奶制品行业报告.pdfVIP

China Dairy Sector Report II Will IMF sector enter a price deflation cycle? We forecast Chinas IMF sector growth to decelerate in the next decade We forecast Chinas IMF sector to record a CAGR of 5% during 2013-20E, representing a significant slowdown from 23% CAGR during 2007-13. Our conservative view is mainly due to 1) implementation of stricter regulation since 2014, which will help to remove unjustified price premium; 2) higher-than-expected price elasticity of demand; 3) downward pricing pressures resulted from ramp-up of online sales; 4) potential over- su