Market Brief

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Author

陳招富先生 (Anthony Chan)
助理經理

現任職輝立助理經理,樂意與客戶研究買賣策略。歡迎各位來電交流心得
Phone:
22776655

佛山市海天調味食品股份有限公司 603288.SH

Wednesday, January 02, 2019 Views1861

公司簡介

海天是中國調味品行業的龍頭企業,專業的調味品生產和營銷企業,溯源於清代中葉乾隆年間開始鼎盛的佛山醬園,距今己有300多年的歷史,是中華人民共和國商務部公佈的首批“中華老字號”企業之一。目前生產的產品涵蓋醬油、蠔油、醬、醋、料酒、調味汁、雞精、雞粉、腐乳等幾大系列百餘品種300多規格,年產值過百億元。公司調味品的產銷量及收入連續多年名列行業第一是全球最大的調味品行業生產銷售企業。

 

公司業績概述

海天味業發布半年報,第一季收入87.20億,同比增加17.24%,歸母淨利潤22.48億,同比增加23.30%,扣非歸母淨利潤21.51億,同比增加23.48%。

 

其中第二季收入40.26億,同比增加17.48%,歸母淨利潤10.45億,同比增加23.52%,扣非歸母淨利潤10.01億,同比增加25.70%。

 

創新管理模式

  1. 精耕渠道,擴容市場,加快推動營銷轉型。
  2. 加快互聯網線上、封閉終端通道、出口等業務發展
  3. 推動公司供給側改革,促進質量,為市場提供更多優質精品。
  4. 嚴格質量管理,通過優化生產工藝、加快重點技術攻關項目的突破、改進產品包裝等
  5. 提升管理,利用外部新型資源,推動內部業務鏈的優化和釋放價值。
  6. 積極嘗試利用互聯網、大數據、人工智能這些新型資源與業務藍圖的再次優化融合

 

利好因素

  1. 公司收入持續穩定增長
  2. 內需消費
  3. 股價跑贏市場

 

潛在風險

  1. 食品安全問題
  2. 原材料價格波動 (黃豆、糖)
  3. 調味品行業競爭惡化
  4. 市盈率相對高

 

筆者建議可以在55.5附近買入,止蝕價52.7。目標價72.5元。

註:本人陳招富為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

 

 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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