Market Brief

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Author

許偉龍先生(Anthony Hui)
交易員

現任職輝立交易員,對投資股票經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533066

青島啤酒股份有限公司 (00168.HK)

Monday, September 23, 2019 Views361

業務概要: 集團經營範圍是啤酒製造、銷售以及與之相關的業務。目前集團在國內擁有56家啤酒生產企業,分布於全國18個省市地區,規模和市場份額居國內啤酒行業領先地位。其生產的青島啤酒營銷世界70餘個國家和地區。

 

基本資料 :

現價: $49

市值: 320.98億

市盈率: 40.87倍

周息率: 1.115%

52週高/低: $55 /$29.05

10天/50天/250天平均價 : $49.39/ $49/ $40.25

 

主要股東 :

青島啤酒集團有限公司(32.83%)

復星國際有限公司(17.99%)

 

業務回顧:

截至2019年6月30日止的中期業績,青島啤酒的收入增長9.2%至165.51億元人民幣。純利增長25.2%至16.31億元人民幣。收入增長由於產品銷量增加以及產品結構優化貢獻明顯。業績符合市場預期。

 

評論:

第一,受惠9月中旬將舉行歐洲聯賽分組賽,預計對啤酒的銷售量大幅上升。

 

第二,百威亞太重啟招股, 作為影子股的青島啤酒將有少量炒作。

 

第三,供應鏈管理: 公司對組織架構進行調整,新設供應鏈中心,由原行銷中心物流管理總部及原製造中心採購管理總部組成,有望全面提升供應鏈運行效率。通過打造高效供應鏈協同增效,優化集中採購競價策略,積極消化成本上升壓力;運用智慧製造新技術實現智慧生產、綠色生產,提高資源配置效率,加速新舊動能轉換,保持差異化競爭優勢。

 

第四,產品結構優化及高端化加速進行。據國家統計局資料,2019年1-7月中國規模以上啤酒企業累計產量達2399.5萬千升,同比增長0.3%。值得注意的是,雖然產量增長不多,但升級趨勢明顯,龍頭中高端銷量均實現較快增長,其中嘉士伯高端產品銷量增長9%,百威英博增長7.6%,華潤中高端啤酒增長7.0%,青島啤酒中高端產品增長10%。公司持續提升青島啤酒在啤酒行業中的高端品牌定位,不斷促進產品結構優化升級,以更加完善的產品品類和品種結構的組合優化,助力青島經典、青島純生、新特產品及嶗山啤酒做強、做優、做大,加快向高附加值產品轉型升級,最終實現盈利能力提升。

 

第五,2019年3月21日,財政部、國家稅務總局、海關總署聯合發佈《關於深化增值稅改革有關政策的公告》,由4月1日起實施的深化增值稅改革,增值稅稅率由16%降至13%,公司受益於降稅措施的實施,有助提高盈利能力。

 

第六,股東於中期業績過後紛紛增持公司股票,反映股東對公司前景充滿信心。

 

 

買賣策略
買入價: $48

目標價: $55

止蝕價: $43.2

 

資料來源: 披露易,2019年中期報告,新浪財經

 

註:本人許偉龍為證監會持牌人士。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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