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黃萬里先生 (Man Wong)
高級交易員

現於輝立証券任職交易員,擅長由上而下,縱觀經濟大勢,再結合技術及基礎分析,研究版塊及個股走勢。 本人認為,要於動盪的市況,持續取得優秀的成績,除了取決於投資策略及工具是否運用得宜,投資者的個人心理質素,是更為關鍵的因素。 歡迎各位來電或WhatsApp,交流港股、期貨、期權及其他衍生工具的投資心得。
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雅迪集團控股有限公司 (1585)

Friday, September 27, 2019 Views727
業績
雅迪控股(1585.HK)公佈,至2019年6月底為止的中期業績,收入40.75億人民幣(下同),按年跌11.1%,純利1.8億元,倒退7.6%,毛利6.83億元,倒退4.5%,每股盈利6.1分,不派中期息。
 
業務概況
公司主要在中國從事電動兩輪車及相關配件的開發、製造及銷售。雅迪控股中期業績錄得首次下滑,主要原因就是受到行業政策“新國標”的影響,導致市場觀望情緒上升。
 
雅迪控股是電動兩輪車的行業龍頭,過去五年的收入持續增長,亦是唯一一家銷售量突破500台,領先地位穩固。
電動兩輪車在國內普及,用於日常出行、快遞等,草根味濃。雅迪打穩根基後,擬將產品推向精品領域。
新出的型號-G5,由本田設計團隊設計,配備松下18650鋰電池,並有GPS及手機APP控制功能,以及7吋LED顯示屏,設計時尚,可謂精品電動兩輪車的開山之作。
雅迪在中國有六大生產基地:江蘇、天津、浙江、廣東、重慶及安徽,公司擬向外拓展至越南等東南亞地區,預計2019年底,產能可望達到750萬台。
雅迪的分銷網絡遍及77個國家,有1889個分銷商及過萬家門市。線上除在京東搭建旗艦店外,亦自建雅迪購電商平台。
 

評論
行業政策因素致使雅迪控股的股價,自年初起持續下跌,至上月底方喘定。電動兩輪車在中國,以致其他發展中國家會越來越普及,雅迪行業龍頭的地位從未被超越,現時應是低吸時機。
 
交易策略
雅迪於7月8日曾恐慌式暴跌至0.88,此為特殊例子,可以不作參考,真至的支援區間在1.40-1.45,可以此為此蝕位,現價1.71,可於1.60-1.65買入,短期上望2.30,此為2.30-2.90成交密集區的低部。
 
買入價:1.60
目標價:2.30
止蝕位:1.40
 
本人為證監會持牌人士。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證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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