Market Brief

The articles are produced in Chinese only.

Author

梁文軒先生 (Eddie Leung)
助理經理

現任職輝立助理經理,對投資股票、期權經驗豐富。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:
3667 0668

維達國際控股有限公司 (3331)

Tuesday, October 15, 2019 Views804

維達國際控股有限公司 (3331)主要業務於中國從事為生產衛生紙產品及個人護理用品。主要品牌包括「維達」、「花之韻」、「雅致」及「雅惠」。產品主要銷售對象為中高檔市場。主要產品包括高級衛生原紙、盤紙、紙巾、餐巾、盒裝面巾、軟包抽取式面巾、濕巾、衛生卷紙等, 目前經濟氣氛緊張,維達是受影響較小的消費品,相信是一個不錯的選擇。

 

 

業績表現

  - 截至2019年6月止半年度,集團營業額上升7﹒6%至78﹒91億元,股東應佔溢利增加5﹒4%至4﹒4億元。期內業務概況如下:

    (一)整體毛利增加1﹒8%至22﹒17億元,毛利率則下跌1﹒6個百分點至28﹒1%;

    (二)生活用紙產品:營業額上升9﹒7%至65﹒02億元,佔總營業額82﹒4%,分部溢利增加1﹒9%至5﹒98億元。紙巾分部的毛利率及分部業績溢利率分別為28﹒2%及9﹒3%;

    (三)個人護理產品:營業額下降1﹒3%至13﹒88億元,佔總營業額17﹒6%,分部溢利減少26﹒5%至7024萬元。個人護理分部的毛利率及分部業績溢利率分別為27﹒7%及7﹒1%;

    (四)於2019年6月30日,集團的造紙設計年產能達122萬噸

    (五)於2019年6月30日,集團之銀行及現金結存為4﹒87億元,短期及長期貸款為47﹒8億元。淨負債比率(總借貸加租賃負債減去現金及現金等價物及限制性銀行存款對比總股東權益)為49﹒9%(2018年12月31日:53﹒5%)。

 

 

按照2019業績半年表現,集團營業額和整體毛利均錄得增長。相信將來可以做得更好。

 

參考資料來源:

www.etnet.com.hk

目標價: 15.5元

 

建議買入價:13.5元

 

止蝕位:12.5元

 

 

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<3331>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.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
E-Check
Login
Louis Talk
Investor Notes
Free Subscribe
Contact Us