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許偉龍先生(Anthony Hui)
高級交易員

現任職輝立高級交易員,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。
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青島啤酒股份有限公司 - H股 (168)

Friday, June 25, 2021 Views4978

青島啤酒股份有限公司 (00168.HK)

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。目前公司在國內擁有60家全資和控股的啤酒生產企業,及2家聯營及合營啤酒生產企業,分佈於全國20個省、直轄市、自治區,規模和市場份額居國內啤酒行業領先地位。其生產的青島啤酒為國際市場上最具知名度的中國品牌,已行銷世界一百餘個國家和地區。

 

基本資料 :

現價: $83.9

市值: 2,282.28億

市盈率: 43.21倍

周息率: 1.065%

52週高/低: $93.55 /$55.15

10天/50天/250天平均價 : $85.935/ $78.628/ $71.288

 

業務回顧:

截至2021年3月31日止的首季業績,青島啤酒的收入增長41.9%至89.28億元人民幣。純利增長90.3%至10.22億元人民幣。收入增長由於公司大力開拓線上線下渠道從而使產品銷量增加以及積極推進創新驅動和產品結構優化升級貢獻明顯。

 

評論:

第一,2021 歐國盃正進行得如火如荼,加上下月舉行在即的奧運會,相信可以刺激啤酒的銷量上升。

 

第二,行業中市盈率較低。

 

第三, AH股存在差價,撰寫本文章時,H股股價為$ 83.9,而A股股價為¥106.30,折合為港幣128.04(以1人民幣= 1.2045港幣計算),兩者存在溢價34.47%。

 

第四,拓展新興業務, 公司將繼續不斷開拓健康飲品及時尚酒吧等新興業務,在全國快速發展「TSINGTAO1903青島啤酒吧」連鎖業務,進一步打造啤酒沉浸式體驗新高地;利用啤酒生產基地改造升級的契機,統籌精釀啤酒、倉儲物流、工業旅游、時尚酒吧等業態,打造集消費者體驗、文化傳播、品牌推廣為一體的多業態互補、共利、共贏的多元化消費生態圈。

 

第五,公司加快數位化生產轉型和智慧製造以及工業互聯網推進的步伐,加速物聯網、大資料、人工智能等新技術在打造規模化、智慧化生產基地中的集成應用,建設智慧製造示範工廠並帶動上下游企業提升產業鏈現代化水準,啟動實施了青島啤酒智慧產業示範園 100 萬千升啤酒擴建項目、青島啤酒廠智慧製造示範工廠等改擴建專案,提高了公司高端產品供應能力,促進企業發輾轉型升級。

 

第六,大麥作為啤酒主要原材料之一,近期國際大麥價格上漲,加上其他大宗商品包括啤酒包裝之玻璃、紙箱以至鋁罐等亦不斷漲價,但青島啤酒等龍頭企業可藉提價轉嫁原材料等成本壓力,從而改善毛利率。

 

第七,股價走勢呈頭肩底,8/6 見過52週高位 $93.55 (升穿保力加通道頂部) 後出現調整,預期保力加通道底部及頸線位大概$80水平會有支持。

 

 

買賣策略
買入價: $80

目標價: $96

止蝕價: $72

 

資料來源: 披露易,2021年第一季度報告,2020年報,阿斯達克

 

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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