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趙俊邦先生 (Joseph Chiu)
助理經理

現任職輝立助理經理,投資股票經驗豐富。擅長期權及期貨倉位分析,誠意為客戶提供實戰應用策略或交流心得!
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創科實業669.hk - 好股自然賣得貴

Thursday, July 28, 2016 Views6476
公司簡介
創科實業有限公司乃是領導全球的電動工具、配件、手動工具、戶外園藝工具及地板護理產品設計、製造及市場營銷企業,專為消費者、專業人士及工業用家提供家居裝修、維修及建造業產品。集團專注於強勁品牌、創新產品、卓越營運及
優秀人才的策略,不斷推動集團的企業文化。
 
創科實業於1985年在香港成立,擁有領先業界的品牌組合,客戶遍及世界各地,員工人數逾20,000人,並於香港交易所上市,而2015年的全球銷售總額達50億美元。
 
財務表現創高峰
截至二零一五年十二月三十一日止年度,受惠於集團積極投放資源於研發創新產品和進行市場推廣所帶動,銷售額較二零一四年增長6.0%至5,000,000,000美元。所有地區的銷售額(未經貨幣調整)均顯著上升,反映集團的品牌實力雄厚且產品組合別具優勢。作為集團最大業務的電動工具分部今年再創佳績,銷售額增長11.8%至4,000,000,000美元,佔總銷售額的78.8%,而經營溢利則較二零一四年上升29.7%。地板護理及器具業務表現符合集團上半年度的策略,繼續按計劃退出部份非核心發展範疇的低利潤業務及產品,年內相關業務銷售額較二零一四年下跌11.2%至1,000,000,000美元。展望未來,集團將會發揮全新產品組合及世界級品牌的優勢,專注發展充電式及商用清潔器具,有策略地推動業務發展。
 
集團毛利率由去年35.2%升至35.7%,連續七年錄得增長,主要受惠於推出嶄新產品、銷量增長及產能上升。集團針對全球業務推行成本改進計劃,在採購、供應鏈、價值工程及生產方面均有助節省大量成本。集團繼續投放資源推動自動化及精益生產,以提升勞工效率及整體生產力。
 
除利息及稅項前盈利增加14.0%至400,000,000美元,而盈利率則上升50個基點至7.9%。股東溢利增加18.0%至354,000,000美元,每股盈利則較二零一四年上升18.0%至19.37美仙。營運資金佔銷售額的百分比維持在17.0%的低水平,負債比率為13.4%。董事會建議派發末期股息每股23.25港仙(約2.99美仙)。連同中期股息每股16.00港仙(約2.06美仙),全年股息合共為每股39.25港仙(約 5.05美仙),較二零一四年每股 31.50港 仙(約4.05美仙)增加24.6%。
 
毛利率上升至 35.7%,去年則為 35.2%。推出嶄新產品,擴展產品類別,改善營運效益及有效的供應鏈管理,均是毛利率上升的原因。
 
短評:
創科持續多年銷售均有增長,公司管理層穩建,積極拓展銷售地區及定時研發新產品以拓銷路。故建議買入7月25日收市價為33.3,建議在33元吸納十二個月目標價為42元。
 
註:本人趙俊邦為證監會持牌人士。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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