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繼高鐵後的珠澳大橋開通在即 本港化妝品等零售業料受惠

大灣區基建項目正在逐步推進落實,高鐵香港段已在9月23日正式開通,大幅縮短來往香港至深圳及廣州的時間。而港珠澳大橋則有望於10月開通,往來珠海或者澳門乘坐巴士最快僅需30分鐘。我們認為,這些基建有助為本港帶來更多人流,本港零售市場將受惠,並能夠抵消部分中美貿易戰,以及人民幣匯率及金融市場波動帶來的負面衝擊。

我們也同時考慮到,交通便捷後過夜旅客數目以及人均消費或會有下跌的風險,但預計對於較為平價的消費類別,如化妝及藥品影響將屬有限。我們並看好大灣區政策對香港在中長期帶來的好處,包括在政策及基建項目方面,預計能夠帶動區內人流及長遠經濟發展,零售業仍將會是最先受惠的行業之一。

本港最大化妝品代理商之一的莎莎國際(178.HK),下半年業務表現有望受惠於上述兩項基建的落實。其首個財季(3至6月)銷售額增長加快至24.8%,當中港澳地區的銷售收入及同店增長分別增長約27.7%及25.3%。考慮到基數等因素,下半年增長或將略有放緩,但全年整體收入仍有望維持雙位數字增長,並帶來經營槓桿。

撰稿: 顧慧宇研究分析員
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