澳优(1717.HK)不惧风波坚定成长持续向上扬帆远航维持“买入”评级目标价15港元
机构：国金证券
评级：买入
目标价：15港元
事件简述
8 月 15 日，沽空机构 Blue Orca 发布澳优做空报告，认为澳优夸大营业收 入，误导中国消费者，隐藏成本，并且通过未披露关联方交易让高管们得 以隐秘地谋取私利。受此影响，澳优股价直线崩盘，跌幅超过 20%，当日做 停牌处理。8 月 16 日公司发布澄清公告，对做空报告内容进行一一回应。
事件点评
针对做空报告的 5 点质疑，我们结合澄清公告，对其进行了一一解读：
1. 进口量虚报？公司的每一进口批次都有海关官方文件得以证明。该做空 机构的数据来源是不准确且不专业的，而澳优有来自海关官方详细的数字 予以佐证，因此基于非官方数据源得到的结论是不准确且极具误导性的。 2. 误导中国消费者？中外官方宣传语并未出现矛盾。做空报告所出示截图 均来自佳贝艾特官网中的消费者互动板块，即用户评价，而非官方口径。 3. 低报人工费用？荷兰公司与公司合并年报中口径不同不可比。荷兰的审 计报告是按照荷兰标准进行编制的，但是上市公司的合并报表是按照香港 的准则来编制的，对于临时员工以及差旅费是不纳入其中的。 4. 云养邦虚假交易？是完全合法合规的委托代持股份。王炜华仅为代名人 股东，从未成为云养邦香港的任何股份拥有人，7 月初已解除代持关系。 5. 隐瞒关联方分销商？从不是秘密，“未披露”不等于“刻意隐瞒”。这三 家分销商的销售占比均不超过 1%，属于港交所规定中的“可以豁免披露的 事项”，做空报告将“未披露”与“刻意隐瞒”划等号是不合理的。
当前估值优势尽显，坚定看好澳优长期发展。我们依然对澳优充满信心， 公司的基本面趋势向上，核心逻辑不变，未来发展依然有较大的空间。我 们认为，下半年公司将会在新注册配方以及新上线营养品的加持下得到更 快的发展，全年业绩也值得期待。被做空后澳优的估值已在底部，具备较 强的向上弹性，同时基本面持续向上，我们坚定看好公司长期发展。
盈利预测 预计公司 19-21 年收入分别为 70.2 亿元/90.3 亿元/114.6 亿元，同比增长 30.3%/28.6%/26.9%；归母净利润分别为 8.0 亿元/12.5 亿元/16.2 亿元， 同比增长 25.9%/56.4%/29.7%；EPS 分别为 0.50 元/0.78 元/1.01 元，当前 股价对应 PE 为 20X/13X/10X，维持“买入”评级。
风险提示 需求下滑/产能过剩/行业竞争加剧/食品安全问题。
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