达利食品(03799.HK)：上半年收入111.25亿元 EBITDA升9.4%至30.92亿元
格隆汇8月28日丨达利食品(03799.HK)发布中期业绩，截至2019年6月30日止6个月，公司实现收入111.25亿元人民币(下同)，同比增长1.0%；毛利45.60亿元，同比增长5.1%；毛利率由上年同期39.4%上升1.6个百分点至41.0%；母公司普通股权益持有人应占溢利20.74亿元，同比增长5.27%；扣除利息、税项、折旧及摊销前盈利(EBITDA)30.92亿元，同比增长9.4%；基本每股收益0.15元；拟派中期股息每股0.084港元，以及特别股息每股0.084港元。
2019年上半年，集团收入同比增长1.0%至111.3亿元，其中食品分部的收入同比增长1.6%，饮料分部收入同比下滑1.3%。实现毛利45.6亿元，同比增长5.1%；食品与饮料分部的毛利分别为19.2亿元与26.2亿元，同比分别增长7.7%和3.4%。集团整体毛利率为41.0%，比去年同期上升1.6个百分点；其中食品业务毛利率为37.1%，比去年同期增长2.1个百分点。饮料业务的毛利率为50.0%，比去年同期上升2.3个百分点。截至2019年6月30日的销售费用占收入的比例为18.2%，比去年同期提升1.6个百分点。净利润同比增长5.3%至20.7亿元，净利润率为18.6%，比去年同期增长0.7个百分点。
上半年，集团继续开拓家庭消费市场；同时通过新产品开发、口味衍生、拓展和优化渠道结构等措施为成熟品牌注入新的增长动力；品牌建设方面采用了更立体的传播策略，对豆本豆和乐虎进行了形象升级。在消费市场相对疲软的情况下，集团通过合理投入资源和提高营运效率，进一步提升了利润率水平，保持了强大的现金流，抗风险能力得以加强。尽管体系改革对销售有短期的影响，但改革的正面效果将逐步呈现，为未来整体业绩和盈利的健康增长奠定基础。
食品板块销售收入由2018年上半年的51.01亿元增加1.6%至2019年上半年的51.84亿元，糕点、薯类膨化类食品及饼干销售收入较2018上半年分别增长0.9%、3.4%和1.2%。
饮料产品销售额由2018年上半年的53.07亿元下滑1.3%至2019年上半年的52.35亿元，其中功能饮料、植物蛋白和含乳饮料(包括豆本豆)销售额分别增长6.8%、1.6%，而凉茶及其他饮料则分别下滑9.8%和14.6%。
2019年上半年，凉茶市场整体增长乏力，和其正凉茶同比下跌9.8%。随着销售团队的调整完成，今后会重新规划资源投入和渠道建设。同时，由于和其正已经具有较为稳固的品牌知名度，品牌营销策略上将强化与传统文化关联，深化品牌内涵为主。
展望2019年下半年，集团仍将坚持用心创品质，秉承多品牌、多品类的发展战略，落实销售体系改革的成果，致力保持健康稳定的增长，继续为股东创造价值。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
