酱油产能陆续释放 老恒和酿造(02226.HK)中期纯利增长7.7%至9930万元
格隆汇8月30日丨老恒和酿造(02226.HK)公布，截至2019年6月30日止6个月，公司收入4.02亿元人民币，同比增长4.5%；公司拥有人应占净利润9930万元，同比增长7.7%；每股盈利17.2分。
收入增长主要由于新销售渠道的持续建设以及多元化产品间的协同效应所带来的销售量增长所致。
经过多年以来对流通渠道、餐饮渠道及电商渠道的持续建设，公司的销售渠道目前已经成功覆盖全国三十个省、自治区及直辖市，并拥有约1,300家经销商，新销售渠道的经销商为我们的销售贡献逐年扩大。新销售渠道的销售额由2018年上半年的人民币178.2百万元上升至2019上半年的人民币194.8百万元，增长9.3%。
2019年上半年，随着公司新销售渠道的成熟，公司营销资源更为均衡地在新销售渠道和商超渠道之间进行分配，新销售渠道与公司原有的商超渠道的协同效应已初步呈现，商超渠道的销售额在商超行业整体低迷的态势下仍可保持小幅增长，销售额由2018年上半年的人民币206.7百万元上升至2019年上半年的人民币207.4百万元。
于2019年上半年，公司的主要产品料酒继续成为我们的主要收入来源，占总收入的70.3%。于2019年上半年，公司推出较多性价比较高、适合餐饮市场消费的新品，如1.75L老恒和料酒、500ml老恒和精制料酒、500ml老恒和红烧料酒等，受到了市场的欢迎，公司预计会继续加大在餐饮渠道端及产品端的投入，以获取更大的市场份额。
此外，随着公司酱油产能的陆续释放，2019年上半年公司酱油销售收入较2018年上半年增长16.6%，占总收入的16.8%。基于对现有不断增长的新销售渠道的客户需求和对新销售渠道进一步发展而带来的酱油、米醋、腐乳等产品的销售增长预期，公司认为丰富而又多元化的调味品结构将更有利于该集团未来几年的业务发展。因此公司将继续提升酱油、米醋、腐乳等产品的产能来对该集团现有的调味品产品组合进行扩充。
在调味品市场竞争激烈而又蓬勃发展的背景下，公司将继续奉行多元化策略，将投资及资源用于新销售渠道的市场渗透和丰富产品组合。公司的销售策略仍以消费者为中心，致力实现较高的客户忠诚度。公司专注于向消费者提供更优质、更安全和更健康的天然酿造的调味品。
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