天韵国际控股(06836.HK):OEM业务倒退但自有品牌销售进一步增长,维持“买入”评级,目标价1.56港元
机构:国泰君安
评级:买入
目标价:1.56港元
天韵2019年上半年业绩差于预期。公司2019年上半年收入同比上升4.2%至人民币4.576亿元,主要由于自有品牌的持续增长,其同比增长23.2%至人民币2.58亿元。但OEM销售同比倒退8.2%至人民币1.67亿元,因为全球贸易紧张。天韵2019年上半年毛利率同比轻微上升0.2个百分点至28.0%,主要得益于OEM产品平均售价的上涨。公司销售费用率在2019年上半年维持在1.5%。天韵的管理费用占比同比提升0.3个百分点。天韵2019年上半年净利润同比增长4.1%至人民币70.3百万元。
自有品牌产品更加丰富,销售渠道继续扩张。天韵计划进一步开展研发,推出更多产品,使其产品结构更加多样化。天韵经销商数量从2018年的210家增加到2019年上半年的277家。随着新收购的宜昌工厂继续优化产能,2019年上半年天韵生产产能和去季节化生产进一步增强。公司在山东的第5和第6号生产车间预计将于2020年第1季度开始投产。与住商食品和四川发展的多赢合作将强化天韵在四川省的根基,以及大幅提高其销售增长。
因为更低的盈利预测,我们下调目标价至1.56港元。在四川发展和住商食品的支持下,公司收入和利润有显著增长空间。其当前估值吸引。因此,我们维持因此,我们维持“买入”评级评级但下调目标价至1.56港元,相当于8.6倍、7.2倍和6.2倍倍2019年、2020年和2021年市盈率。

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