日清食品(01475.HK):源自日本,專注高端的知名方便麪生產商,給予“買入”評級,目標價7.75港元
機構:國元證券
評級:買入
目標價:7.75港元
投資要點
中國大陸方便麪行業復甦,高端市場驅動行業增長:
外賣產業已進入寡頭競爭的成熟階段,外賣補貼退坡,性價比優勢弱化;加上外賣平台食品安全問題頻發,具備工業化生產、有安全質檢保證、大品牌背書的方便麪再次獲得消費者青睞,2017年後行業釋放回暖信號。伴隨中產階級隊伍的不斷壯大,人們消費能力的不斷提升,消費升級背景下,高端細分市場預計將保持雙位數增長。
專注高端細分市場,中國香港市佔第一,中國大陸排名居前:
日清食品是一家在中國大陸和中國香港主要專注於高端方便麪細分市場的知名食品公司。在中國香港市場,日清市佔率達到60%以上,具壟斷地位;在中國大陸,為規避低端市場的紅海競爭並維護其高端的品牌形象,日清採取差異化的產品競爭策略,以海鮮口味作為主打,主攻高端細分市場,已逐漸在高端市場佔據一席之地。
首次覆蓋給予買入評級,目標價7.75港元:
公司在高端細分市場具備較強的品牌力和產品力,全新產能已配備完畢,伴隨渠道的進一步深耕,分銷網絡的逐步壯大,業績預計會保持穩健增長。我們預計公司2019-2021年EPS將分別為0.26/0.30/0.35港元,給予目標價7.75港元,對應2020年1.67倍PEG,25倍PE,較現價有20%的漲幅空間,首次覆蓋給予“買入”評級。

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