You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
萬洲國際(0288.HK ):2019年三季度經營利潤529百萬美元,同比增長54.8%,維持“買入”評級
格隆匯 10-30 16:24

機構:廣發證券

評級:買入

核心觀點:

2019年9個月收入171.9億美元,經營利潤12.95億美元2019年1至9月,萬洲國際實現營業收入171.9億美元(生物公允價值調整前),同比增長3.7%;經營利潤12.95億美元,同比上升7.2%。期間,生豬出欄15,977千頭,同比增長6.5%;生豬屠宰40,971千頭,同比持平;肉製品銷量2,439千噸,同比增長0.3%。

2019年第3季度經營利潤529百萬美元,同比增長54.8%

2019年第3季度萬洲國際經營利潤529百萬美元,同比增長54.8%;淨利潤423百萬美元,同比增長66.7%;3季度中國業務由於產品提價、肉製品調結構和使用前期凍肉庫存實現經營利潤284百萬美元,同比增長18.4%;同期,由於出口增加、規模增長,美國業務表現良好實現經營利潤207百萬美元,同比增長169.9%;其中得益於有效的對衝策略,美國生豬養殖業務在2019年前3季度扭虧為盈,前三季度實現利潤2600萬美元。

預計2019-2021年業績分別為0.07、0.11和0.12美元/股

預計公司將繼續發揮全球佈局和產業鏈的優勢,繼續推行產品結構調整和調整產品價格策略推動公司收入和利潤增長。由於中美豬價快速上漲,我們調整盈利預測,預計公司2019、2020和2021年的EPS為0.07、0.11和0.12美元每股,當前價格對應2019-2021年PE倍數為13.36、9.09和8.44倍。考慮未來兩年盈利能力增強,給予2020年12倍PE,對應合理價值為10.34HKD/股,維持“買入”評級。

風險提示

1、美國發生豬瘟

2、豬價快速上漲,肉製品和屠宰銷量下滑,導致屠宰業務利潤受到擠壓

3、肉製品及新鮮肉銷量低於預期。

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.
uSMART
Wealth Growth Made Easy
Open Account