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統一企業中國(00220.HK):業績符合預期,毛利率繼續提升,維持“持有”評級,合理價值8.67港元
格隆匯 03-27 15:32

機構:廣發海外

評級:持有

目標價:8.67港元

核心觀點:

2019年業績符合預期。2019年公司營業收入22,019.7百萬元,同比增長1.1%,税後合併利潤為1,366.2百萬元,同比增長32.7%;公司2019年毛利率同比增長2.5個百分點至36%,毛利率改善主要由於產品結構調整和減税利好。

方便麪業務和飲料業務均實現增長。2019年公司方便麪和飲料業務營業收入分別為8,500.7百萬元和12,730百萬元,同比增長0.9%和0.9%。方便麪業務中“湯達人系列”實現雙位數增長;奶茶系列營業收入同比增長13.1%,果汁事業營業收入同比增長1.3%。

預計2020-2021年業績分別為0.33元/股、0.34元/股。預計公司聚焦經營的策略將繼續推動高毛利產品的增長;維持產品價格體系和產品的新鮮度管理。受新冠肺炎疫情影響,公司方便麪和自熱產品銷量增長,但飲品銷售將承壓。預計2020、2021年的EPS分別為人民幣0.33和0.34元/股,當前價格對應2020、2021年PE為19.93和19.41倍。預計未來兩年公司收入增長穩定,基於PE估值法,給予2020年24倍的PE,合理價值8.67港元/股,維持“持有”評級。

風險提示。原材料價格波動風險;核心產品系列銷售大幅下滑;食品安全問題。注:本文除特別説明外,均使用人民幣為貨幣幣種

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