恆安國際(01044.HK)：在變革中不斷成長的生活衞生用品龍頭，給予“買入”評級，目標價74.0 港元
機構：國元證券
評級：買入
目標價：74.0 港元
投資要點
生活衞生用品龍頭，品牌勢能強勁：
福建恆安集團有限公司創立於 1985 年，秉承“追求健康，你我一起成長”的企業使命，專注於生活用紙、衞生巾和紙尿褲產品的研發、生產和銷售。經過多年的發展，公司憑藉在技術研發、產品設計、質量控制、品牌建設等方面的持續投入，在業內樹立起良好的口碑和極高的品牌認知度。旗下品牌心相印、 安爾樂多年來在各細分市場保持市佔率第一的位置， 品牌勢能強勁。
消費升級、產能出清，集中度提升利好行業龍頭：
消費升級下，產品創新及高端化將驅動生活用紙、衞生巾、紙尿褲行業繼續擴容；且生活用紙的人均消費量及紙尿褲的滲透率還有繼續提升的空間，恆安作為行業龍頭，將受益於市場規模的持續增長。此外，三個行業的集中度亦還有進一步提升的空間，在環保、成本、研發、規模、品牌等具備優勢的龍頭企業將繼續吞併不堪經營壓力的中小型企業，加速落後產能的出清，市場份額進一步向龍頭集中將是大勢所趨。
競爭優勢突出，阿米巴變革變身成長加速器：
公司擁有覆蓋廣泛的渠道網絡及產能佈局， 收入規模業內領先； 採取多品牌、多品類的業務發展戰略，盈利能力業內領先；擁有兩大國家級技術平台，研發水平國內領先；管理層高瞻遠矚，多次變革引領公司不斷邁上新台階，新的阿米巴經營模式有效提升團隊的靈活性及市場反應能力、加速渠道的轉型，預期將繼續引領公司夯實行業龍頭地位，助推業績持續穩定增長。
首次覆蓋給予“買入”評級，目標價 74.0 港元：
我們預計公司 2020-2022年 EPS 分別 3.67/3.95/4.31元，公司作為行業的絕對龍頭，當期估值相較同行明顯偏低，我們給予 74.0 港元的目標價，分別對應 2020/2021 年 18.1/16.9 倍 PE，較現價有 21.3%的漲幅空間，首次覆蓋給予“買入”評級。
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.
