高鑫零售(06808.HK)：線上B2C業務拉動營收增長，雙品牌整合盈利能力顯著改善，維持“推薦”評級
機構：東興證券
評級：推薦
事件：公司發佈《2020 年半年度報告》，公司 2020H1 實現營收 531.7 億元，同比增長 5.1%；營業利潤 28.34 億元，同比增長 6.62%；歸母淨利20.62 億元，同比增長 16.76%。
疫情大考，線上 B2C 業務順勢擴張。疫情考驗公司數字化轉型成果，疊加公司聯合天貓和菜鳥打造“貓超共存庫”、“貓超半日達”和菜鳥社區團購等新型消費場景，為消費者提供高效便捷到家服務，線上業務高速增長。Q2 日均線上客單量超 950，相較 Q1 的 750 單環比增長 26.7%；其中，618大促日均客單量超過 1750 單，同比增長超 100%。受疫情考驗經營模型進一步優化，線上消費習慣已養成，短期客單價環比回落，但線上客單量高增有望長期支撐業績增長。
迎合消費需求多業態展店，市場份額有望進一步提高。消費者對便捷性訴求增高，商圈不斷縮小，公司迎合消費需求的轉變開始佈局中小業態，向多業態佈局轉型。這一方面有望幫助企業提高市佔率，另一方面也對企業在產品、門店經營管理等方面的能力提出更高要求。截至 2020H1，公司擁有 481 家大賣場（-3 家）和 3 家中型超市，本年預計新增 10 家大賣場、2-3 家中型超市和 30 家小型超市，中小型超市成為公司未來主要展店方向。
雙品牌整合效果明顯，助力集團盈利能力提升。公司已於 2019 年完成了大潤發和歐尚的總部、供應量、商品結構和物流中心等的整合，各部門協同效應日益顯現，雙品牌整合效果凸顯。在此影響下，歐尚門店業績顯著提升，生鮮損耗持續降低，公司整體管理費用率同比下降 0.47pct至 2.29%，盈利能力有所增強。由於上半年對租户租金減免，公司 H1 毛利率同比降低 1.52pct 至 24.55%。隨着疫情的結束，業務逐漸常態化，公司的整合優勢有望進一步顯現，實現毛利率和淨利率的同步增長。
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