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鳳祥股份(09977.HK)首次覆蓋報告:白羽雞注入消費品屬性,領軍企業釋放新活力,給予“買入”評級
格隆匯 12-17 09:06

機構:開源證券

評級:買入

白羽肉雞一體化企業,深加工能力領先

公司是國內第二大白羽肉雞一體化生產企業,產業鏈涵蓋雞苗、生雞肉製品及深加工雞肉製品,以雞肉製品代理加工起家,逐步向自營食品加工轉型。公司整體經營穩定,2020 年上半年實現營業收入 19.04 億元(+13.08%),其中深加工肉製品業務收入 8.22 億元,佔比提升至 43.20%。未來公司繼續擴充深加工雞肉生產能力,抓住國內白羽肉雞行業向下遊餐飲、食品環節發展的新機遇,發力國內市場,公司多年專注打造自主品牌,已經進入銷售放量階段。我們預計 2020-2022年公司歸屬普通股東淨利潤分別為 1.77/5.15/8.36 億元,EPS 分別為 0.17/0.49/0.80元(以最新股本全面攤薄),當前股價對應 PE 分別為 16.9/5.8/3.6 倍。可比公司估值方面,公司 PE 低於行業平均水平,首次覆蓋,給予“買入”評級。

行業從出口創匯向國內消費轉變,新階段企業向一體化轉型

白羽肉雞行業在 20 世紀 80 年代進入中國以政府為主導,國內消費很少,隨着國際快餐巨頭相繼進入國內,國內白羽肉雞的消費市場逐步形成。居民消費水平提高,下游餐飲行業需求增長,白羽肉雞消費量維持較高增速,年平均增速約 7%,高於黃羽雞平均增速 5%。預計白羽雞將逐步成為未來禽肉消費主導。在此背景下,公司積極探索盈利穩定性更強的深加工環節,同時積極向 C 端發展,有效的平抑了產品週期性波動對公司業績的影響。

公司全產業鏈養殖保駕護航,渠道與品牌協同發展

公司從農場到餐桌全程把控,產品質量有保證,同時擁有以市場為導向的研發體系,按需開發新產品。在營銷渠道構建上,引入消費品團隊進行產品推廣,各品牌定位明確,主要品牌“優形”的目標人羣追求健康,而“鳳祥”則以美味為驅動。2020 年雙 11 期間,“優形”和“鳳祥”銷售額同比分別增長 705%及 548%。在“優形”成功的基礎上,佈局健康休閒零食領域,孵化爆款單品“一口不忍腸”。

風險提示:疫病風險,飼料成本波動風險,食品安全風險。

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