港股異動 | "火鍋底料"繼續衝！頤海國際盤中漲超6%
uSMART盈立智投12月24日消息，週四港股早盤，"火鍋底料"頤海國際繼續強勢，截至10:01分，漲6.61%，報116.2港元。
安信證券："利空"基本消化，C端前景樂觀
安信證券發佈研報稱，三季度末海底撈採用與第三方廠商市場化比價原則重新梳理底料採購，對產品結構進行調整從而優化成本，這使得頤海國際關聯方業務供貨價格和毛利率自20H2開始有所承壓，市場預期對20H2公司關聯方業務收入增長和利潤貢獻進行調整，股價自前期高點回調幅度達到30%。
目前海底撈採購量90%仍然來自頤海，但是伴隨品類增加會定期向第三方供貨詢價，未來不排除該比例和關聯方供貨價格穩中微降。安信證券認爲關聯方市場化定價會反向推動公司提高生產運營效率，爲未來開展其他B端業務奠定更好價格基礎，另外近年來公司關聯方佔總收入比從2017年56%降至2019年39%，第三方業務實現了快速增長，由多品類驅動，市場應該更多聚焦公司2C業務產品創新打開市場空間和渠道拓展能力。
安信證券稱，短期調價因素不改公司長期增長核心競爭力，推動收入結構更加優化：1、產品立足火鍋底料、複合調味料和方便速食優質賽道，具備長期增長潛力，行業複合增速維持在雙位數水平，深耕品類不斷拓展產品邊界；2、產品研發機制靈活，引入項目制激發產品創新，通過差異化新品吸引消費者復購，項目制分紅更加科學，對分紅的新品上市規模提出要求，有利於提升大單品成功概率；3、組織變革力強，銷售激勵和渠道制度完善，銷售人員薪酬和經銷商激勵位於行業中上水平，合夥人裂變+師徒制持續變革，師徒制分成更加合理，師傅對徒弟負責區域的分成調整爲逐級遞減，激勵效率提升，有利於細分區域經銷商數量拓展，提升售點覆蓋和SKU數量，截至今年上半年底公司經銷商數量自2019年2,400家增加至3,000家，同比增67%，方便速食和調味料分別爲2,400和2,800家。
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.
