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郭思治: 久久王食品(01927.HK)产能落地支撑未来数年营收加速成长
阿思达克 03-15 09:43
香港股票分析师协会副主席郭思治称,久久王食品(01927.HK)全球发售公开招股,招股价区间为0.65-0.75港元,一手为5000股;公开发售股份数量为1.98亿股,其中10%为公开发售部分,余下90%为国际配售部分。久久王食品於1999年在中国国内成立,是一家甜食产品制造商,生产及销售甜食产品,包括胶基糖果、压片糖果、充气糖果及硬糖。目前,久久王食品已经建立起多品牌矩阵,其所拥有自有品牌有酷莎、拉拉卜及久久王。每一个新上市的食品公司都会受到市场的较大关注,以及持续地挖掘公司成长机会和长期价值。

中国甜食零售市场。据弗若斯特沙利文报告显示,中国甜食市场虽增长速度有限但也是一个千亿级别的市场,中国甜食零售市场的市场规模预计会在2024年底成长至1091亿。据数据显示,按收益计,久久王食品在福建省的甜食市场排名第二,占2019年该区域约2.7%的市场份额及2019年约0.7%的中国整体市场份额。客观来说,这恰恰是一个能够给久久王食品带来加分的点。久久王食品在2017-2019年营收分别为3.56亿元、3.81亿元和4.14亿元,公司营收方面稳中有升,毛利率方面多年来保持在约30%附近,而自有品牌的毛利率更远高於公司整体毛利率,成为维持公司毛利率稳定的重要因素。

在2017-2019年久久王食品自有品牌的毛利率分别为38%、36.4%、37.2%,呈现出稳定的特徵。此外,同期自有品牌的收入占比,总体上看是一个相对提升的趋势。公司的自有品牌产品在渠道或经销商方面是存在一定的议价能力。从净利润规模来看,在近三年的自有品牌推广期和ODM代工业务加速发展时期,公司依然可以实现年均超过4200万净利润,年均净利润率保持在10%以上,按照这样的基本面质素和领先的行业位置,预期上市後的久久王食品,其中长期合理估值范围将有机会在10-20亿的市值区间。

公司上市募集资金主要用於扩大产能、更换现有生产线机器。久久王食品旗下工厂已拥有32条产线,募资後新扩充的9条新生产线,产能落地和达产後,将支撑公司营收在未来数年的加速成长。久久王食品的自有品牌产品在过往主要以传统的线下分销商销售为主,截止2019年12月31日,其线下渠道销售占比超90%,线上渠道仅有5.4%,可见未来持续发力线上渠道销售或会是久久王食品上市後的重要发展。(笔者为证监会持牌人)~

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