郭思治: 久久王食品(01927.HK)產能落地支撐未來數年營收加速成長
香港股票分析師協會副主席郭思治稱,久久王食品(01927.HK)全球發售公開招股,招股價區間為0.65-0.75港元,一手為5000股;公開發售股份數量為1.98億股,其中10%為公開發售部分,餘下90%為國際配售部分。久久王食品於1999年在中國國內成立,是一家甜食產品製造商,生產及銷售甜食產品,包括膠基糖果、壓片糖果、充氣糖果及硬糖。目前,久久王食品已經建立起多品牌矩陣,其所擁有自有品牌有酷莎、拉拉卜及久久王。每一個新上市的食品公司都會受到市場的較大關注,以及持續地挖掘公司成長機會和長期價值。
中國甜食零售市場。據弗若斯特沙利文報告顯示,中國甜食市場雖增長速度有限但也是一個千億級別的市場,中國甜食零售市場的市場規模預計會在2024年底成長至1091億。據數據顯示,按收益計,久久王食品在福建省的甜食市場排名第二,佔2019年該區域約2.7%的市場份額及2019年約0.7%的中國整體市場份額。客觀來說,這恰恰是一個能夠給久久王食品帶來加分的點。久久王食品在2017-2019年營收分別為3.56億元、3.81億元和4.14億元,公司營收方面穩中有升,毛利率方面多年來保持在約30%附近,而自有品牌的毛利率更遠高於公司整體毛利率,成為維持公司毛利率穩定的重要因素。
在2017-2019年久久王食品自有品牌的毛利率分別為38%、36.4%、37.2%,呈現出穩定的特徵。此外,同期自有品牌的收入佔比,總體上看是一個相對提升的趨勢。公司的自有品牌產品在渠道或經銷商方面是存在一定的議價能力。從淨利潤規模來看,在近三年的自有品牌推廣期和ODM代工業務加速發展時期,公司依然可以實現年均超過4200萬淨利潤,年均淨利潤率保持在10%以上,按照這樣的基本面質素和領先的行業位置,預期上市後的久久王食品,其中長期合理估值範圍將有機會在10-20億的市值區間。
公司上市募集資金主要用於擴大產能、更換現有生產線機器。久久王食品旗下工廠已擁有32條產線,募資後新擴充的9條新生產線,產能落地和達產後,將支撐公司營收在未來數年的加速成長。久久王食品的自有品牌產品在過往主要以傳統的線下分銷商銷售為主,截止2019年12月31日,其線下渠道銷售佔比超90%,線上渠道僅有5.4%,可見未來持續發力線上渠道銷售或會是久久王食品上市後的重要發展。(筆者為證監會持牌人)~
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