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郭思治: 健康產品剛需拉昇線上銷售 滿貫(03390.HK)撈入待爆升
阿思達克 07-20 09:22
香港股票分析師協會副主席郭思治稱,疫情不斷反覆,健康、隔離依然是2022年的關鍵詞,全球消費習慣明顯地從線下逐步轉至線上,剛需產品亦由車子房子轉到日常用品及保健品,因此,符合這兩大特色的股份很值得留意,比如銳意成爲亞太地區大健康及生活相關產品全管道品牌營銷及管理集成服務商的滿貫集團(03390.HK)。 雖然過去由於上市費用及封關等種種因素導致盈利呈負數,但實際上從其收益來看,滿貫集團的收入在疫情下仍有不錯的增長。從公司2021年財政年度的業績報告來看,整體銷售額按年上升76%,而其中內地的收入增幅高達1.5倍。據公司解釋,這是受惠內地到香港的旅遊限制收緊而帶動內地客戶轉往線上平臺購物。 滿貫集團近年很強調其線上線下雙輪驅動策略,而從內地收入的大幅增長來看,此策略已經成功爲公司帶來不錯的業績增長動力。事實上,公司早在上市前已經佈局內地的電子商務平臺,至今已經全面覆蓋了大部分內地消費者常用的電子消費平臺,鎖定基礎客戶羣,意味着通關與否已經無礙消費者的採購需求。 此外,滿貫引入的產品均是一些國際知名的品牌,如美國銷量第一益生菌品牌Culturelle(「康萃樂」)及澳洲No.1手霜品牌DU’IT等等。對於追求優良品質健康保健品的消費者來說,這亦是信心的保證,相信有利其毛利率的拉動。根據其去年年報披露,受惠電商銷售擴張以及若幹電商產品的毛利率改善等利好因素,整體毛利率按年增加6.6個百分點至17.1%。隨着滿貫產品的多元化配合自家產品的推出,預料毛利率將有更好的表現。 從滿貫集團2021年財政年度內錄得之虧損收窄七成且下半年業績成功轉虧爲盈的趨勢來看,今年中期甚至全年的業績預料將有更大驚喜,建議現階段趁低撈入,目標價1.8港元。(筆者爲證監會持牌人)~
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