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陳永陸點評:政策風險降 嘉耀(1626.HK)前景寬
格隆匯 12-08 11:19

來源:大公報

港股過去一星期調整速度極快,近日再創年內新低,接近16000點水平,而恒指亦已回補至去年11月的裂口位置。由於多隻指數成份股已見52周新低,短期弱勢明顯,宜觀望何時回穩。

嘉耀控股(01626)是中國的紙質捲煙包裝供應商,在傳統煙草行業深耕近30年,近年成功進軍新型煙草行業,致力於提供卓越的煙草包裝產品和新型煙草產品,擴張多元盈利模式。自2022年3月國家訂立《電子煙管理辦法》後,明確了電子煙產品的國家標準及經技術審評制度,行業發展前景變得明朗。

再者,環球多個國家或地區已就電子煙產品在法律法規和標準要求等有所共識,政策上的風險相對減低。

新型煙草在近年取得較快的增速,其中,電子霧化市場年複合增長率將達30.6%。嘉耀在電子煙行業已有成熟的技術儲備,旗下設有研究院,霧化電子煙產品為基礎,專注於研發減害尼古丁替代品。

新型煙草料貢獻一半淨利

事實上,嘉耀擁有全產業鏈的霧化電子煙產品、HNB大健康產品等,從而滿足不同客户的偏好和需求,而旗下電池供應鏈具備完善的生產管理體系和品質控制體系,大部分產品已通過了CQC、CB、UL、CE、PSE、KC、UN38.3、ROHS等多項專業認證。

轉型幾年後,嘉耀在新型煙草業務上現時開始進入收成期。2022年中期業績開始毛利潤增長明顯,今年中期業績增長是加速上升,新型煙草業務板塊已成為嘉耀整體業績的重要增長動力。

有市場估計公司2023年全年淨利潤中,新型煙草就貢獻一半,可見公司的發展情況。

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