Market Brief

The articles are produced in Chinese only.

Author

陳招富先生 (Anthony Chan)
經理

現任職輝立經理,樂意與客戶研究買賣策略。歡迎各位來電交流心得
Phone:
22776655

華潤啤酒 (00291.HK)

Monday, December 21, 2020 Views5377

公司簡介 :

 

集團主要從事零售、啤酒、食品以及飲品業務。

 

 

盈利能力有所改善

 

受新冠肺炎疫情影響下,華潤啤酒上半年業務表現錄得倒退。集團在上半年的整體啤酒銷量按年減少5.3%至約60億升,收入則下跌至174億元,同比跌幅為7.5%。不過,隨著疫情受控啤酒市場已逐漸復甦,而集團在第二季的整體啤酒銷量已有所復原,而且較去年同期實現較好增長。

華潤啤酒的銷售毛利率有所提升,銷售邊際跌幅較輕微,加上集團期內的成本控制措施有效減少行政及其他開支,稅前溢利仍錄得約6.9%同比增長,股東應佔溢利更較去年同期增加11.1%至近21億元。

 

 

收購喜力,栛同效應

 

華潤啤酒收購喜力啤酒是強強聯合,華潤啤酒結合喜力的國際化產品組合,可與百威亞太及嘉士伯競爭,上半年喜力錄得雙位數增長。在加大市場推廣下,管理層計劃提價以鞏固喜力的高端品牌形象。

 

 

生產效率提升

 

華潤果斷關閉低效工廠。其啤酒廠數量由2016年的98間間削減至2020上半年的72間,不過,產能利用率仍舊低於青島啤酒及百威亞太。預期公司將繼續關閉工廠及推行優化產能措施。此外,公司計劃2020 年底 前提升瓶裝啤酒的不連瓶銷售佔比至50%以上,以節約成本。

 

 

筆者認為可在61元(50天移動平均線)附近買入,目標價69元,止蝕價55.8。

 

註:本人陳招富為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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