Market Brief

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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:
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佛山市海天調味食品股份有限公司 603288.SH

Tuesday, September 28, 2021 Views8646

佛山市海天調味食品股份有限公司 603288.SH

 

公司簡介

海天是中國調味品行業的龍頭企業,專業的調味品生產和營銷企業,溯源於清代中葉乾隆年間開始鼎盛的佛山醬園,距今己有300多年的歷史,是中華人民共和國商務部公佈的首批“中華老字號”企業之一。目前生產的產品涵蓋醬油、蠔油、醬、醋、料酒、調味汁、雞精、雞粉、腐乳等幾大系列百餘品種300多規格,年產值過百億元。公司調味品的產銷量及收入連續多年名列行業第一是全球最大的調味品行業生產銷售企業。

 

公司業績概述

海天味業發布半年報,半年收入123.32億,同比增加6.36%,歸母淨利潤33.53億,同比增加3.30%。

 

其中第二季收入51.74億,同比減少17.48%,歸母淨利潤13.99億,同比減少14.68%,第二季度業績不及預期,整體銷售受壓,區域東部、南部和中部同比下降7%-9%。

海天擁有優秀的管理層,公司戰略得當、積極進取,規模效應下成本控制行業領先,渠道和品牌護城河深,公司競爭優勢明顯,業績增速較快,PEG低於行業平均水平。

 

創新管理模式

  1. 精耕渠道,擴容市場,加快推動營銷轉型。

  2. 加快互聯網線上、封閉終端通道、出口等業務發展。

  3. 推動公司供給側改革,促進質量,為市場提供更多優質精品。

  4. 嚴格質量管理,通過優化生產工藝、加快重點技術攻關項目的突破、改進產品包裝等

  5. 提升管理,利用外部新型資源,推動內部業務鏈的優化和釋放價值。

  6. 積極嘗試利用互聯網、大數據、人工智能這些新型資源與業務藍圖的再次優化融合

     

利好因素

  1. 公司收入持續穩定增長

  2. 內需消費

  3. 股價跑贏市場

 

潛在風險

  1. 食品安全問題

  2. 原材料價格波動 (黃豆、糖)

  3. 調味品行業競爭惡化

  4. 市盈率相對高


 

筆者建議可以在92.5附近買入,止蝕價84.5。目標價115元。

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。


 

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