Market Brief

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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(控股)有限公司 (291)

Wednesday, December 22, 2021 Views8382

華潤啤酒 (00291.HK)

 

公司簡介 :

 

集團主要從事零售、啤酒、食品以及飲品業務。

 

 

上半年整體業績增長

 

華潤啤酒上半年業務表現錄得增長,整體營業額同比上升13% 至約2百億,未計利息及稅項前利潤同比增加112%,股東應佔溢利、每股盈利、股息同比增加106%、股東回報率增加8.4%,現金比率增加7%至47%。

 

隨著疫情受控啤酒市場已逐漸復甦,集團整體啤酒銷量上升4.9%,較去年同期實現較好增長。

華潤啤酒的銷售毛利率提升1.9%至42.3%,加上集團期內的成本控制措施有效減少行政及其他開支,稅前溢利錄得約14.1%同比增長。

 

 

收購喜力向高端啤酒領域擴展

 

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。

 

中國是全球最大,最有潛力的啤酒市場,自2013年起啤酒銷量超過110億升,與喜力建立長期合作有效拓展高端市場,加上管理團隊擁有豐富經驗,為華潤雪花啤酒的發展奠定基楚,能對啤酒市場的發展作出快速回應,制定合適策略。

 

銷售渠道策略

 

針對高端消費群體如高檔餐館、飯店和夜場,提高中高端的銷售,公司成立專門銷售團體,建立穩定的客戶關係和渠道,與地方分銷商維持長期關係拓寬業務覆蓋和滲透。

 

網上銷售渠道方面,公司會在電子商務平台如天貓等銷售,在京東網站設立旗艦店,另外,公司成立自家電子商務平台,直接與客戶接觸互動。

 

 

筆者認為可在61.1元(250天移動平均線)附近買入,目標價67元,止蝕價57。

 

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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