Market Brief

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黃萬里先生 (Man Wong)
交易員

現於輝立証券任職交易員,擅長由上而下,縱觀經濟大勢,再結合技術及基礎分析,研究版塊及個股走勢。 本人認為,要於動盪的市況,持續取得優秀的成績,除了取決於投資策略及工具是否運用得宜,投資者的個人心理質素,是更為關鍵的因素。 歡迎各位來電或WhatsApp,交流港股、期貨、期權及其他衍生工具的投資心得。
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呷哺呷哺 (520.HK)

Thursday, December 27, 2018 Views1092
業績

呷哺呷哺於8月下旬公布截至2018年6月底止中期業績,營業額21.29億元人民幣(下同),按年升35.1%,純利2.09億元,按年升11.2%,每股盈利19.51分,派中期息0.078元。

2018年上半年新開48家分店,集團於中國14個省份的86個城市以及三個直轄市(北京、天津及上海)擁有780家分店,而且全部均為自營店。
 
 
業務概況

呷哺呷哺是國內的火鍋店龍頭,始創於1998年,率先引入台灣吧?式一人一鍋火鍋模式進入中國,定位大眾餐飲市場,經過20年的高速發展,現時擁有龐大的分店網絡。

而集團於2016年建立第二個品牌"湊湊",正式進軍中高端餐飲領域。集團預計2018年全年開店目標為100家。
 
 
評論

火鍋的飲食文化在中國自古有之,近20年發展迅速,由傳統民間特色火鍋小店,至集團式火鍋店網絡,十步一間,競爭雖然激烈,唯市場需求殷切。

呷哺呷哺走的是大眾路線,新設第二個品牌"湊湊",面向中高端客戶,而其收入佔集團的收入佔比,由2017年的3.2%,上升到2018年的9.2%,有助提高毛利率。

另外,集團於2015年也開展了"呷哺小鮮"外賣業務,並於2017年涉足火鍋調料市場,在門市及網上電商銷售火鍋調料。此兩項舉措,有助突破面店增長瓶頸,創造新的利潤增長點。
 
 
投資策略
 
呷哺呷哺本年的底位是9.53,見於9月11日,此後,於10.00-12.00區間上落,形成成交密集區。現價10.96(12月19日),處於區間的中間。

預計,股價會繼續區間上落,如回調至區間底部,可入第一注,作為貨底,升穿區間頂部,再追入一注,上望14.00。
 
 
買入價:10.00
目標價:14.00
止蝕位:9.50
 
 
本人為證監會持牌人士。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證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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