Market Brief

The articles are produced in Chinese only.

Author

許偉龍先生(Anthony Hui)
交易員

現任職輝立交易員,對投資股票經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533066

青島啤酒股份有限公司 (00168.HK)

Friday, December 28, 2018 Views990

業務概要:

 

集團經營範圍是啤酒製造、銷售以及與之相關的業務。目前集團在國內擁有56家啤酒生產企業,分布於全國18個省市地區,規模和市場份額居國內啤酒行業領先地位。其生產的青島啤酒營銷世界70餘個國家和地區。​

 

 

基本資料 :

 

現價: $31.4

市值: 205.69億

市盈率: 28.01倍

周息率: 1.604%

52週高/低: $51.75 /$29.05

10天/50天/250天平均價 : $32.92/ $31.98/ $39.95

 

 

主要股東 :

 

青島啤酒集團有限公司(32.83%)

復星國際有限公司(17.99%)

 

業務回顧:

 

截至2018年9月30日止的首三季業績,青島啤酒的收入增加1.1%至人民幣236.41億元。公司權益持有者的淨利潤增長12.3%至人民幣21億元。 業績符合市場預期。

 

評論:

 

第一,市場對高端啤酒的需求增加,有大行預計行業未來2-3年的均價複合增長率達6%。集團正針對中高端市場,而對旗下品牌產品進行中高端轉型升級,以滿足市場高端化的需求,包括原漿、皮爾森、青島啤酒IPA等新產品,相信可以為集團帶來盈利強勁的增長。

 

第二,臨近年底,聖誕及春節將至,派對少不免以酒助興,相信可以刺激啤酒的銷量上升。

 

第三,今年青島啤酒新研發的啤酒在被喻為啤酒界的奥斯卡的2018歐洲啤酒之星大賽,以及世界啤酒錦標賽兩個比賽中, 成功從51個國家的2344款啤酒中脫穎而出取得金獎。有助提高品牌知名度及公司形象, 從而增加啤酒的銷量。

 

第四,AH股存在差價,撰寫本文章時,H股股價為$31.4,而A股股價為¥35.05,折合為港幣39.83(以1人民幣=1.136338 港幣計算),兩者存在溢價21.16%。

 

 

買賣策略


買入價: $30.8

目標價: $39.7

止蝕價: $27.72

 

 

註:本人許偉龍為證監會持牌人士。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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