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

貴州茅台 600519.SH

Monday, July 6, 2020 Views5357

公司簡介 :

 

集團主要從事茅台酒系列產品的生產與銷售;飲料、食品、包裝材料的生產、銷售;防偽技術開發、信息產業相關產品的研制、開發;酒店經營管理、住宿、餐飲、娛樂、洗浴及停車場管理服務。

 

業績勝預期

 

2019 年公司實現營業額 888.54億,淨利潤412.06億,每股收益32.80元,當

中茅臺酒實現收入758.02 億,毛利率為 93.78%。

 

B)   先錢後貨商業模式

 

經銷商均採取先打款後發貨的方式,公司無應收賬款減低壞帳風險,現金流十分充裕。同時,預收款項對未來業績有一定的指引性作用,占營收的比重為  45%,為業內最高,與此同時,銷售費用卻為全行業最低只需 4%。

 

 

筆者認為可在1441元(20天移動平均線)附近買入,目標價1500元,止蝕價1380。

 

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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