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

康師傅控股有限公司 (322)

Thursday, April 8, 2021 Views5957

公司簡介 :

康師傅(開曼群島)控股公司通過其子公司在中國生產和銷售方便麵,烘焙食品和飲料。

 

1) 業績勝預期

 

2020年集團的收益同比上升9.10%至676.18億人民幣。方便麵收益同比增增增增成長4.72%。全年毛利率同比上升1.29%至33.17%。分銷成本佔收益的比率同比下降0.46%至20.93%。EBITDA同比上升9.59%至93.61億人民幣;受惠於銷售額和毛利率增長以及分銷成本率下降,公司股東應佔溢利同比長21.95%至40.62億人民幣;每股基本溢利上升12.98分人民幣至72.23分人民幣。

 

2) 多元化管道的開拓

 

集團持續強化產品力、品牌力和渠道力。發揮企業核心競爭力,進一步服務好城鎮化消費者,中產消費者及新農村消費者的多樣化追求美好生活的需求。

 

3) 新冠肺炎影響

 

中國整體經濟的穩步復蘇成長,消費者需求的多元化,集團可能提供更優質的服務給消費者。與此同時,世界疫情的不確定性,國際原物料價格的上漲波動等因素也對經營帶來挑戰與風險。

 

筆者認為可在EMA 250天線13.8元附近買入,目標價14.5元,止蝕價13.3。

 

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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