Market Brief

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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

蒙牛乳業 (02319.HK)

Thursday, June 24, 2021 Views5294

公司簡介 :

 

中國蒙牛乳業有限公司主要於中國生產及銷售優質乳製品。憑藉其主要品牌蒙牛,蒙牛已成為中國領先的乳製品生產商之一。蒙牛提供多元化的產品,包括液態奶、冰淇淋、奶粉及其他產品例如奶酪等。

 

盈利能力符合預期

 

集團收入為人民幣760.348億元,較去年同期減少3.8%。如剔除二零一九年處置的石家莊君樂寶乳業有限公司(「君樂寶」)及二零一九年收購的Bellamy’s Australia Limited(「貝拉米」)的業務收入,集團的收入為人民幣750.031億元(二零一九年:人民幣678.173億元),同比增長10.6%。由於原奶成本上升,毛利下跌3.5% 至人民幣286億,不過集團改善產品結構降低成本上漲壓力,毛利率保持穩定為37.7%。

 

 

品牌整合, 進軍國際

 

疫情下消費者對於健康和免疫力的持續關注,強化了純牛奶的「必需品」屬性,使蒙牛純牛奶銷量大幅提升,通過不斷提高品牌力及升級產品組合,蒙牛純牛奶的經營效率亦大幅改善。

 

集團計劃到2025 年再創一個新蒙牛,通過穩固常溫液態奶業務佈局冰淇淋、 鮮奶及奶酪 等新興品類,加速發展低溫奶及雅士利奶粉新業務 ,以國際業務貝拉米聚焦東南亞等新興市場,增加業務 。

 

 

企業數字化轉型,效能提升

 

蒙牛已成立數字化戰略項目組,推動全集團的數字化轉型,逐步構建數據驅動業務的信息體系化建設,令集團能進行高效、敏捷的業務決策。另外蒙牛提出以消費者為核心驅動產品設計,讓產品設計更加貼近消費者,同時簡化產品的複雜程度,使產品能夠體現真正的價值,以及節約產品成本,推動蒙牛更健康及可持續的發展。

 

 

筆者認為可在40.8元(250天移動平均線)附近買入,目標價49元,止蝕價38.8元。

 

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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