Insights

一隻疫市鋒芒畢露的增長型內需股

此股在疫情期間依然保持可觀增長,未來依舊樂觀。 – China Forbidden City

疫市中零售業大受打擊,但民生需求受影響微,大眾消費力流入家庭消費更為不少民生零售品牌帶來順風,恒安國際(SEHK1044)便是其一。

中期業績靠穩增長

恒安在疫情期間仍實現穩定業績增長,收入按年增加1.4%109億元(人民幣.下同),反映需求靠穩。期內集團毛利率達44.1%,較去年同期顯著提升6.8個百分點,銷售邊際擴大,恒安經營效能錄得改善,經營利潤增加至32億元,同比增長近20%,股東應佔溢利同步增20%至近23億元。

民生需求疫市靠穩

恒安在疫市仍守住穩定銷售表現,主要原因是集團旗下兩大業務——衛生巾及紙巾需求受疫市影響輕微。疫市帶來的負面影響主要源於疫情在第一季度爆發造成物流渠道受阻。雖然大眾生活模式受到衝擊,但以上兩類產品屬於民生必需消費品,需求慣性較高,女性對衛生用品的需求持續,而大眾用紙巾的習慣亦不會有大轉變,兩大業務在上半年分別錄得約5%-2%同比變動。

此外,疫情期間大眾衛生意識提高,集團旗下濕紙巾銷售更實現逾40%同比增長。

升級消費勢頭強勁

疫市期間大眾外出消費意欲大減,消費力因而積累,大眾在家時間增加有利家庭消費品及快速消費品需求升級。恒安指出衛生巾業務的「Space 7」及高毛利產品超薄萌睡褲的銷售表現取得成果,高檔產品佔比因而有所提升,有助集團在激烈市場競爭中守住利潤水平。雖然疫市因素屬短中期,但中國內需的長線增長空間龐大,恒安有望持續受惠於消費升級帶來的長線順風。

值得一提的是,恒安的紙巾業務受惠於原材料木漿價格低企而錄得可觀毛利率改善,期內毛利率達35%,較去年同期增加約10個百分點,造成紙巾業務的利潤大幅增長。集團表明已趁機增加儲備,分部毛利率有望在下半年持續受惠。

結語

恒安國際有望在短期受惠於原材料價格低企而保持增長,長線則可持績受惠於中國消費市場升級帶來的順風。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu 沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!