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一隻股價有機會大追落後的中國消費股

公司上半年度股東溢利按年大升58%,而且從經營數據看來前景依然強勁,有追落後空間。 – China's homegrown local brands investing

康師傅 (SEHK:322)業績出爐,疫情刺激即食麵銷售大幅上升,帶動上半年度股東溢利按年大升58%

康師傅股價近年表現落後大市,雖然2020年理應成「疫情受惠股」,股價升幅卻遠不及日清食品 (SEHK:1475)。現在業績報捷,康師傅大有潛力急起直追;而從經營數據看來,前景不輸日清。

康師傅內地即食麵市場42.9%,穩居冠軍

新冠病毒疫情下,市民的食多了不少即食麵。根據爾森數顯示,內地上半年即食麵銷量按年增加5.6%,銷售額增加11.5%;康師傅表現更即食麵收益按年增長29.2%至149億元人民幣,銷售額佔內地市場45.8%,銷量佔42.9%,穩居市場冠軍寶座。

在即食麵的帶動下,集團收益按年上升8%,毛利率上升1.5個百分點33.43%股東應佔溢利亦大幅上升58.4%至23.8億元人民幣,為歷史新高。

飲品業務毛利及溢利有望持續優化

康師傅集團近年業務發展,除即食麵外,還有飲品業務今年上半年飲品收益佔集團總收益54%,但表現比去年呈倒退,收益按年下跌4%至176億元人民幣。

內地飲品市場競爭劇烈程度比即食麵有過之而無不及。尼爾森數據顯示今年上半年內地飲料行業銷量比去年倒退7.5%,銷售額下跌9% ;康師傅飲品總收益比去年同期下跌4%,已經是跑贏市場。

康師傅最強的飲品類別是即飲茶,市場佔有率高達42.9%,第一位;至於早年收購的百事碳酸飲料的市佔率是32.9%,居市場第二位;其他飲品類別還有果汁、咖啡及包裝水。          

雖然收益下跌,但透過優化產品組合、產品升級及部份原料價格下降,飲品毛利率比去年改善1.54個百分點至35.78%,溢利亦上升18.7%。這遠不及即食麵業務溢利93.5%強勁增幅,然而飲品業務徹底性的毛利優化,將有助幫師傅雙線業務能平衡發展,未來就算疫情效應減低,即食麵需求回落,康師傅穩健基礎,保持盈利增長。

比日清抵買

雖然日清即食麵在內地市場明顯有增長空間,能否上康師傅的規模以至挑戰康師傅的市佔強勢,是個未知數而且,康師傅有龐大的飲品業務作集團第二支柱日清亦積極發展穀物、冷凍食品等其他食物類別市場,有透過在內地設立合資公司,加強食品入口業務,但規模仍屬小型。

整體來看,師傅有追落後的空間。

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 Wendy So(筆名) 沒持有以上提及的股票。

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

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