Insights

剖析中國飛鶴股價堅挺秘密

中國飛鶴(SEHK:6186)備受爭議,上市不足一年已被沽空機構做空兩次。然而,股價卻能持續攀升,背後有何原因? –

奶粉股中國飛鶴(SEHK:6186)股價持續攀升,背後有何原因?

我們從業績拆解。上半年業績超出預期,多賺57%至27.5億元(人民幣.下同)。中國飛鶴7月初表示,收入料大增逾40%。結果,集團上半年收入增48%至87億元,業績比想像中來得更強,正好回應沽空機構的多次做空失效。

超高端產品收入增

飛鶴解釋業務強勁要點有:超高端的有機產品系列收入增加;高端及普通嬰幼兒配方奶粉產品收入增加;快速實施應對疫情的措施,降低對生產、物流、銷售等影響。

最大的功臣莫過於高端嬰幼兒配方奶粉,該系列產品的收入急升73%至67.7億元。受惠於高端奶粉銷售佔比增加,集團上半年整體毛利率改善了,按年增3.4個百分點至70.9%;高端嬰幼兒奶粉的毛利率更高達74.2%。

公司前景又如何?

中國飛鶴總裁蔡方良預計,今年下半年銷售有雙位數字增長,有信心集團於2023年完成到高端奶粉市場佔有率的目標,增加至約60%。他重申,如果成本無大變動,不傾向考慮加價。集團去年亦升級配方,當時沒有加價。

對於消費者而言,無疑是個好消息,可以同樣的價格買到經過改良的產品;對集團和市場而言,產品更具競爭力,有助開發更多客源。

此外,集團在第二季多次推出新產品或改良現有的產品,主打有機及健康的高端奶粉,成功催谷銷售。今季推出了有機奶粉「淳芮」,目標顧客為消費力較高、更注重健康的父母,很大機會可複製上半年的策略,錄得更好的銷售成績。

成北水最愛消費股

中國飛鶴業績頻頻報喜,自然廣受市場歡迎。自去年11月上市至今,股價大漲超過100%;年初至今升逾80%,跑贏大市。Choice數據顯示,中國飛鶴今年第二季的「港股通」總成交金額達2.33億元,為第八大活躍股份,更是十大活躍股中唯一的內需股,也是唯一的消費品公司。

結語

在環球股市波動之下,中國飛鶴不僅抗跌能力強,股價更有望更上一層樓。雖然中國飛鶴不是疫情受惠股,但勝在有支持內需的國策撐場,即使內地再爆疫,以民生需求為核心的板塊受到的影響較小,作為防守投資部署也是不錯的。

編輯:Cyrus Li

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Laura Tang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!