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康師傅疫市高增長 急升逾一成仍可買入?

康師傅(SEHK:322)在疫市實現近60%增長,股價一度急升超過15%,現在仍可追入? –

疫情為全球經濟帶來沉重打擊,但民生需求依然硬朗,最近公布中期業績的康師傅(SEHK:322)更在疫市實現近60%增長,到底這隻龍頭內需股是否值得投資呢?

半年多賺6成

零售品牌在疫市期間普遍受挫,但民生需求受疫市影響微,因為疫情當前也要飽肚。康師傅主要在中國市場從事生產及銷售方便麵及飲品的業務。今年上半年,集團的營業額靠穩錄得8%按年增長,毛利率更受惠疫市家庭消費升級而擴張1.5個百分點至33.4%,帶動毛利增長約13%至110億元(人民幣·下同)。邊際貢獻增加,營運效能有所改善,康師傅在上半年的股東應佔溢利大幅增長約60%至接近24億元。

方便麵產品受惠增長

新冠肺炎疫情期間,停工、停課下大眾留在家中的時間增加,這推動著家庭消費擴張。外出意欲下降,線下餐飲渠道大受打擊,大眾對於家庭糧食儲備需求有所增長,康師傅的核心方便麵分部因而受惠,上半年營業額按年增加近30%至149億元,反映龍頭品牌的滲透度及忠誠度較高。

此外,家庭開支預算增加,大眾選購定價較高的優質食品的意欲提升。康師傅旗下高價袋麵的銷售額按年增長近48%,領先整體分部的約29%增速,帶動分部毛利率擴張約2.2個百分點至30.4%。反映集團受惠於疫市期間的消費升級趨勢。

飲品消費場景受影響

然而,康師傅的飲品產品在疫市期間的銷售表現輕微受挫,分部銷售額按年下跌約4%。這主要可歸因於疫市期間,線下餐飲渠道受挫,而且娛樂消遣活動減少,飲品產品的消費場景因而受影響。康師傅所經營的茶、水、果汁產品在上半年分別錄得約11%、9%、9%同比跌幅,唯有碳酸飲料及其他產品仍實現約8%同比增長。可幸的是,分部同樣受惠於大眾消費升級的趨勢,期內毛利率按年提升約1.5個百分點至35.8%。

結語

康師傅在期內仍穩守增長,反映消費升級,以及方便麵產品在疫市需求增長所帶來的正面影響。雖然疫情順風難在長線持久,但內需有望在國策推動下重振,消費升級趨勢或可在疫後加速,有利龍頭品牌康師傅延續增長,長綫仍有增長空間。

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Alvin Yu沒持有以上提及的股票。

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

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