Insights

藍籌創科業績沒受疫情打擊 鋒芒繼續畢露!

藍籌工業股創科實業(SEHK:669)在疫市保持增長。到底創科實業的中期業績有何亮點呢? –

新冠肺炎疫情為全球經濟帶來衝擊,舊經濟股普遍受挫,但藍籌工業股——創科實業(SEHK:669)卻在疫市保持增長。到底創科實業的中期業績有何亮點呢?

疫市影響輕微

創科實業主要從事電動工具及地板護理用品的開發、生產及銷售業務。新冠肺炎疫情對實際經濟帶來衝擊,零售、工業活動受挫。然而,集團在上半年的銷售額仍錄得12.8%增長至42億元(美元·下同),按當地貨幣計增幅則為14%,相對去年同期增幅分別為8.7%及10.7%,可見產品需求未有受疫情影響,甚至更勝疫前。潛在原因是大眾在家時間增長,家居小裝修、戶外園藝、地板護理的需求反而受惠擴張,創科實業在疫市受惠,更突顯其品牌實力。

電動工具增長強勁

電動工具是集團的核心收入來源,佔比超過80%。按當地貨幣計,分部銷售額在疫市中實現了14%增長,與去年同期的14.3%增速接近持平。這反映著集團旗下品牌黏性高。分部的核心品牌如「MILWAUKEE」將近百年歷史,品牌商譽強勁。集團積極為這個老字號品牌加入科技元素,如以充電式技術取代汽油和交流電等傳統設計,並持續擴充品牌系列,例如主攻輕型設備市場的「MX FUEL」,專業儲存系統「PACKOUT」。此外,戶外園藝產品如「RYOBI」,及地板護理業務均錄得雙位數增長。

盈利能力持續改善

疫情更未有對創科實業的盈利能力構成影響,集團毛利率在疫市仍提升0.4個百分點至38%。創科實業積極為產品融入新元素,以及擴充品牌產品品類,而新產品定價往往較舊產品為高,邊際貢獻較豐厚。集團的毛利在疫市擴張或代表著高定價產品的銷售組合佔比提升,可見忠誠用家選購升級產品的意欲未有受疫市影響,這再次反映出創科實業旗下品牌所擁有的強勁黏力。

結語

肺炎疫情為工業帶來衝擊,但創科實業的品牌實力強勁,受惠於疫情期間大眾在家時間增加所帶來的家居裝修及戶外園藝活動增加。即使疫情過去,創科實業旗下品牌實力強勁,可享受忠誠用家持續消費帶來的增長動力。

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!