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        恒顺醋业:调味品增速放缓,静待提价效应

        2019年09月26日 16:56:50字号:T|T

            公司发布2019年半年报,H1实现营业总收入8.8亿元、同增9.4%,归母净利润1.4亿元、同增15.3%,扣非归母净利润1.2亿元、同增15.0%,实现每股收益0.18元。Q2实现营业收入4.2亿元、同增3.8%,归母净利润0.7亿元、同增9.4%。

            Q2业绩略低于预期。Q2收入同增3.9%,增速有所放缓,略低于市场预期;归母净利同增9%,增幅较Q1收窄,除了收入增速放缓的因素外,主要是销售费用率同比提升2.5pct。

            库存消化+竞争加剧,Q2调味品增速放缓。Q2收入同增3.8%,预计调味品业务同增7%左右,符合预期,但增速环比下降,一方面公司的提价政策使得经销商在Q1拿货积极,导致渠道库存略高,影响Q2销量;另一方面竞品在部分区域加大投入力度,行业竞争有所加剧。分产品来看,Q2食醋收入3.1亿同增2.6%,主要来自于提价效应,估计销量持平;料酒收入5274万元、同增27.5%,依然保持强劲增长,增长动力主要来自于渠道铺货。分区域来看,Q2大本营华东地区的调味品实现收入同增6.9%,华南同增8.7%,华中同增13.4%,华北和西部分别下滑3.5%、0.6%。截至6月底,公司拥有1193家经销商,新增57家。随着公司渠道不断扩张,提价在终端的接受度逐步提高,目前渠道库存恢复良性,预计Q2是公司的收入低点,预计下半年逐步恢复,调味品有望实现年初目标。

            毛利率维稳,费用率稳中有升。Q2公司扣非归母净利润同增9%,主要系期间费用率提升。Q2公司整体毛利率为44.0%、提升0.6pct,主要受益于产品提价、结构升级等,随着下半年提价效应逐步显现,毛利率大概率稳中有升。费用端来看,公司期间费用率为27.0%,较去年同期上升0.7pct,其中销售费用率为16.4%、提升2.5pct,主要系公司将提价的利润投向市场,以反哺市场,以提高市场份额,属于市场拓展过程中的正常费用投放。管理费用率为10.3%(将研发费用考虑在内)、同降1.5pct。公司不断提高经营效率,费用率有望稳中有降,加上毛利率稳步提升,预计全年净利润增速高于收入增速。

            深化产品和渠道策略,逐步迈向全国化。19年公司继续深化产品和渠道策略,为走向全国化夯实基础。从产品策略来看,一方面公司对食醋进行高中低档分类以提升价格带,同时缩减SKU,产品结构更加清晰;加大新品推广及包装升级,聚焦大单品,产品结构得到优化,毛利率中枢有望上移;另一方面加码白醋、料酒等品类,新消费场景下的发展空间较大。从渠道思路来看,提高传统渠道的网点和产品覆盖率,未来公司重点开发餐饮渠道(目前占比<20%),将先通过经销商拓展华东区餐饮渠道,再逐步向外渗透,预计未来将成为新的增长点。

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