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劲嘉股份:烟标龙头企业,向综合包装和电子烟转型 | 中国电子烟网

劲嘉股份:烟标龙头企业,向综合包装和电子烟转型

公司已自上而下完成战略规划和管理激励。公司集结强力合作伙伴,电子烟业务值得看好。向综合包装企业转型,成长空间打开。我们对其首次评级为买入,目标价格27.75元。

支撑评级的要点

烟标业务受益于行业整合,业绩有保障。下游卷烟行业增速稳定(3%以下),结构向中高档集中,带动了烟标行业也向高端化集中。公司是烟标行业龙头企业之 一,将受益于此。公司通过调整产品结构和兼并收购,2009-2013净利润CAGR 为17.77%,伴随江苏、重庆等子公司剩余股份收购和业绩增长,以及产业链一体化,公司未来两年净利润增速超20%是大概率事件。

自上而下完成战略规划和管理激励。去年,公司二股东全部撤出,公司订立转型方向。产品转型范畴内向精品包装和电子包装转型,产业转型范畴内向电子烟转型。 2014年5月20日,公司高管自筹资金参与股权激励计划,2014、2015、2016年净利润目标分别是较2013年增长20%、40%和60%。股 东层面意见一致,高管业绩动力强,公司将受益于管理红利。

集结强力团队,电子烟业务值得看好。公司与合元科技合资成立子公司开发电子烟产品,研发和渠道上与中烟公司合作,并与和而泰合 作开发健康管理数据平台。公司电子烟国外业务通过OEM 模式做代工,随着美国市场政策风险缓解和去库存结束,公司国外业务将踏上高速发展列车。国内方面,公司的智能烟具并不是卷烟的替代品,不触动卷烟厂的利 益,此外,智能烟具并非烟草产品,可避免部分政策限制。2015年4月9日,公司将在国内首次推出电子烟具。

向综合包装企业转型,成长空间打开。公司向精品包装和电子包装转型,新业务的起步为公司打开发展空间。公司发展大包装的优势在于:1)公司收入规模大,纸品采购议价能力强。2)印刷技术,尤其是防伪技术强,有利于公司拓展高附加值的精品包装和电子包装。

评级面临的主要风险

政策风险。

估值

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