中国香精香料:收购4间烟用香精企业 扩大市场占有率

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2016年中期业绩,总收入人民币400百万,按年增长17.0%,毛利207百万,上升24.9%,毛利率51.8%,同比改善3.2百分点。SG&A费用占总收入31.1%,较同期减少9.2个百分点。经营利润87百万,上升54.2%。财务成本急增7百万,持续经营业务产生的期间利润增39.1%,至58.8百万,股东应占溢利48.3百万,增长55.3%。每股盈利0.07人民币。

分部业绩:

烟用香精:收入人民币222百万,同比增加4.6%,毛利率50.8%,利润35百万,增5.0%,占总收入55.5%,产品平均售价每公斤人民币247,跌3.1%,销量上升7.5%至889吨,产能使用率41%

食用香晶香料:收入人民币82百万,同比增加16.7%,毛利率60.6%,利润21百万,增69.0%,占总收入20.4%,产品平均售价每公斤人民币67,升3.1%,销量上升10%至1,218吨,产能使用率36%

日用香料:收入人民币62百万,同比增加3%,毛利率44.5%,利润8.7百万,增641.0%,占总收入15.3%,产品平均售价每公斤人民币85,升11.8%,销量下跌0.3%至722吨,产能使用率45%

电子烟(保健产品):收入人民币34百万,毛利率49.8%,新增业务,利润6.2百万,占总收入8.4%

投资物业:收入人民币1百万,利润35百万,占总收入0.3%

成本方面,原材料占成本约84.8%,其次是工资占3.8%。过去数年,研发占开支比例大约在4至5%左右,上半年占3.9%。

资产较去年底增长67.8%至2,909百万,总负债增286.4%至1,426百万,现金增4.4%至224百万,长期贷款增加29倍从18百万至561百万,短期贷款增加78%至265百万,当中人民币占31.3%,港元占44.7%而美元占24.0%。债项(现金)净额/股东权益 (%)从年底-3.3%升至40.7%,杠杆比率(总负债/总资产)20.5%升到49.0%。

SBI观点:

烟用香精增长速度受益于电子烟烟油生产。收购4间烟用香精企业能扩大公司市场占有率,令公司议价能力提高。从数据上销量烟用及食用香精均有7%至10%的上升

收购Kimree是要增加收入来源,电子烟收入暂时只来只欧美等地,如加强发展在中国地区的业务,相信盈利倍增绝对不是问题。另外,将来研发成功的话可用作医疗用途,用途及商机无限。

公司在收购4家烟用香精公司及kimree的同时,将设下最低盈利保证,2017年合共为169.0百万,2018年为173.8百万。

购股权开支大减,新厂房未满三年,未能得到高新科技税务优惠,所得税开支从25.5%增加1.1个百分点。

从收购Kimree,4家烟用香精公司,兴建东莞波顿新厂房及其他仪器,至2018年的资本开支约1,444.6百万。因此,财务费用大增主要用作,但公司已从单纯人民币增加利率较低的港币及美元及以新建大楼等作抵押品将利息成本降低。

预计今年全年总收入较去年增加45%,因新收购业务的财务状况大部在年中前后合并,故公司的财务数据未能完全反映新收购公司的全年收入。目标价为港币3.60,2016年预测市盈率为15.5倍。

文章来源:电子烟,如若转载,请注明出处:http://www.hhdye.com/2296.html

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