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澳优(1717.HK)公司动态点评:牛奶业务多头齐发力 羊奶恢复加速
Dynamic Review of 1717.HK: the recovery of Goat Milk is accelerated in the Milk Business

长城证券 ·  {{timeTz}}

  公司1H21 年实现营收为42.71 亿元,同比增长10.7%。归母净利润为5.94亿元,同比增长45.3%。   自有品牌配方奶粉业务录得营收为37.41 亿元,同比增长9.7%。其中,牛奶粉业务营收为人民币20.53 亿元,同比增长16.9%;能立多销售收入为5.63 亿元,同比增长37.0%,能立多则发布了包含三大品类、四款单品的“优系列”产品,积极拥抱国粉增长新机遇。海普诺凯生物销售收入为13.74 亿元,同比增长18.9%,专注超高端成长,海普诺凯1897 全新推出儿童成长配方奶粉,继妈妈粉、婴配粉后,正式迈入为母婴全家提供更高品质营养支持的新阶段。   佳贝艾特业务恢复加速,收入为16.88 亿元,同比增长2.0%,其中2Q21年在中国区的收入同比增长17.8%;国际市场持续突破,远销60 多个国家和地区。自2020 年进入墨西哥市场后,佳贝艾特在当地的需求逐月递增,表现抢眼。目前,公司还在筹备在今年年底将佳贝艾特引入东南亚市场。   营养品业务推陈出新,澳优营养品业务收入约为人民币6800 万元,同比增长3.5%,中国区的销售额约为人民币6600 万元,同比增长达33.3%。   旗下益生菌业务品牌锦旗生物申报的MP108 鼠李糖乳杆菌,是中国第一株自主研发的婴幼儿益生菌菌株。5 月16 日,澳优正式推出旗下采用了该菌株的益生菌新品,爱益森“小橙盒”。   毛利为人民币21.36 亿元,较2020 年同期人民币20.22 亿元同比增长5.6%;如剔除额外存货拨备的人民币1.22 亿元,则毛利率回升至52.9%。   投资建议:牛奶粉业务多头齐发力,羊奶粉环比恢复扎实精进,研发驱动公司特医及益生菌赛道表现。我们预计公司21-23 年营业收入分别为97.43、116.91、137.96 亿元人民币,净利润分别为12.38、15.12、18.36亿元人民币,对应的EPS 分别为0.72、0.88、1.07 元,对应21-23 年PE为11、9、7X,维持“增持”评级。   风险提示:铺货率提升缓慢,原料价格上涨,新品销售不及预期,国际贸易摩擦增加,食品安全问题。

The company's annual 1H21 revenue was 4.271 billion yuan, an increase of 10.7% over the same period last year. The net profit of homing was 594 million yuan, an increase of 45.3% over the same period last year. The private brand formula business recorded revenue of 3.741 billion yuan, an increase of 9.7% over the same period last year. Among them, the revenue of milk powder business was 2.053 billion yuan, an increase of 16.9% over the same period last year; the sales revenue of Nengliduo was 563 million yuan, an increase of 37.0% over the same period last year. Nengliduo released "excellent series" products containing three major categories and four individual products, actively embracing new opportunities for the growth of national powder. Hipnokai's biological sales revenue was 1.374 billion yuan, an increase of 18.9% over the same period last year, focusing on ultra-high-end growth. Hipnokai 1897 launched a new child growth formula, following mother powder and baby powder. formally entered a new stage of providing higher quality nutritional support for the whole family. The recovery of Jia Beit's business accelerated, with revenue of 1.688 billion yuan, an increase of 2.0% over the same period last year, of which 2Q21's revenue in China increased by 17.8% over the same period last year. The international market continued to break through and was exported to more than 60 countries and regions. Since entering the Mexican market in 2020, the local demand of Jiabeit has been increasing month by month, and its performance is eye-catching. At present, the company is still preparing to introduce Jiabei into the Southeast Asian market by the end of this year. The nutrition business is pushing through the old and bringing forth the new. The income of Australian excellent nutrition business is about 68 million yuan, an increase of 3.5% over the same period last year. Sales in China are about 66 million yuan, up 33.3% from the same period last year. MP108 Lactobacillus rhamnosus, which is declared by Jinqi Biology, its probiotic business brand, is the first infant probiotic strain independently developed in China. On May 16, Aoyou officially launched its new probiotic product, Aiyisen "Little Orange Box", which uses this strain. Gross profit was 2.136 billion yuan, up 5.6 per cent from 2.022 billion yuan in the same period in 2020. Excluding the additional inventory provision of 122 million yuan, the gross profit margin rebounded to 52.9 per cent. Investment advice: milk powder business multi-strength, goat milk powder month-on-month recovery solid and progressive, research and development to drive the company's special medicine and probiotic track performance. We estimate that the company's operating income for 21-23 years will be 97.43 yuan, 116.91 yuan and 13.796 billion yuan respectively, and its net profit will be 12.38 yuan, 15.12 yuan and 1.836 billion yuan respectively, the corresponding EPS will be 0.72,0.88,1.07 yuan respectively, and the PE for 21-23 years will be 11,9 and 7X respectively, maintaining the "overweight" rating. Risk tips: slow increase in inventory rate, rising raw material prices, lower-than-expected sales of new products, increased international trade frictions, food safety problems.

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