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經濟差未影響對生活消費品需求 恆安及維達半年多賺逾三成 @ 2012-08-30T06: Back Hot News
Keyword:恆安
Concept:下半年毛利率 , 恆安國際中期
恆安國際:按計劃擴產,下半年資本開支數億元
環球經濟放緩,令生活用紙生產原材料木漿出現供過於求,木漿價格下半年扭轉升勢,近月持續向下,未來仍有下降空間。原料降價,下游生產商最受其利,恆安國際(01044)、維達國際(03331)預料下半年盈利逆境向上,受市場看好。
恆安國際屬於個人護理產品行業,銷售個人衛生用品、衛生紙和兒童紙尿褲。目前國內的人均紙消費量仍遠低於其他先進發達國家,行業具有巨大的增長潛力。管理層對於上半年公司利潤增長表示失望,一方面是管理費用支出過高和免稅期之後稅率的增加所致;另一方面,重慶新建產能的產成品延遲交付,而缺乏進取的銷售策略。但在推出新產品之後,衛生紙的銷售方面逐步看到了滿意的銷售增長,銷量同比高達30%的增長幅度。寄希望公司下半年能減少費用,擴大盈利,保持其行業的領導地位。給予目標價84.2港元,止損價65.5港元。

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