投资建议
中炬高新是中国调味品行业龙头。调味品行业为国家鼓励行业,市场需求大,发展前景广阔,未来将持续受益于消费升级带来的销售结构上升。具有较强的品牌优势,产能规模和渠道的持续扩张使公司在行业中的地位不断稳固,经营效益仍将处于稳步提升轨道中。我们预计公司2017/2018年的每股盈利分别为0.64,0.86元人民币,目标价30.1人民币元对应2018年35倍预计市盈率,首次覆盖给予增持评级。
公司简介:调味品行业龙头
中炬高新是全国53个国家级高新区中的首家上市公司,也是中山市首家上市公司。公司于1993年成立,1995年在上海主板上市。中炬高新旗下拥有美味鲜食品、中汇合创房地产、中炬精工机械等控股子公司,其中调味品业务占最大比重,收入和贡献毛利占比约95%。
公司制作酱油历史悠久,起源于清末民初的香山酱园,获“中华老字号”等多项国家级荣誉,主营包括酱油、鸡精鸡粉、蚝油、腐乳、调味酱、味精、醋类、料酒、鸡汁等系列调味品和食用油、罐头共11大类,100多个品种的生产和销售。公司的生产工艺在国内领先,目前整体生产能力超过每年40万吨,其中酱油的销售额占其调味品总收入的接近七成,生产规模及市场占有率位居全国第二,仅次于行业第一位的海天(212万吨);鸡精鸡粉占比10-15%,其他调味品占比10-15%。
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Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.