維他奶國際 (00345.HK) 收入與毛利穩步增長,盈利能力顯著提升 March 11, 2025 90

PSR Recommendation: BUY Status: Maintained
Target Price: HKD11.66

投資摘要
維他奶國際(00345)於 1H2025FY 錄得收入 34.43 億(港元.下同),同比增長
2%。雖然整體增長幅度有限,但毛利率顯著提升至 51.6%(1H2024FY:50.5%),反
映原材料價格下降及生產程序優化的成效。經營溢利大幅增長 50%至 2.57 億元,主要
貢獻來自中國內地及香港業務。中國內地市場透過線上與線下銷售組合優化及生產效
率提升,帶動經營溢利增長 15%,經營溢利率達 11%。香港業務則憑藉收入增長及原
材料價格下降,經營溢利大幅增長 44%。澳洲及新西蘭市場在解決生產問題後,收入
恢復增長,而新加坡市場的豆腐業務收入增加,使經營虧損顯著收窄。每股盈利
(EPS)為 15.9 仙,按年增長 4.6%。中期股息每股 4.0 仙,按年大幅提升 186%,顯
示管理層對未來現金流穩定性充滿信心,並維持穩定的股東回報政策。
收入與毛利穩步增長,盈利能力顯著提升
截至 2024 年 9 月底止六個月,維他奶收入 34.43 億元,按年增長 2%。其中,中國內
地市場收入與去年接近持平,錄得 19.58 億元,顯示市場競爭進一步加劇,特別是線
上銷售業務的下滑對整體增長產生壓力。然而,透過優化銷售組合與提升生產效率,
內地市場錄得經營溢利 2.18 億元,同比增長 15%,經營溢利率提升至 11%。
香港市場表現穩健,收入同比增長 3%至 11.56 億元,主要受惠於強大的品牌價值、廣
泛的市場影響力及產品創新。消費者對新產品(如維他奶香蕉豆奶、維他奶草莓豆
奶、維他 0 糖檸檬茶及維他 0 糖氣泡檸檬茶)需求強勁,帶動銷量增長。香港業務錄
得經營溢利 1.59 億元,同比增長 44%,經營溢利率提升至 14%。這一增長主要受惠於
核心產品銷量上升及原材料價格下降,使得盈利能力顯著改善。此外,出口業務需求
上升,亦為業務增長提供額外支持。
澳洲及新西蘭市場在解決生產問題後,收入恢復增長 7%,達 2.73 億元,市場份額得
以鞏固,但仍錄得經營虧損 4,551 萬元,虧損幅度擴大。這主要由於生產問題影響了
上半年業務運營,然而,管理層已成功解決相關問題,並恢復產能,下半年可望恢復
盈利能力。新加坡市場的收入亦增長 6%至 5,585 萬元,主要由於豆腐業務出口需求持
續增加,雖然飲料業務仍然面臨挑戰,但經營虧損顯著收窄至 210 萬元,主要得益於
豆腐業務收入增長及成本控制措施。然而,飲料業務仍面臨挑戰,公司需進一步強化
銷售渠道,以確保整體業務回復盈利能力。
受惠於原材料價格下降及生產流程優化,整體毛利率提升至 51.6%,按年增長 1.1 個百
分點,反映出公司在成本管理方面的卓越能力。

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About the author

Profile photo of Eric Li

Eric Li
Analyst
Research

李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師,曾任職股票基金、家族辦公室及證券公司等,擁有多年的證券研究部門從業及投資經驗,並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.

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