恒安國際 (01044.HK) 1H2022 銷售增長勝預期、毛利率預料持續受壓

公司簡介
恒安國際創立於 1985 年,是目前國內最大的生活用紙和婦幼衛生用品製造商,旗下擁
有安爾樂、心相印、七度空間、安兒樂四枚中國馳名商標,衛生巾、紙尿褲、生活用
紙三大主導產品在國內市佔率名列前茅。
1H2022 銷售逆市增長逾 10%
恒安國際截至 2022 年 6 月底止中期(1H2022),收入約 11,200.021 百萬元(人民
幣.下同),按年上升約 12.3%,優於市場預期。期內,經營利潤下跌約 25.8%至約
1885.753 百萬元(1H2021:2540.583 百萬元)。儘管銷售逆市實現超過 10%的增
長,但人民幣兌美元及港幣匯率於期內的大幅貶值導致營運匯兌出現顯著虧損
(367.797 百萬元)。股東應佔利潤約為 1276.191 百萬元(1H2021:1860.292 百萬
元),同比下降約 31.4%。如扣除營運匯兌虧損,股東應佔利潤同比只下降約 10.9%,
符合市場預期。每股基本盈利約 1.098 元(1H2021:1.574 元);中期股息每股 0.7
元,同比跌 30%(1H2021:1.0 元)。

Hengan (01044.HK) 1H2022 sales growth above market expectation, gross margin is expected to remain under pressure

Company Profile
Hengan founded in 1985, is a famous manufacturer of household paper and maternal &
child hygiene products. The market shares of the three leading products, namely women's
sanitary napkins, baby diapers, and household tissues, is among the best in the domestic
market.
1H2022 sales bucked the trend and achieved growth of over 10%
For the six months ended 30 June 2022 (1H2022), Hengan’s revenue increased by about
12.3% to RMB11,200.021mn, above market expectation. During the period, operating profit
fell about 25.8% to RMB1885.753mn (1H2021: RMB2540.583mn). Although the Hengan’s
sales bucked the trend and achieved growth of over 10%, the striking depreciation of the
RMB against the US dollar and HK$ during the period resulted in a significant foreign
exchange loss in the Hengan’s operations (RMB367.797mn). Therefore, profit attributable to
shareholders was RMB1,276.191mn (1H2021: RMB1,860.292mn), representing a decrease
of 31.4% YoY. If deducting the operating foreign exchange loss, profit attributable to
shareholders decreased by 10.9% YoY instead. Basic EPS was RMB1.098 (1H2021:
RMB1.574), with an interim dividend decreased by 30% YoY to RMB0.70 per share (1H2021:
RMB1.00).

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