恆安國際(01044.HK)公佈年度業績 毛利率大幅改善 經營利潤升4.6%及派息1.25元
格隆匯3月26日丨恆安國際(01044.HK)公佈2019年年度業績，公司收入224.93億元人民幣，同比增長9.6%；經營利潤56.8億元，同比增長4.6%；毛利率38.6%，同比上升0.4個百分點；每股收益3.285元，末期股息每股1.25元。
2019年，集團核心紙巾產品銷售表現理想，升級產品如濕紙巾系列，以及重點推廣的“茶語絲享”系列和“竹π”系列均廣受市場歡迎，銷售增長顯著；加上，紙巾分部的電商銷售增長強勁，帶動紙巾銷售於2019年下半年取得接近雙位數的增長，為集團整體銷售增長的主要動力之一。
年內，紙巾業務收入上升約12.3%至約人民幣114.87億元，佔集團收入約51.1%（2018年：49.9%）。集團年內的紙巾業務產能為約142萬噸。集團會因應未來的市場情況及銷售表現決定未來增加產能的速度。另一方面，集團濕紙巾產品（包括超迷你包裝濕紙巾）保持持續的顯著銷售增長，本年濕紙巾業務收入約為人民幣6.07億元，相比去年同期增長約21.2%。
於年內，造紙原料木漿價格於2019年上半年起回落，原料成本下跌所帶來的效益在2019年下半年逐漸反映，使毛利率顯着改善。紙巾產品毛利率由2019年上半年的約25.0%大幅改善至下半年的約30.1%，年內，毛利率回升至約27.7%（2018年：22.5%）。集團預期木漿價格於2020年上半年將持續於低位運行，預期紙巾毛利率將於2020年上半年繼續改善。
年內，集團的電商銷售取得快速增長，集團主要業務衞生巾、紙巾、及紙尿褲的電商銷售保持良好增長動力，集團於在電商渠道的市場份額持續提升。於2019年，電商渠道營業額（包括新零售銷售和微商銷售）超過約人民幣44億元，較去年同期上升超過50%。電商對整體銷售額貢獻亦上升至19.8%（2018年：14.4%）。
公司預期，木漿價格於2020年上半年將持續在低位運行，有助緩解公司的成本壓力，為毛利率持續改善提供支援。同時，為實現效益最大化及效率最優化，集團將會持續深化平台化小團隊經營策略，提升銷售團隊的靈活性及市場反應能力，快速應對瞬息萬變的市場需求。集團亦會把握國內消費升級所帶來的市場機遇，繼續以消費者需求為中心，通過持續創新、升級產品優化產品組合來滿足消費者的需求，為消費者提供優質及健康產品。
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