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維達國際(03331.HK):營銷推陳出新,藍色經典鑄就傳奇,給予“買入”評級
格隆匯 07-24 09:07

機構:廣發證券

評級:買入

核心觀點:

維達國際是亞洲產能佈局完善,品牌矩陣豐富的衞生用品企業。維達國際控股有限公司成立於1985年,為亞洲最具規模的衞生用品企業之一。當前公司共有14個先進生產基地,截至2019年底,生活用紙共計產能125萬噸。目前集團以維達、得寶、多康、添寧、包大人、薇爾、麗貝樂、Drypers八個主要品牌發展生活用紙、失禁護理、女性護理及嬰兒護理四大業務。

產品和品牌:持續革新,卡位中高端;鑄就藍色經典品牌,品牌營銷推陳出新。公司產品卡位中高端,中高端產品佔比持續提升。公司專注於紙巾業務中立體美、得寶等高端產品,2019年高端產品收入增速60%+。品牌上,生活用紙消費者粘性低,品牌培育週期長,公司以藍色為基調,成功塑造了Tempo(得寶)、Vinda(維達)、Tork(多康)等多個品牌。在營銷上持續推陳出新,把握熱點緊跟消費趨勢。

渠道:零售思維下產品快速迭代,電商+商銷佈局領先。公司快速的產品迭代能力,使得其在電商渠道獲得成功。同時,以強大的供應能力在商銷渠道保持領先。

預計20-22年EPS分別為1.59、1.69、1.89港元/股。預計2020-2022年公司實現歸母淨利潤19.06、20.21、22.57億港元,對應增速分別為67.47%、6.00%、11.70%。根據公司歷史PE-band及其在東亞、東南亞等區域領先的市場地位,給予公司2020年24xPE估值,對應合理價值38.27港元/股,給予“買入”評級。

風險提示:原材料價格上漲,行業競爭格局惡化,品類拓展不及預期。本文無特殊聲明貨幣單位為港元。

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