[摘要]
■公(gong)(gong)司(si)發布(bu)年(nian)報及擬(ni)設立(li)控股(gu)子(zi)公(gong)(gong)司(si)公(gong)(gong)告。2016年(nian)實現營業(ye)收(shou)入35.13億元(yuan),同(tong)比增(zeng)長6.09%,歸屬于上市(shi)公(gong)(gong)司(si)股(gu)東凈利潤3.54億元(yuan),同(tong)比下(xia)降(jiang)2.81%,綜合毛利率31.07%,同(tong)比下(xia)降(jiang)1.47pct,對應基本每股(gu)收(shou)益0.70元(yuan)。其中第(di)4季度實現營業(ye)收(shou)入9.81億元(yuan),同(tong)比增(zeng)長6.48%,歸屬于上市(shi)公(gong)(gong)司(si)股(gu)東凈利潤0.82億元(yuan),同(tong)比下(xia)降(jiang)17.84%。另(ling)外,公(gong)(gong)司(si)公(gong)(gong)告擬(ni)使用(yong)超(chao)募資金在美國和(he)泰國設立(li)海外全資子(zi)公(gong)(gong)司(si),另(ling)擬(ni)使用(yong)自有資金與(yu)核(he)心團隊(dui)在合肥設立(li)控股(gu)子(zi)公(gong)(gong)司(si)。
■受原(yuan)材料更換影(ying)(ying)響(xiang),毛利(li)率(lv)略(lve)(lve)(lve)有下降;費用控制穩(wen)定(ding)(ding)。2016年公司對主要產品(pin)葵花(hua)籽(zi)進行原(yuan)材料升級,受此影(ying)(ying)響(xiang)葵花(hua)籽(zi)產品(pin)毛利(li)率(lv)、整體毛利(li)率(lv)略(lve)(lve)(lve)下降;同時公司費用控制整體穩(wen)定(ding)(ding),凈利(li)潤略(lve)(lve)(lve)下降0.92pct至10.07%。我們認(ren)為(wei)毛利(li)率(lv)下降幅度可控,長(chang)期(qi)看產品(pin)品(pin)質穩(wen)定(ding)(ding)提升有利(li)于增強競爭力。
■電(dian)商業務(wu)略低(di)于公(gong)司預(yu)期,部分(fen)新品(pin)(pin)表現(xian)亮眼。公(gong)司電(dian)商渠(qu)(qu)道(dao)全年(nian)(nian)錄得(de)收(shou)(shou)(shou)(shou)入1.9億(yi)(不含稅),含稅數額(e)未達(da)到年(nian)(nian)初設定的3億(yi)元(yuan)目(mu)標。其(qi)中天貓(mao)超市和旗艦店(dian)銷售(shou)收(shou)(shou)(shou)(shou)入占比一(yi)半以上;新品(pin)(pin)撞果仁和每(mei)日(ri)果仁系列帶動堅果類實(shi)(shi)(shi)(shi)現(xian)收(shou)(shou)(shou)(shou)入1.08億(yi)、新品(pin)(pin)皇葵(kui)表現(xian)亮眼實(shi)(shi)(shi)(shi)現(xian)收(shou)(shou)(shou)(shou)入約3千萬,均(jun)取(qu)得(de)較好(hao)成績,2017年(nian)(nian)將繼續作(zuo)為主推產品(pin)(pin)帶動公(gong)司收(shou)(shou)(shou)(shou)入規模增長(chang)。線下渠(qu)(qu)道(dao)山核(he)桃、焦糖味瓜子(zi)實(shi)(shi)(shi)(shi)現(xian)收(shou)(shou)(shou)(shou)入近(jin)2億(yi)元(yuan),市場(chang)反饋積極,公(gong)司計劃2017年(nian)(nian)該產品(pin)(pin)實(shi)(shi)(shi)(shi)現(xian)收(shou)(shou)(shou)(shou)入5億(yi)元(yuan),如(ru)能實(shi)(shi)(shi)(shi)現(xian),整體收(shou)(shou)(shou)(shou)入增速將在10%以上。
■海(hai)外(wai)市場(chang)增長超(chao)預(yu)期(qi),公(gong)司(si)(si)設立海(hai)外(wai)子公(gong)司(si)(si)拓展上游(you)(you)資源和海(hai)外(wai)市場(chang),未來(lai)有(you)望成為新(xin)增長點。繼在(zai)廣(guang)西、安徽設立種植(zhi)基地后,公(gong)司(si)(si)繼續在(zai)美國布局上游(you)(you),擬(ni)設立子公(gong)司(si)(si)從事堅果農業種植(zhi)、貿(mao)易(yi)和投(tou)資;在(zai)泰國擬(ni)設立子公(gong)司(si)(si)從事食品生產、貿(mao)易(yi)。新(xin)的(de)上游(you)(you)布局有(you)望在(zai)自有(you)種植(zhi)尚未掛(gua)果的(de)7-8年(nian)內盡早獲(huo)得優質原(yuan)材料資源,助力(li)公(gong)司(si)(si)擴大(da)堅果業務。
■2017年(nian)1季(ji)度(du)展望:收(shou)入端(duan)略有壓力(li)。2017春節較早,部分節前備貨需求由16年(nian)4季(ji)度(du)消化,促成4季(ji)度(du)單季(ji)收(shou)入增速提升。考慮(lv)到2016年(nian)1季(ji)度(du)收(shou)入基數較高,預(yu)計(ji)2017年(nian)1季(ji)度(du)收(shou)入端(duan)略有壓力(li),預(yu)計(ji)凈(jing)利潤率保持穩(wen)定。
■投資(zi)建議:維持買入-A投資(zi)評級(ji),6個月目標價(jia)25.0元(yuan)(yuan)。我們(men)預(yu)計(ji)公司2017年-2019年凈利潤增速為25%、21%、13%,對(dui)應基(ji)本每股收益分別為0.88、1.05、1.20元(yuan)(yuan),目標價(jia)相當于2017年29倍市盈率。
■風(feng)險(xian)提示(shi):產品(pin)銷(xiao)售不(bu)達(da)預(yu)期、電商業務不(bu)達(da)預(yu)期、食(shi)品(pin)安(an)全事件。
中(zhong)(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)聲明:凡本網(wang)注明“來源(yuan)(yuan):中(zhong)(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)·中(zhong)(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)”的所有作(zuo)品,版(ban)權均(jun)屬于中(zhong)(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)、中(zhong)(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)。中(zhong)(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)·中(zhong)(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)與作(zuo)品作(zuo)者聯合聲明,任何組織未經中(zhong)(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)、中(zhong)(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)以及(ji)作(zuo)者書面授權不得轉(zhuan)(zhuan)(zhuan)載(zai)、摘編(bian)或利(li)用其(qi)它方式使用上述作(zuo)品。凡本網(wang)注明來源(yuan)(yuan)非中(zhong)(zhong)(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)·中(zhong)(zhong)(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)的作(zuo)品,均(jun)轉(zhuan)(zhuan)(zhuan)載(zai)自其(qi)它媒體,轉(zhuan)(zhuan)(zhuan)載(zai)目的在于更好服務讀者、傳(chuan)遞(di)信息之(zhi)需,并(bing)不代表(biao)本網(wang)贊(zan)同其(qi)觀點,本網(wang)亦不對其(qi)真實性負責,持異(yi)議(yi)者應與原出處單位主張權利(li)。
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