[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 恒安国际（1044）公司年报点评 2024年04月23日 [Table_InvestInfo] 核心业务稳定增长，新零售及电商渠道持 投资评级 优于大市 维持 续拓展 股票数据 0[4Ta月b2le2_日S收to盘ck价Info] 24.95港元 [Table_Summary] 52周股价波动 22.55~35.52港元 投资要点： 总股本/流通港股 11.62/11.62亿 总市值/流通市值 290/290亿港元  公司2023年经营情况：2023年公司实现主营业务收入237.68亿元，同比 相关研究 增长5.09%，实现归母净利润28.01亿元，同比增加45.51%。 [《Ta纸b巾le业_R务e恢p复or高tI增nf，o]新零售渠道快速扩张》 核心业务稳定增长，推动产品高端化及产品组合优化。分产品来看，得益于 2023.09.14  全渠道销售策略及品牌形象持续提升，公司三大核心业务板块（纸巾、卫生 巾及纸尿裤业务）2023年全年收入实现稳定增长，年增长约8.0%。其中， 市场表现 纸巾业务销售收入137.48亿元，同比增 ...

恒安國際集團有限公司 HENGAN INTERNATIONAL GROUP CO., LTD (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock code 股份代號: 1044 2023 ANNUAL REPORT 年 報 Corporate Mission 企業使命 "GROWING WITH YOU FOR A BETTER LIFE" 「追求健康、 你我一起成長」 | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Overweight" rating for the company [5][8] Core Views - The company's 2023 performance met expectations, with significant growth in high-end products and improved profitability due to reduced raw material costs and narrowed exchange losses [3] - The company's revenue in 2023 was RMB 23.768 billion, up 5.1% YoY, with net profit attributable to shareholders reaching RMB 2.801 billion, up 45.5% YoY [3] - The report is optimistic about the company's future profitability improvement through cost control and product upgrades [3] Financial Performance - In H2 2023, the company's revenue was RMB 11.563 billion, up 1.3% YoY, with net profit attributable to shareholders reaching RMB 1.575 billion, up 142.6% YoY [3] - The company's gross profit margin for tissue products in H2 2023 was 26.1%, up 7.6 percentage points YoY and 8.4 percentage points QoQ [3] - The gross profit margin for sanitary napkins in H2 2023 was 66%, down 2.4 percentage points YoY but up 4.2 percentage points QoQ [3] - The gross profit margin for diapers in H2 2023 was 40%, up 1.2 percentage points YoY and 4 percentage points QoQ [3] Business Segments - Tissue products: H2 2023 revenue was RMB 6.578 billion, up 2.7% YoY, with high-end products like the Cloud Touch series growing 26.6% YoY [3] - Sanitary napkins: H2 2023 revenue was RMB 2.959 billion, down 2.3% YoY, but high-end products like panty-style sanitary napkins grew 73.4% YoY [3] - Diapers: H2 2023 revenue was RMB 589 million, up 3.5% YoY, with high-end diaper Q·MO growing approximately 21.8% YoY [3] Future Outlook - The report forecasts net profit attributable to shareholders for 2024-2026 to be RMB 2.923 billion, RMB 3.012 billion, and RMB 3.203 billion, respectively [3] - The company's e-commerce and new retail channels generated RMB 3.66 billion in revenue in H2 2023, up 7.6% YoY [3] - The company is expected to maintain stable pricing strategies and more precise cost control in 2024, with continued product upgrades driving profitability [3] Valuation - The target price is adjusted to HKD 31.08, based on a 12x PE ratio for 2025, in line with industry peers [8] - The company's current PE ratio is 11.07x for 2023, expected to decrease to 8.68x by 2026 [4]

智通财经APP获悉，麦格理发布研究报告称，予恒安国际(01044)“跑赢大市”评级，下调2024及25财年的净收益预测12%和9%，以反映预期在竞争中需要较高的广告促销费用，目标价下调12%至46港元。公司去年下半年的销售同比升1.3%，逊于麦格理预测。 报告中称，分业务看，恒安纸巾和尿片销售额分别增长2.7%和3.5%，较去年上半年的22.7%及5%有所放缓。卫生棉销量同比跌2.3%，而上半年则增3%，相信是由于木浆价格下跌导致售价竞争加剧。去年下半年新零售渠道销售额增7%，销售贡献率为31%，而2022年同期为29.5%。公司的纸巾业务去年进一步获得市场份额，卫生棉业务在2024年初至今有良好增长势头。然而，纸巾面临激烈的竞争，公司或会加强促销以刺激增长。 ...

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年3月22日 港元26.00 港元33.85↓ +30.2% 恒安国际 (1044 HK) 业绩符预期，高端产品组合反馈正面，成本压力缓解引领利润率回升  2023 年业绩符合预期，下半年利润率改善显著：恒安2023年销售额同比 个股评级 增长5.1%至237.7亿（人民币，下同），核心业务（纸巾、卫生巾、纸尿 片）销售同比增长 8.0%至 211.8 亿人民币，归母净利润同比增 45.5%至 买入 28.1亿人民币。受竞争加剧和促销费用管控的影响，销售额增速从2023上 半年的9%放缓至下半年的1.3%，但是受益于高端产品组合的推动及原材 料成本下跌，利润率保持恢复趋势。2023下半年毛利率大幅改善至36.5% 1年股价表现 （2022年同期：32.8%），环比提升5.5个百分点，全年毛利率维持稳定。 1044 HK 恒生指数 叠加外汇损失的大幅下降，共同支撑全年经营利润率和净利润率提升 10% 5% 4.1/3.3个百分点至16.7%/11.8%。2023年每股派息总额为1.4元（2022年： 0% 1.4元），派息率为58%（2022年： ...

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 23,767,936 thousand, representing a 5.1% increase from RMB 22,615,878 thousand in 2022[3] - Operating profit increased by 38.6% to RMB 3,977,931 thousand compared to RMB 2,869,154 thousand in the previous year[3] - Profit attributable to equity holders of the company rose by 45.5% to RMB 2,800,533 thousand from RMB 1,925,249 thousand in 2022[3] - Basic and diluted earnings per share increased by 45.8% to RMB 2.415 from RMB 1.657 in the previous year[3] - Group operating profit for 2023 was RMB 3,977,931 thousand, compared to RMB 2,869,154 thousand in 2022, reflecting a significant increase of approximately 38.7%[21] - Net profit attributable to equity holders of the company for 2023 was RMB 2,800,533 thousand, up from RMB 1,925,249 thousand in 2022, indicating a growth of around 45.5%[21] - The group reported a profit before tax of RMB 3,605,404 thousand for 2023, compared to RMB 2,833,286 thousand in 2022, marking an increase of approximately 27.2%[21] - The overall gross profit for 2023 rose by approximately 4.2% to about RMB 8,010,688,000, compared to RMB 7,689,499,000 in 2022[47] - The overall gross margin for 2023 was approximately 33.7%, with a significant improvement to 36.5% in the second half of the year[47] Assets and Liabilities - Total assets decreased to RMB 40,215,901 thousand from RMB 42,337,242 thousand in 2022[9] - Total liabilities decreased to RMB 19,586,050 thousand from RMB 22,561,505 thousand in the previous year[11] - The total assets of the group as of December 31, 2023, amounted to RMB 40,215,901 thousand, with total liabilities of RMB 19,586,050 thousand[23] - The company maintained a current ratio of 1.4, consistent with the previous year[3] - The company has a deferred tax asset of RMB 532,204,000 as of December 31, 2022[27] Dividends and Shareholder Returns - The company proposed a final dividend of RMB 0.70 per share, consistent with the previous year[3] - The company has committed to a final dividend of RMB 0.70 per share for the fiscal year ending December 31, 2023, pending approval at the 2024 Annual General Meeting[101] - The company maintained a stable dividend payout of RMB 1.40 per share for the year, consistent with the previous year[48] Revenue Breakdown - The revenue breakdown includes RMB 6,178,438 thousand from sanitary napkin products, RMB 1,254,070 thousand from diaper products, and RMB 13,748,172 thousand from tissue products[21] - Sales revenue from the sanitary napkin business increased by approximately 0.4% to about RMB 6,178,438,000 (2022: RMB 6,156,060,000), accounting for about 26.0% of the group's total revenue (2022: 27.2%) [51] - Sales revenue from the tissue paper business surged by approximately 12.2% to about RMB 13,748,172,000 (2022: RMB 12,248,011,000), representing about 57.8% of the group's total revenue (2022: 54.2%) [58] - The three core business segments (tissue, sanitary napkins, and diapers) achieved a revenue growth of approximately 8.0% year-on-year[45] Operational Efficiency - The inventory turnover period improved to 42 days from 43 days in the previous year[3] - Accounts receivable and notes receivable decreased from RMB 2,993,134,000 in 2022 to RMB 2,718,998,000 in 2023, with a net amount of RMB 2,553,357,000 after impairment provisions[40] - Accounts payable and notes payable decreased from RMB 2,920,685,000 in 2022 to RMB 2,750,069,000 in 2023[42] - Sales and administrative expenses increased by approximately 3.7% to about RMB 5,068,887,000, while the expense ratio slightly decreased to about 21.3% of total revenue[74] Market and Sales Strategy - E-commerce and new retail sales accounted for approximately 30.1% of total sales, up from 26.9% in 2022, representing a year-on-year growth of about 17.7%[46] - The company plans to continue focusing on high-end product development and optimizing its product mix to meet consumer demand for high-quality diversified products[46] - The company plans to continue expanding the proportion of new retail channels in total sales and develop higher quality products [57] - The company aims to enhance its sales channels, focusing on e-commerce and new retail strategies, while also strengthening partnerships with maternal and infant stores, nursing homes, and hospitals[68] Sustainability and Corporate Responsibility - The company is committed to sustainable development and aims to enhance its competitive edge while expanding its market presence both domestically and internationally[100] - The company has been recognized as a "Green Factory" by the Ministry of Industry and Information Technology, marking its third national-level green factory[87] - The greenhouse gas emission intensity for 2023 was 0.66 tons of CO2 equivalent per 10,000 yuan in sales, significantly lower than the industry standard[86] - The company has implemented a comprehensive safety management strategy and conducted regular safety training, resulting in a workplace injury rate of 0[90] - The company has been actively involved in social responsibility initiatives, including donations of RMB 2 million worth of supplies to earthquake-affected areas in Syria and Turkey[93] Governance and Compliance - The audit committee is chaired by an independent non-executive director, with three other independent non-executive directors as members, ensuring compliance with the highest standards of corporate governance[105] - The company confirmed full compliance with the Listing Rules, except for a minor breach by a director who inadvertently purchased 100,000 shares during a trading blackout period[109] - The board of directors includes eight executive directors and four independent non-executive directors, reflecting a diverse governance structure[112] - The company has maintained high standards of corporate governance, which aids in managing business risks and enhancing transparency[108] Employee and Human Resources - The group employed approximately 23,000 employees as of December 31, 2023, with a focus on improving human resource efficiency and employee compensation[79] - The total training hours for employees exceeded 240,000 hours in 2023, with 173 individuals promoted to management positions[89] - The company employed approximately 23,000 people by the end of 2023, with a female employee ratio of 56%[89] Future Outlook - The company plans to expand production capacity and upgrade technology, including establishing a new base for upgraded sanitary napkins, diapers, and wet wipes in Fujian, with some new capacity expected to be operational in 2024[100] - The company is closely monitoring geopolitical tensions and global monetary policy tightening, which may impact economic growth and consumer confidence, but remains optimistic about China's economic fundamentals[95] - The company aims to enhance its brand image and attract younger consumers through various promotional activities and partnerships [54]

恒安國際集團有限公司 HENGAN INTERNATIONAL GROUP CO., LTD (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock code 股份代號: 1044 2023 INTERIM REPORT 中 期 報 告 Corporate Mission 企業使命 "GROWING WITH YOU FOR A BETTER LIFE" 「追求健康、 你我一起成長」 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 elurNE table （於開曼群島註冊成立的有限公司） （股份代號：1044） 網址： http://www.hengan.com http://www.irasia.com/listco/hk/hengan 裏 「追求健康，你我一起成長」 財務摘要 用 面 二零二三年六月三十日止六個月之中期業績 未經審核 二零二三年 二零二二年 變幅 atad data 人民幣千元 人民幣千元 % 收入 12,204,605 11,200,021 9.0% 核心業務部份收入 （紙巾、衛生巾、紙尿片） 11,054,709 9,604,649 15.1% 毛利率 31.0% 35.2% 經營利潤 1,701,681 1,885,753 (9.8%) 面 用 公司權益持有人應佔利潤 1,225,768 1,276,191 (4.0%) 每股收益 — 基本 人民幣1.055 人民幣1.098 裏 ...

(於開曼群島註冊成立的有限公司) 股份代號: 1044 (於開曼群島註冊成立的有限公司) 股份代號: 1044 2 0 2 2 年 報 2 0 2 2 2 0 2 2 年 報 ANNUAL 2 0 2 2 ANNUAL REPORT (Incorporated in the Cayman Islands with limited liability) Stock code: 1044 202 2 REPORT (Incorporated in the Cayman Islands with limited liability) Stock code: 1044 企業使命 「追求健康、 你我一起成長」 是恒安國際的使命，我們將繼續發揚「誠信、拼 博、創新、奉獻」的企業精神，以「建立一個高效 的企業管理團隊，培養一支高素質、有職業道 德、有敬業精神的員工隊伍」為目標，締造良好 的企業文化，重塑品牌形象，以消費者和市 場為導向，把恒安國際建設成為全球頂級 的家庭生活用品企業。 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 五年財務資料 | 4 | | 公司產品系列 | 6 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1044） 網址： http://www.hengan.com http://www.irasia.com/listco/hk/hengan 二零二二年年度業績公告 『追求健康，你我一起成長』 二零二二年年度業績財務摘要 二零二二年 二零二一年 變動 人民幣千元 人民幣千元 % 收入 22,615,878 20,790,144 8.8% 毛利率(%) 34.0% 37.4% 經營利潤 2,869,154 4,543,591 –36.9% 公司權益持有人應佔利潤 1,925,249 3,273,601 –41.2% 扣除： 營運滙兌（損失）╱收益 — 稅後淨額 (901,210) 113,581 –893.5% 公司權益持有人應佔利潤 （扣除營運滙兌（損失）╱收益 — 稅後淨額） 2,826,459 3,160,020 –10.6% ...