Tiger Brokers

【券商聚焦】华创证券维持朝云集团(06601)“推荐”评级 指其业绩增长动能充足

金吾财讯
Oct 13

金吾财讯 | 华创证券研报指，朝云集团(06601)25H1实现收入13.4亿（+7.2%），归母净利润1.74亿（-3.3%）。毛利率49.3%（+2.9pp），净利率12.8%（-1.3pp）。销售/管理费用率分别为30.5%/6.0%（同比+5.1/-1.0pp）。面对行业竞争与原材料波动，公司通过三大举措维持盈利水平：①核心产品（如超威杀虫气雾剂）规模效应显著，生产工艺优化降低单位成本；②高毛利新品（宠物护理、高端清洁）占比提升，拉动整体毛利率结构优化；③供应链长期合作与数字化管理，锁定关键原材料供应，成本端具备可控性。该机构指，朝云集团作为中国领先家居护理集团，传统品类基本盘稳固，新品牌、新赛道（宠物、高端清洁等）拓展成效显著，业绩增长动能充足。随着消费升级与细分市场需求持续释放，公司“多品牌+多品类+全渠道”的协同效应将进一步显现。该机构预计25-27年朝云集团归母净利润分别为2.18、2.43、2.74亿元，三年复合增速12.1%，当前股价分别对应12.9、11.5、10.3倍PE，参考可比公司估值，给予公司1.4倍PEG，对应PE为25年业绩17倍，对应目标估值40.49亿港元，目标价3.03港元，维持“推荐”评级。

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