港股

农夫山泉今日启动上市预路演:9月4日正式于港交所上市

  农夫山泉的IPO市值或将达到1500亿港元至1800亿港元。

  来源:IPO早知道

  据IPO早知道消息,农夫山泉股份有限公司(以下简称“农夫山泉”)今日(8月17日)启动上市预路演,下周一(8月24日)开始招股,并将于9月4日正式在港交所主板挂牌上市,中金公司和摩根士丹利担任联席保荐人。

  农夫山泉将在本次IPO中发行不超过13.8亿股境外上市外资股,募资规模预计为10亿美元。综合募资规模、港股软饮料行业平均25至30倍的市盈率、以及农夫山泉无可动摇的龙头地位来看,农夫山泉的IPO市值或将达到1500亿港元至1800亿港元。

  今年4月29日,成立于1996年的农夫山泉正式向港交所递交招股说明书。而早在2008年,农夫山泉曾与中信证券签署A股上市辅导协议;2018年年末,农夫山泉选择放弃A股上市计划。

  8月16日晚间,农夫山泉向港交所递交了通过聆讯后的招股说明书。

  受消费者流动性减少、零售网点关闭等因素影响,农夫山泉在2020年前5个月的收入为86.64亿元,较2019年同期的99.17亿元减少12.6%;净利润则为19.31亿元,较2019年同期的23.60亿元减少18.2%,净利润率从23.8%降低至22.3%。

  值得注意的是,从收入构成来看,包装饮用水产品呈现出明显的必需消费品的消费刚性。

  2020年前5个月来自包装饮用水产品的收入同比微跌4.3%;相比之下,来自茶饮料产品、功能饮料产品及果汁饮料产品的收入则减少21.2%、40.9%和13.6%。

  2020年上半年,农夫山泉的收入从2019年同期的 123.10亿元下降6.2%至115.45亿元,与前5个月12.6%的跌幅相比明显收窄。

  同时,2020年6月的收入增长速度已高于2019年6月。

  终端零售网点主打下沉市场

  1997年,第一款“农夫山泉”饮用水问世;2003年,第一款果汁饮料产品“农夫果园”上市;第一款功能饮料产品“尖叫”则在2004年上市。

  根据弗若斯特沙利文报告,2012年至2019年间,农夫山泉连续八年保持中国包装饮用水市场占有率第一。以2019年零售额计,农夫山泉在茶饮料、功能饮料及果汁饮料的市场份额均居于中国市场前三位。

  招股书披露,农夫山泉现已布局十处优质水源地,分布在国内华东、东北、华中、华南、西北、西南、华北7大不同区域,具体包括浙江千岛湖、吉林长白山、黑龙江大兴安岭等。

  如此布局一方面能全面覆盖全国市场供应,另一方面则可以有效缩短运输半径,有助于减少产品从生产线运送至货架的时间,控制物流开支,保障利润水平。

  销售模式上,农夫山泉主要通过传统渠道、现代渠道、餐饮渠道、电商渠道以及其他渠道(如以自动贩卖机渠道为代表的新零售渠道)销售产品,并以一级经销模式为主。

  截至2020年5月30日,农夫山泉通过4,454名经销商覆盖全国超过243万个终端零售网点,其中超过48万家终端零售网点配有‘农夫山泉’品牌形象冰柜,尤其在夏季能大幅提升销量。

  值得注意的是,在这超过243万个终端零售网点中,约188万个终端零售网点位于三线及三线下城市,占比高达77.4%。

  盈利能力远超行业平均水平

  2017年至2019年,农夫山泉的收入分别为174.91亿元、204.75亿元和240.21亿元(人民币,下同),年复合增长率为17.2%,高于同期中国软饮料行业5.8%以及全球软饮料行业3.1%的增速。

  值得一提的哈,在2017年至2019年全球收入超过十亿美元的已上市软饮料企业中,农夫山泉的收入增速排名第一。

  其中,2019年包装饮用水的收入占比达59.7%,略高于2017年和2018年的57.9%和57.5%;而茶饮料和功能饮料的占比则分别为13.1%和15.7%,这两类的占比均相较前两年有所下降。

  2017年至2019年,农夫山泉的净利润分别为33.86亿元、36.12亿元和49.54亿元,净利润率分别为19.4%、17.6%及20.6%,同样远高于国内外软饮料行业不足10%的平均盈利水平。

  毛利率方面,2017年至2019年农夫山泉的整体毛利率分别为56.1%、53.3%和55.4%,而包装饮用水和茶饮料两大品类的毛利率则高于平均水平。2019年,包装饮用水和茶饮料的毛利率分别为60.2%和59.7%,即以550ml瓶装水每瓶2元的建议零售价计算,农夫山泉每售出1瓶就能获得1.2元的毛利。

  此外,随着农夫山泉包装饮用水的收入占比越来越大,加之包装饮用水的毛利率又是农夫山泉毛利最高的产品,未来农夫山泉的盈利能力必将进一步增强。

  无糖茶、咖啡、植物酸奶均有布局

  事实上,在当下一级市场中较为火热的新兴饮料赛道,农夫山泉同样早已有所布局。

  目前,农夫山泉推出的软饮料产品已经覆盖茶饮料、功能饮料、果汁饮料及咖啡、植物酸奶产品等多种品类。

  农夫山泉表示,其采取多品牌发展的策略,每个饮料品牌都有自己的独特定位,并关注消费者的长期健康需求。

  在行业盛行10%低浓度果汁饮料时,农夫山泉于2003年即推出30%浓度的混合果蔬汁饮料‘农夫果园’。当行业普遍采用浓缩还原果汁作为原料时,农夫山泉成功突破了原料、保鲜、无菌罐装等技术难题,推出了‘17.5o’及‘农夫山泉’非浓缩还原纯果汁。

  此外,农夫山泉早在2011年就在中国市场推出无糖茶产品‘东方树叶’。根据弗若斯特沙利文的报告,2019年‘东方树叶’已经成为无糖茶品类市场占有率第一的品牌。

  值得一提的是,农夫山泉推出的大部分饮料产品都能够保持十年以上的品牌活力。譬如,于2004年推出的‘尖叫’在2019年以新口味推出为主线进行的营销推广,仍使得‘尖叫’相比较2018年获得10.2%的销售增长,2019年销售规模达到26.68亿元。

  农夫山泉认为,双引擎发展的格局能够为其业务增长提供更大空间,切有效降低业绩波动的风险。

  IPO前,钟睒睒持有农夫山泉约87.44%的股份,包括约17.86%的直接权益以及通过养生堂持有的69.58%的间接权益。IPO后,钟睒睒及养生堂仍将是控股股东。

  

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责任编辑:马婕


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