【行业研究报告】嘉泓物流-A niche play with multiple growth drivers

类型: 港股公司研究

机构: 招银国际

发表时间: 2022-05-05 00:00:00

更新时间: 2022-05-05 16:14:45

Foundedin1991andheadquarteredinHongKong,CNLogisticsInternational
(“CNL”)isacomprehensivelogisticssolutionsprovider,withamainfocuson
high-endfashionandfinewineproducts.Underpinnedbytheglobalpresence,a
focusonhigh-endcustomersaswellasgoodmanagementexecution,CNL
deliverednetprofitCAGRof54%in2019-21.In1Q22,CNLdeliveredrevenue
growth/grossprofitgrowthof60%/31%YoY.Goingforward,CNLtargetsto
furtherexpandoverseasmarketthroughbothorganicgrowthandM&Asupported
byCSGroup,theparentcompany.Besides,CNLhasstrivedtofurtherdiversify
thecustomerbaseintermsofdownstreamindustries.
Long-standingrelationshipwithrenownedbrands.CNLhasestablished
long-standingrelationshipwithrenownedhigh-endfashionretailersand
long-standingrelationshipwithrenownedhigh-endfashionretailersand
brands:(1)CNLhasmaintained>18yearsofpartnershipwithTheLane
CrawfordJoyceGroup;(2)CNLhas>10yearsofpartnershipwithKering
Group(KERFP),amajorglobalbrandowner.Besides,CNLhassolid
cooperationwithwholesalersandretailersofwinesuchasL’Imperatrice.
Giventhesecustomersarelesspricesensitivetologisticsservices,CNLis
abletoenjoysustainablegrowthalongsidethesebrandsandretailers.
SettingstageforfurthergrowthinEurope.CNLacquiredalltheminority
sharesintwosubsidiaries(CNItalyandCNSwitzerland)in2021fora
considerationofEUR18mn(~HK$165mn).CNLplanstodevelopItalyintoits
Europeanbusinessheadquarters,providinglogisticsservicesforhigh-end
brandsandfine-winecompaniesaswellasfacilitatingitsB2Cbusiness.
Cruiselogisticsanewgrowthdriver.CNLcompletedtheacquisitionof
AllportCruisefromtheparentcompanyforaconsiderationofHK$185mn
(placementtoparentcompany:24.4mnsharesxHK$9.2)earlythisyear(15x
historicalP/E).AllportCruiseisanairandoceanfreightforwardingservice
providerforglobalcruiseoperators,includingtheprovisionofshipmentsof
suppliersfordry-docksonaprojectbasisandcruisereplenishment.According
toCNL,cruisesareneededtobesenttodrydockformaintenanceeverythree
years.Themaintenanceperiodnormallylastsforonly7-10days,which
requiresontimedelivery.CNLhasalreadysecured15contractsandwe
expect4-5additionalcontractsthisyear,whichwilltakethetotalcontractsto
~20.WeexpectthiswillcontributeUS$2mn(~HK$15.6mn)aftertaxprofitin
2022E.CNLisconfidentofgainingmarketshareinfuture(currently:>10%).