每經(jing)記者｜劉明(ming)濤    每經(jing)編輯｜何建川(chuan)     

來源：道達號（微信號：daoda1997）

一直保持穩定增長，股價糾結一整年后近期再度重回年線之上，冷門行業煙標龍頭勁嘉股份近期迎來了諸多買方機構的關注，知名私募尚雅投資、毅恒資本，知名公募華夏基金、工銀瑞信紛紛對其進行了電話調研。機構對于新型煙草領域未來業務的發展表示出濃厚興趣。關注“道達(da)號(hao)”微信公(gong)眾號(hao)，為你呈現機構動(dong)向。

勁(jing)(jing)嘉(jia)(jia)(jia)股(gu)份表(biao)示，公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)于2014年布局(ju)新(xin)型(xing)煙草(cao)業務(wu)，公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)子(zi)(zi)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)勁(jing)(jing)嘉(jia)(jia)(jia)科技(ji)(ji)積(ji)極將(jiang)其產(chan)品(pin)向煙草(cao)企(qi)業推介，目前(qian)已與(yu)(yu)云(yun)(yun)南(nan)(nan)、上海(hai)、河(he)南(nan)(nan)、山東(dong)、廣(guang)西、重慶等中(zhong)煙公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)展開合作(zuo)；公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)全(quan)資(zi)子(zi)(zi)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)深圳勁(jing)(jing)嘉(jia)(jia)(jia)健康已與(yu)(yu)復(fu)星集團控股(gu)子(zi)(zi)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)深圳前(qian)海(hai)復(fu)星瑞哲資(zi)產(chan)管理有限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)設(she)立合資(zi)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)，公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)全(quan)資(zi)子(zi)(zi)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)勁(jing)(jing)嘉(jia)(jia)(jia)科技(ji)(ji)已與(yu)(yu)小(xiao)米公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)旗下(xia)生(sheng)態(tai)鏈企(qi)業北京(jing)米物科技(ji)(ji)有限(xian)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)、深圳市南(nan)(nan)橋前(qian)海(hai)創新(xin)基(ji)金合伙(huo)企(qi)業(有限(xian)合伙(huo))設(she)立因(yin)味科技(ji)(ji)；此外，公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)與(yu)(yu)云(yun)(yun)南(nan)(nan)中(zhong)煙公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)旗下(xia)子(zi)(zi)公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)華玉科技(ji)(ji)合資(zi)設(she)立了嘉(jia)(jia)(jia)玉科技(ji)(ji)；后(hou)續公(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)(si)將(jiang)于各個合作(zuo)方，各有所(suo)側重地共(gong)同推進(jin)雙(shuang)方在新(xin)型(xing)煙草(cao)制品(pin)領域的技(ji)(ji)術研(yan)發、產(chan)品(pin)生(sheng)產(chan)及(ji)銷售推廣(guang)，共(gong)同擴大雙(shuang)方在新(xin)型(xing)煙草(cao)行業的競爭力(li)和(he)影響力(li)。

近年來，全(quan)國一(yi)、二類卷煙(yan)(yan)、短/中/細(xi)(xi)/爆煙(yan)(yan)品銷(xiao)量(liang)均保(bao)持較(jiao)高速(su)(su)度增長(chang)，特別是細(xi)(xi)支煙(yan)(yan)增長(chang)顯(xian)著(zhu)，公司具(ju)備較(jiao)強(qiang)的設計(ji)及工藝積累(lei)，新品煙(yan)(yan)的中標率較(jiao)高，受益于細(xi)(xi)支煙(yan)(yan)等新品類快速(su)(su)發展的機遇，公司收(shou)入(ru)和利潤均有(you)望(wang)保(bao)持較(jiao)好的增長(chang)。

而對(dui)于業內的(de)(de)(de)(de)競(jing)爭(zheng)(zheng)形勢，勁嘉(jia)股份向機(ji)構表(biao)示，公司主(zhu)要針對(dui)中高(gao)(gao)(gao)(gao)端(duan)產(chan)品(pin)(pin)提供紙(zhi)質印刷(shua)(shua)包(bao)裝整體(ti)解決方案(an)，處于紙(zhi)質印刷(shua)(shua)包(bao)裝行業的(de)(de)(de)(de)中高(gao)(gao)(gao)(gao)端(duan)領域，具(ju)有較(jiao)(jiao)高(gao)(gao)(gao)(gao)的(de)(de)(de)(de)進(jin)入門檻：高(gao)(gao)(gao)(gao)端(duan)品(pin)(pin)牌客(ke)(ke)戶在選擇包(bao)裝產(chan)品(pin)(pin)供應(ying)商(shang)時(shi)均實(shi)行非常嚴格的(de)(de)(de)(de)審核制度，一(yi)(yi)旦(dan)跟供應(ying)商(shang)形成穩定的(de)(de)(de)(de)合作關系以(yi)后，為了確保包(bao)裝產(chan)品(pin)(pin)品(pin)(pin)質的(de)(de)(de)(de)一(yi)(yi)致性(xing)與(yu)穩定性(xing)，客(ke)(ke)戶一(yi)(yi)般不(bu)會輕易(yi)更換供應(ying)商(shang)；高(gao)(gao)(gao)(gao)端(duan)品(pin)(pin)牌客(ke)(ke)戶對(dui)于紙(zhi)質印刷(shua)(shua)產(chan)品(pin)(pin)在產(chan)品(pin)(pin)設計、材料選擇、生(sheng)產(chan)工藝、檢測等各方面(mian)的(de)(de)(de)(de)技術(shu)均提出(chu)較(jiao)(jiao)高(gao)(gao)(gao)(gao)的(de)(de)(de)(de)要求(qiu)，如材料的(de)(de)(de)(de)綠色環保、印刷(shua)(shua)及工藝的(de)(de)(de)(de)精美度、產(chan)品(pin)(pin)的(de)(de)(de)(de)精致和可(ke)靠、防偽、可(ke)溯(su)源等。只(zhi)有不(bu)斷加大研發投入，提高(gao)(gao)(gao)(gao)技術(shu)水(shui)平，才能(neng)提高(gao)(gao)(gao)(gao)產(chan)品(pin)(pin)外觀(guan)及功能(neng)性(xing)水(shui)平，更好地服務高(gao)(gao)(gao)(gao)端(duan)客(ke)(ke)戶，實(shi)現(xian)差(cha)異化競(jing)爭(zheng)(zheng)；公司具(ju)備(bei)一(yi)(yi)系列完備(bei)的(de)(de)(de)(de)生(sheng)產(chan)設備(bei)和高(gao)(gao)(gao)(gao)效的(de)(de)(de)(de)生(sheng)產(chan)線，高(gao)(gao)(gao)(gao)端(duan)設備(bei)的(de)(de)(de)(de)單價較(jiao)(jiao)高(gao)(gao)(gao)(gao)，大規模的(de)(de)(de)(de)一(yi)(yi)次性(xing)投入對(dui)企業資金實(shi)力(li)要求(qiu)較(jiao)(jiao)高(gao)(gao)(gao)(gao)。

因(yin)此，從以上角度(du)來看(kan)，公司在行業領(ling)先(xian)優勢(shi)突出，具(ju)備(bei)一定抵御競(jing)爭(zheng)者的能力。

中金公司分析指出，勁嘉股份作為煙標(biao)行(xing)業市占率第一的龍頭(tou)公司，主業回升趨勢顯著，同時(shi)大包裝、新型煙草業務加(jia)速落地，近(jin)期(qi)上游紙價下行(xing)利好盈(ying)利改善。不(bu)過公司也存在(zai)原料價格(ge)劇(ju)(ju)烈波動、行(xing)業競爭(zheng)不(bu)斷加(jia)劇(ju)(ju)等(deng)風險(xian)。

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