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《大行報告》里昂升周黑鴨(01458.HK)目標價至5.7元 評級「買入」
阿思達克 06-02 14:04
里昂發表研究報告指,雖然線下地區如交通樞紐等復甦具挑戰,但認為周黑鴨(01458.HK)線上平台銷售強勁,加上有其他來自特別渠道的收入來源,例如是便利店等,部分抵銷售傳統線下渠道的弱勢。考慮到特許經營申請者眾及現有特許經營店向好等,對公司的經營模式信心增加,重申「買入」評級,目標價由5.4元升至5.7元,並提升了對公司的特許經營店開店預測,估計將於2021至2022年有所加快。

該行指出,周黑鴨整體線下銷售正在復甦,但於交通樞紐及湖北地區的復甦步伐仍具挑戰,管理層估計於交通樞紐的店舖流量已復甦20%至30%,而其他店舖將在第三季或之前復甦,公司線上銷售增長勢頭強勁,而經營利潤率已回到疫情前可比的水平。

里昂稱,周黑鴨管理層有信心2020年開設300家特許經營店,並期望2021年開店將加快,而特許經營店數目將於三年內多於自營店。該行指出公司3月份於超市及便利店推出真空包裝產品,表現跑贏大市,管理層目標是在不同的連鎖店內推出多元化產品,以滿足客戶的需求,另外亦會改善包裝等供應予擁冷鏈系統的渠道。

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