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大和:料周黑鴨(1458.HK)今年加盟店開店數量或超目標 重申買入評級
格隆匯 10-13 12:27

大和發表研究報告指,與周黑鴨(1458.HK)管理層進行電話會議,公司於9月約有400家特許經營店,幾乎接近今年的目標,意味在8至9月期間公司新增150家店鋪;9月可比較店鋪銷售額亦回覆至封鎖措施前的70%,對比第二季僅回覆至50%的水平,故重申對其買入評級,維持目標價10港元。

大和引述管理層稱,公司收入復甦勢頭持續,而據政府最新數據顯示,認為內地旅遊業及交通於黃金週假期期間狀況良好,將有利周黑鴨店鋪表現;然而,由於冬季可能再次爆發疫情,管理層對今年剩餘時間的銷售趨勢持保守態度。

該行又指,於9月加盟店的數量達400家,意味著加盟店的數量可能會超過管理層早前設定的目標,公司目標是到2022年擁有1500至2000家加盟店。另外,在疫情緩和後,線上銷售增長亦有所放緩,公司目標下半年電商渠道銷售可按年增長20%;同時,公司現時第三方銷售點已達約2000個,其經營利潤率料為20至30%,較電商業務的10至15%為高。至於新產品方面,公司於8月推出素食鴨零食等,目前新產品約佔整體收入一成。

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