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六福集團(00590.HK):2021財年第2季度運營數據差於預期,維持“中性“評級,目標價19.00港元
格隆匯 11-03 21:18

機構:國泰君安

評級:中性

目標價:19.00港元

六福 2021 財年第 2 季度總體同店銷售同比下降 55%。分產品結構,鑲嵌類珠寶和黃金產品的同店銷售分別同比下降 65%和 46%。分市場來看,港澳市場的同店銷售同比下降63%,其中黃金產品和鑲嵌珠寶產品的同店銷售分別同比下降 53%和 74%。在中國內地市場,自營店鋪同店銷售同比下降 15%,品牌店同店銷售同比下降 4%。黃金產品和固定價格珠寶的表現接近。

預期中國內地同店銷售在 2021 財年下半年和 2022 財年持續復甦。公司的復甦弱於我們之前預期但復甦趨勢穩定。我們預期公司能在接下來的旺季實現更高的同店銷售增長。我們認為公司大量的新開門店會在 2022 財年驅動收入增長。我們將 2021 財年盈利預測下調了 6.1%但將 2022 財年預測上調了 4.0%。

維持投資評級為“中性”但提高目標價至 19.00 港元。新目標價相當於 12.3 倍 2021 財年市盈率以及 10.2 倍 2022 財年市盈率,接近其歷史平均估值。因為公司相對於其同業較弱的復甦及在香港的高暴露,我們維持“中性”評級。下行風險包括金價波動以及消費情緒疲弱。上行風險包括消費回升。

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