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富瑞:重申高鑫零售(6808.HK)持有評級 降目標價至8.1港元
格隆匯 02-02 13:02

富瑞發表研究報吿指,由於新興的O2O渠道,以及掌握和保持線上行為的需要,而新型冠狀病毒肺炎疫情的出現亦使該趨勢加速,2021年是包括線上和線下的所有食品零售商的投資年。該行預期,高鑫零售(6808.HK)擁有經驗豐富的管理團隊,較其他食品零售商將有更好發展。不過,由於未來12至18個月,公司將進入投資階段,該行下調公司目標價由原來的9.8港元降至8.1港元,重申持有評級。

富瑞預期,公司2021年的純利將按年下跌18%至23.5億元人民幣,而銷售額則增長5%至1000億元人民幣。至於2022年和2023年,該行預期公司純利將分別增長19%和12%,至28億及32億元人民幣。銷售額則按年增長6.9%和7.1%。

該行又預料,今年按類別劃分的毛利率將略有改善,新鮮產品的銷售組合將恢復,從而抵銷今年的額外促銷費用。由於組合變化,整體毛利率將由去年的25.5%收窄至25.1%。

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