瑞銀:維持高鑫零售(6808.HK)中性評級 降目標價至6.18港元
瑞銀髮表研究報吿表示,將高鑫零售(6808.HK)目標價由9.07港元降至6.18港元;維持中性評級。
報吿表示,行業競爭仍是最大逆風,三月/四月同店銷售額增長呈負雙位數,反映來自其他互聯網公司補貼的競爭,對高鑫零售這些傳統雜貨商帶來巨大的壓力,由於在線和數字化轉型對傳統雜貨商來説至關重要,該公司為保持市場份額,將預算增加補貼和其他支出等額外費用,影響盈利能力。高鑫的市價低於其歷史平均水平,反映了近期的盈利壓力。
報吿表示,高鑫零售的同店銷售將在2022-23財年持平,並下調盈利預測,原因是與RT-mini推出以及在線 CGB ,供應鏈業務擴張相關的額外資本支出。
該行表示,預計年輕家庭和高收入羣體將青睞實體店和在線交付服務多於社區團購 (CGB) 服務。鑑於更嚴格的規定,融資仍持續,但關注市場供過於求。因此預計高鑫等零售商,會保持一些線下流量損失,尤其是通過在線交付、社區RT-mini和CGB公司的供應鏈。但與城市級倉庫相關的資本支出以及在線供應鏈業務的增加,會為短期利潤帶來壓力。
高鑫管理層指高鑫將成為阿里巴巴的社區團購重要供應鏈合作伙伴;管理層認為佔高鑫總收入貢獻的15%,但輕資產模式下有可觀的股本回報率(ROE)。
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