《大行報告》大摩上調周黑鴨(01458.HK)目標價至9.2元 評級「與大市同步」
大摩發表的研究報告,調整了對周黑鴨(01458.HK)的盈利預測及目標價,主要因為公司確認目標在2023年分店數目增至4,000-5,000家,並目標每家零售店銷售達180-200萬元人民幣,授權店每家銷售目標則介乎130-150萬元人民幣水平。
該行將公司2021年銷售預測升4%至39億元人民幣,並將2022年預測升10%至51億元人民幣,估計授權店將有較高的銷售能力,並將零售店銷售能力預測下調,以反映首季疫情帶來的影響,維持對2021年盈利預測,但就將2022年預測升3%。長遠而言,該行估計受惠管理層的期望及公司新產品擴張的努力,店舖生產力將提升,同時估計隨著授權業務增長加快,銷售、一般及行政開支將減低。該行將公司目標價由8.1元升至9.2元,評級「與大市同步」。
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