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摩根大通:予高鑫零售(6808.HK)優於大市評級 目標價10.5港元
格隆匯 06-04 13:22

摩根大通估計,高鑫零售(6808.HK)短期焦點在於提升銷售收入並爭取市場份額,因為擴大規模不僅對運營槓桿(尤其是在低利潤雜貨業務中)有利,還可以淘汰競爭對手。摩通認為提升盈利能力只會是集團中長線目標。該行予高鑫零售優於大市評級,目標價為10.5港元。

摩通發表研究報吿指出,高鑫零售管理層預期,今年其獲取客户的成本將增至大約6億元人民幣,因此其線上B2C銷售的營業利潤率或會下降至少於1%,而去年則為2-3%。管理層澄清,庫存共享業務模式是基於門店資源,類似於門店營運,故長期淨利潤率目標將接近其線下水平,即2%。另一方面,阿里巴巴社區團購業務的批發業務與高鑫目前的B2B業務較為相似,因此長期淨利潤率將為1%。

管理層表示,集團在蛋白質、冷凍產品方面的競爭優勢難以取代,因為它們不少並非標準化產品。高鑫零售相信集團具採購實力,這有助集團繼續成為阿里巴巴在批發業務中最重要的供應商。管理層相信,批發業務可在中期為集團提供重要的增長機會。

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