《大行報告》大和上調周大福(01929.HK)目標價至16.5元 評級「買入」
阿思達克 06-09 10:03
大和發表的研究報告指，周大福(01929.HK)2021財年收入為702億元，按年增長24%，淨利錄60億元按年升108%，而其核心經營溢利則按年升52%，相關利潤率升2.3個百分點至12.3%，公司宣派末期息每股24港仙，意味全年派息比率為66.4%。而2022財年首兩月集團零售銷售價值按年增長77%，其中內地升75%、港澳及其他市場則升99%，內地及港澳地區同店銷售分別按年升49.3%及159.7%，主要因為去年同期基數較低。
該行指出2021財年集團內地收入增長46.5%，貢獻集團85.1%的收入，期內同店銷售亦升32%，淨開店746家，而核心經營溢利則按年升61%，貢獻集團95.3%的核心經營溢利。而在港澳市場方面期內收入跌34.5%，而同店銷售亦跌41%，期內核心經營溢利跌32%。不過受惠一次性補助如「保就業」及租金寬減等，期內核心經營利潤率改善0.2個百分點至3.9%。
展望2022財年，集團料內地開店將不少於700家，當中75-80%將採用特許經營模式以滲透低線城市，而其他則為自營，公司期望收入增長可達15-19%，而線上同店銷售則有低至中單位數增長。另外公司亦料毛利率將正常化，主要因為批發佔比將增加。
在港澳市場方面，管理層相信2021財年已見底，並料2022財年同店銷售將升30-40%，其中上半財年將升70-80%，而下半財年則升10-20%，主要受惠本地消費，倘關口重開亦料會受惠。公司預期毛利率及核心經營利潤率將分別為26-27%及3-4%。而在派息方面管理層計劃維持派息比率在70-80%水平。
該行將公司2022-23財年每股盈測升20-21%，以反映內地銷售點擴張加快，重申「買入」評級，目標價由13.7元升至16.5元。(el/k) ~
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