《大行报告》大和上调周大福(01929.HK)目标价至16.5元 评级「买入」
大和发表的研究报告指,周大福(01929.HK)2021财年收入为702亿元,按年增长24%,净利录60亿元按年升108%,而其核心经营溢利则按年升52%,相关利润率升2.3个百分点至12.3%,公司宣派末期息每股24港仙,意味全年派息比率为66.4%。而2022财年首两月集团零售销售价值按年增长77%,其中内地升75%、港澳及其他市场则升99%,内地及港澳地区同店销售分别按年升49.3%及159.7%,主要因为去年同期基数较低。
该行指出2021财年集团内地收入增长46.5%,贡献集团85.1%的收入,期内同店销售亦升32%,净开店746家,而核心经营溢利则按年升61%,贡献集团95.3%的核心经营溢利。而在港澳市场方面期内收入跌34.5%,而同店销售亦跌41%,期内核心经营溢利跌32%。不过受惠一次性补助如「保就业」及租金宽减等,期内核心经营利润率改善0.2个百分点至3.9%。
展望2022财年,集团料内地开店将不少於700家,当中75-80%将采用特许经营模式以渗透低线城市,而其他则为自营,公司期望收入增长可达15-19%,而线上同店销售则有低至中单位数增长。另外公司亦料毛利率将正常化,主要因为批发占比将增加。
在港澳市场方面,管理层相信2021财年已见底,并料2022财年同店销售将升30-40%,其中上半财年将升70-80%,而下半财年则升10-20%,主要受惠本地消费,倘关口重开亦料会受惠。公司预期毛利率及核心经营利润率将分别为26-27%及3-4%。而在派息方面管理层计划维持派息比率在70-80%水平。
该行将公司2022-23财年每股盈测升20-21%,以反映内地销售点扩张加快,重申「买入」评级,目标价由13.7元升至16.5元。(el/k) ~
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