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《大行报告》麦格理降周大福(01929.HK)评级至「中性」 目标价上调至16元
阿思达克 06-09 10:22
麦格理发表的研究报告指,周大福(01929.HK)2021财年收入702亿元,按年升23.6%,纯利升107.7%至60亿元,较该行预期高17.1%及38.1%,主要受惠同店销售增长强劲及内地分店扩张等,该行将公司2022-23财年盈利预测升21%及23%,以反映强劲的同店销售表现,目标价由13.3元升至16元,不过就将评级由「跑赢大市」降至「中性」,估计增长势头在2021下半财年见顶。

该行指出公司的同店销售增长指引反映2022下半财年将减缓。在内地市场方面,管理层指引2022财年同店销售增长将为中至低单位数,主要因为2021财年基数较高。公司目标开设700家以上的内地分店,但主要是在低线城市的特许经营店。在香港及其他市场方面,管理层指引上半财年同店销售将回复至2020上半财年的70-80%水平,而下半财年则可复苏至2020下半财年的80-90%水平,而今年4-5月集团内地及香港的同店销售分别按年增49.3%及159.7%。

对於2022财年管理层相信毛利率将正常化,其中内地市场毛利率料介乎27-28%,而香港及其他市场毛利率则为25-26%水平。另外公司2021财年无宣派特别息,主要因为管理层相信疫情仍存在不确定性,公司倾向预留更多现金作流动性缓冲以及在内地扩张,管理层亦指广东疫情反覆对供应链无影响。(el/u) ~

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