《大行報告》中金升周大福(01929.HK)目標價至20.05元 指零售額增長及開店數量續超預期
中金發表報告,維持周大福(01929.HK)2022年和2023年每股盈利預測0.67元和0.8元不變,並維持「跑贏行業」評級,考慮公司零售額增長及開店數量持續超預期,上調目標價9%至20.05元,對應25倍2023財年市盈率,較當前股價有14%的上行空間。
中金指,周大福內地市場同店銷售保持高速增長,4至6月份按年增長42.8%,比2020財年同期增長27%,反映內地零售消費環境較好。2022財年首季內地零售額佔比整體89.1%。其中,智慧零售業務零售額與零售量分別按年增長162%和56.8%,在內地市場銷售中佔比達到9.5%。
中金又指,香港與澳門地區銷售表現持續復甦。儘管內地與香港的主要過境口岸仍然關閉,但受益於消費改善和低基數效應,香港同店銷售按年增長49.6%。澳門則受益於過境口岸重開後遊客消費有所反彈,同店銷售按年增長為1,602%,較2020財年首季增長15.7%。而通過中國銀聯,支付寶,微信或人民幣支付的交易在港澳市場銷售總額中佔比回升至30.6%。
從產品來看,中國內地、港澳市場珠寶鑲嵌首飾產品同店銷售按年增長2.7%和65.1%,黃金產品受益於終端需求旺盛,同店銷售按年增長65.5%和164%。從產品價格來看,中國內地、港澳市場珠寶鑲嵌首飾銷售均價按年增長10.6%和6.1%,黃金產品銷售均價按年增長12.8%和15.4%。季內國際市場黃金平均價格按年增長6.2%。
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