《大行報告》摩通升周生生(00116.HK)目標價至12.5元 評級「中性」
摩通發表的研究報告指,周生生(00116.HK)上半年收入回復至疫情前水平,較2019年上半年高13%,主要受惠金價較高及分店增加,不過盈利仍較2019年上半年低13%,相信是受產品組合及今年以來金價走勢影響。該行重申憂慮下半年基數較高,加上在內地擴張進取令金器銷售佔比較高,維持「中性」評級,目標價由12元升至12.5元。
該行指出,7月及8月公司同店銷售勢頭維持穩健,管理層料7月及8月內地及香港同店銷售維持雙位數增長,主要受惠七夕帶動,不過管理層亦指出疫情重現令部分分店暫時關閉或會帶來影響。
另一方面,上半年公司毛利率收窄主要因為金價不利,上半年周生生毛利率收窄520個基點,主要因為今年以來金價下跌,而公司僅對沖40%的黃金產品,另一方面低利潤金器產品亦拖累利潤表現。該行估計公司下半年收入增長將為中單位數,而經營溢利將按年增10%,料受惠稅率因素,期內盈利增長強勁,不過Delta變種病毒重現或帶來下行風險,但假如中港在今年稍後時間恢復通關或會帶來潛在上行。
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