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麥格理:予周大福(1929.HK)中性評級 目標價16港元
格隆匯 10-13 14:25

麥格理髮表研究報吿表示,周大福(1929.HK)第二財季同店銷售增長為23%,香港及澳門同店銷售繼續改善,錄得57.7%的強勁增長,香港同店銷售增長 35.1%,受益於較低的基數和消費券計劃。而澳門則由於過境口岸重開後遊客消費帶動令同店銷售增長達到232.5%。集團零售額價值增長 55.8%,高於該行預測的 49.2%。

該行表示,同店銷售增長在第二季度保持強勁,但由於正常化增長將會適度;該行維持目標價16港元及“中性”評級,預計下半年周大福的增長勢頭可能會放緩。

報吿指,季度內,內地、港澳黃金珠寶的同店銷售顯著優於寶石。內地珠寶鑲嵌、鉑金及K金首飾類別的同店銷售於季內下跌8%,但黃金首飾則為48.9%;港澳寶石鑲嵌同店銷售增長15.2%,而黃金首飾則上漲106.2%,相信金價下跌和通脹對沖推動對黃金首飾的強勁需求。中國和港澳地區的黃金首飾分別佔72.6% 和 65.1%。預計公司毛利率受壓,料2022財年上半年毛利率29.3%,2021財年同期為33%。

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