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《大行報告》大和上調周大福(01929.HK)目標價至19.5元 評級「買入」
阿思達克 01-12 09:49
大和發表研究報告指,周大福(01929.HK)公布第三財季零售值按年增長31.1%,當中內地增長 38.8%,主要受惠於黃金首飾及產品同店銷售增長23%,以及首三季新增1,055個零售點,超出早前1,000個新零售點的目標。管理層現時目標2022財年共開設1,200個新零售點。 該行指,周大福內地同店銷售增長10.7%,香港及澳門增長14.4%。雖然近期內地及香港都面對疫情爆發,但由於黃金產品需求強勁及新零售點數量高於預期。管理層認為下半財年經營情況仍然超出預期,改善趨勢延續至今。 該行指,對於2022財年第四季,管理層對內地珠寶同店銷售轉為樂觀,預期未來主要是農曆新年及情人節銷售旺季下庫存仍充足,而同行可能要面臨物流中斷的庫存短缺。 周大福預計2022財年內地同店銷售增長將達到十數個百分點,大和指,黃金組合較高導致的產品組合轉變,將對2022財年的整體毛利率和核心營業利潤(COP)產生攤薄影響,但預計整體收入增長將達到30%至40%,重申「買入」評級,目標價輕微由19元上調至19.5元。
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