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大和:微升周大福(1929.HK)目標價至19.5港元 新增零售點超目標
格隆匯 01-12 18:17

大和發研報,下調周大福2022-24年度每股盈利預測約6%,以反映較低的毛利潤預測,但重申“買入”評級,目標價亦由19港元上調2.6%至19.5港元。該行指周大福第三財季在內地淨開設432個零售點,首九個月累計增加1055個點,超出之前的1000個目標,管理層最新目標是2022全年度新增1200個零售點。

報吿説,雖然新冠疫情帶來挑戰,但周大福內地和香港業務下半年的表現仍超出預期,主要因為黃金產品需求強勁和零售點增幅超目標,1月至今情況持續改善,周大福管理層有信心第四財季,內地珠寶鑲嵌、鉑金及K金首飾銷售可恢復增長,估計全年內地同店銷售可錄高於10%的增長,勝此前估計的高單位數增長,預計港澳下半年可錄得約20%以下的增長,估計黃金在產品組合佔比上升將攤薄全年利潤率及核心營運利潤率,但大和預期,周大福整體收入增幅仍會在30-40%區間的高端。

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