《大行報告》花旗下調周黑鴨(01458.HK)目標價至5.5元 料盈利復甦將較預期慢
花旗發表報告指,周黑鴨(01458.HK)管理層近日分享了對2023財年前景最新看法,較早前變得更為保守,表明對短期發展趨勢及成本壓力持較審慎態度,又指出門店效率恢復情況及材料成本上漲對全年的影響可能超出預期。
公司預計周黑鴨今年門店效率將恢復至2021年的約70%水平,而主要原料鴨的成本上漲可能會對年度毛利率造成約3至4個百分點的影響。
考慮到疫情後市民消費模式改變化,花旗預計公司於交通樞紐的分店同店銷售額未必可恢復至疫情前水平,加上過去幾年公司新開了更多小店,每家門店平均銷售水平較低,預計盈利復甦將較預期慢,短期內為股價帶來壓力。
但花旗表明仍然看好周黑鴨的中長期增長前景,主要來自於特許經營擴張加速、門店效率提高、新產品推出及激勵管理政策,將目標價由6.1元下調至5.5元,維持「買入」評級。
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