《大行報告》高盛:周大福(01929.HK)上季同店銷售遜 評級「中性」
高盛發表報告指,周大福(01929.HK)截至去年12月止季度內地及港澳銷售均遜預期,受新冠疫情於去年12月反彈影響,內地同店銷售年跌33%,單計去年12月按年跌40%,差於去年10月及11月的按年跌21%;港澳同店銷售按年跌8%,當中香港同店銷售升6%,澳門同店銷售按年跌40%。
該行引述周大福管理層指,今年首周北京及天津同店銷售,以及港澳同店銷售均錄雙位數增長,內地截至12月止首三財季淨新增銷售點數已超逾全年度目標的1,200至1,300間,公司管理層上調有關目標至1,400至1,500間。公司4月起新財年目標新增600至800個銷售點。
高盛指周大福具更佳產品開發及進取滲透低線城市,帶來潛在市佔增長,但基於宏觀轉弱及挑戰性基數,對短期同店銷售增長維持審慎看法,長遠相信公司向低線城市滲透的策略,將持續支持零售銷售量及市佔擴張。該行維持對周大福「中性」投資評級及目標價13.9元。
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