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《大行報告》里昂上調周大福(01929.HK)目標價至20.5元 著眼復甦
阿思達克 01-16 11:59
里昂發表報告指,周大福(01929.HK)截至去年年底止第三財季同店銷售表現低於早前增長指引,但仍符合保守的市場預期,期內中國內地及澳門地區同店銷售按年各跌33.1%及40%,主要受疫情的影響,而香港在放寬防疫政策後,同店銷售上升6.4%。 該行指,周大福將全年度開店目標提高到1,400至1,500家,里昂認為是出乎預期的正面消息,而2024年增聘指引則保持不變。考慮到2023財年表現疲軟,該行下調預測,但計及同店銷售改善、產品組合及價格調整所帶來的毛利率提升,以及重新開業後經營槓桿改善,里昂現時周大福預測2023至2025年銷售額及淨利潤複合增長率將各達到14%及22%。 里昂表示,將周大福目標價從16.5元上調至20.5元,評級「買入」,憧憬市況復甦下公司表現改善。
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