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《大行報告》大和降周黑鴨(01458.HK)評級至「跑贏大市」 目標價下調至4.7元
阿思達克 02-16 10:42
大和發表研究報告指出,周黑鴨(01458.HK)發盈警料去年純利不少於2,000萬元人民幣,主要由於經營去槓桿,導致收入按年下降約20%、原材料成本上漲,以及匯兌損失增加。雖然該行認為最近內地店舖客流量和市場情緒有所改善,但相信有關復甦路徑將是非線性,而且預期成本不利因素對公司今年的毛利添壓。 此外,該行指周黑鴨在成本方面,原材料(主要是鴨子副產品)的價格仍高企,估計鴨子關鍵部位的成本目前比去年同期高出約30%。該行將公司2022至2024財年的每股盈利預測下調8%至87%,另對其目標價由6.4元下調至4.7元,評級由「買入」降至「跑贏大市」。
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