《大行报告》花旗上调高鑫零售(06808.HK)目标价至3.15元 评级「买入」
花旗发表研究报告指,高鑫零售(06808.HK)经历了动荡的行业变化带来的阵痛和实质性影响,包括社区团购(CGB)平台的上升及下跌周期、与疫情相关的管控及放宽周期等。与其他零售业态相比,食品零售的利润率相对较低,意味著集团的利润率和盈利波幅应该比其他内地上市零售商更大。
鉴于中国重新开放后食品零售业格局整合及明朗化,销售前景趋稳定,该行预计集团的盈利将在2024至25财年恢复复苏轨迹,最差的时候已在2023财年过去,维持「买入」评级,目标价由3.06元上调至3.15元。该行将集团2024及25财年的核心净利润预测分别下调48%和27%,同时将销售预测下调11%及13%。
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