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研報掘金丨開源證券:周大福已建立品牌、產品、渠道等多方位競爭優勢,維持“買入”評級
格隆匯 06-12 13:31
格隆匯6月12日丨開源證券11日研報指出,周大福(1929.HK)FY2023實現營收946.84億港元(-4.3%)、歸母淨利潤53.84億港元(-19.8%),業績下滑幅度較大除疫情因素外,主要系金價波動導致黃金借貸未變現虧損以及匯率波動導致匯兑損益。考慮到居民消費信心仍在恢復,下調公司2024-2025財年盈利預測並新增 2026 財年盈利預測,預計2024-2026財年歸母淨利潤為 73.00(-10.79)/88.02(-10.14)/102.42億港元,對應EPS為0.73(-0.11)/0.88(-0.10)/1.02 港元,當前股價對應PE為19.6/16.2/14.0倍。該行認為,公司已建立品牌、產品、渠道等多方位競爭優勢,未來調整戰略方向,着力提升整體經營質量,有望持續成長,估值合理,維持“買入”評級。

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