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《大行報告》富瑞上調周大福(01929.HK)目標價至18.64元 評級「買入」
阿思達克 06-14 10:41
富瑞發表研究報告指,周大福(01929.HK)於2024至26財年的焦點是通過更好的形象和設計提升其品牌資產。該行認為,這將帶動毛利率改善、折扣及促銷減少、庫存天數減少。集團另一個重點是提升商店效率。該行維持對集團的「買入」評級,目標價由18元上調至18.64元。該行又預計,集團2024至26財年的淨利潤分別為81億、96億及112億元,銷售額則分別增長16.4%、11.2和10.6%。 該行表示,預計公司於2024財年在中國開設700間門店,其中40%為直營店,其餘持有特許經營權。對於2025及26財年,該行則預計每年在中國開設700間門店,而港澳地區則不會開店。另外,該行料集團的整體毛利率將於2025及26財年分別增長0.7及0.4個百分點,至24.4和24.8%。
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