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《大行報告》高盛:周大福(01929.HK)首財季同店銷售增長勝預期 評級「中性」
阿思達克 07-12 10:42
高盛發表研究報告指出,周大福(01929.HK)2024財年首季港澳區同店銷售按年增長64.2%,超過該行預期的60%,並相當於2018年同期水平的71%,與上一財季及4至5月份表現相若;主要由於同店銷量增長36.7%。至於中國的同店銷售按年增長8.5%,較該行預期的5%為高,相當於2019年同期水平的11%,但同店銷量跌1%。 該行認為,周大福首財季於中國的零售點網絡淨增長95家,包括關閉70家,低於該行半年預測的260家,惟公司管理層認為仍有望實現全年淨增600至800家的目標。公司管理層重申對2024財年的同店銷售、擴張及核心營業利潤率的指引,另強調基於7月至今的嚴峻形勢,展望將為9月止第二財季的同店銷售增長帶來負面影響。此外,公司盈利能力仍然是焦點,儘管產品組合不利,但管理層有信心通過主動的成本控制,可實現核心營業利潤率擴張50至80點子。 另外,該行對周大福6月份的強勁勢頭和年初至今有效的成本控制反應正面,但踏入第二財季加上節日因素,由於競爭加劇、基數較高和消費者消費能力減弱,該行對公司的同店銷售復甦和門店擴張維持審慎。予其目標價14.3元,維持「中性」評級。
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