《大行報告》中金下調周大福(01929.HK)目標價至15.11元 評級「跑贏行業」
中金發表報告指,周大福(01929.HK)次季整體零售額按年增長6%,其中內地零售額按年增長1%,港澳及其他市場零售額按年增長54%;在利潤端,公司次季繼續加強費用控制,疊加季內金價按年提升帶動黃金產品毛利率提升,集團COPM延續改善。但考慮到市場環境的不確定性,管理層在開店方面採取謹慎態度,下調全年2024財年淨開店目標至300至400間。
中金表示,由於周大福開店速度減慢,將公司2024財年每股盈測下調4%至0.76元,2025年則下調5%至0.87元。該行將周大福目標價下調13%至15.11元,維持其評級為「跑贏行業」。(ca/w)
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